Apple has hit a new milestone in India – annual sales in the country topped $10 billion for the fiscal year ending in March, marking the first time this threshold has been reached.
This represents growth from the $9 billion recorded in the previous fiscal year and an impressive 67% increase compared to three years ago.
Most of these sales came from the iPhone line, as expected, but Apple also saw increased demand for iPads and MacBooks, according to an insider who spoke to Bloomberg.
India remains a relatively small market for Apple – the company’s quarterly sales in China were $18.8 billion (i.e., over a 3-month period). This fell short of the $19.6 billion estimate by analysts, but it highlights the scale difference between the two markets.
Despite this, the $10 billion figure in India is impressive given that unfavorable exchange rates have created headwinds – the Indian rupee depreciated 10% against the US dollar since the start of 2025.
Customers line up outside Apple Saket ahead of the store’s grand opening
Local taxes aren’t helping matters – at least not domestically. As Bloomberg points out, the base iPhone 17 sells for ₹82,900, which works out to about $870 – higher than the $799 price point US investors are expecting. On the other hand, Apple has been working with banks to offer credit card rebates. It also provides student discounts and trade-in offers for older phones to stimulate sales. And judging by the results, these efforts have been paying off.
The leadership at Cupertino has spent years attempting to expand Apple’s manufacturing capacity, which was once 100% based in China. While the focus remains on China, news came out this March that a quarter of all new iPhones were manufactured in India. This amounts to an estimated 55 million units produced annually, up from 36 million the year prior.
And here’s how Apple’s focus on India is likely to pay off – the country is keen to extend tax exemptions on manufacturing equipment and component imports to 2041 (initially set to expire in 2031). The exemption on components applies to parts used to make devices for export outside India – this supports Apple’s efforts to transform the country into a manufacturing hub for the global market (Apple aims to produce all US iPhones in India, for example).
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