Published: [November 4, 2026]
StartupFeed Quick Take
- Apple India revenue hit an all-time high in the September quarter, inside a global record of $114.5 Bn
- India’s phone shipments fell 20% in the same three months, and Apple’s share slipped to 8% from 9%
- Apple Pay went live in India with Axis Bank, the first payments tie-up Apple has done in the country
Apple India revenue hit an all-time high in the September quarter, even as the country’s smartphone shipments fell to a decade low.
India’s phone shipments dropped 20% in the July to September quarter, Counterpoint Research reported in October. Apple’s own share of those shipments slipped to 8% from 9%.
Apple’s September quarter results put global revenue at $114.5 Bn, up 12% from a year earlier. The company does not publish India sales. Its last India figure was Rs 1,03,853 crore, for the year to March 2026.
That number comes from Apple India’s annual filing. Sales rose 31% from Rs 79,060 crore the year before.
Apple India Revenue Is About Rs 8,000 Crore Behind Samsung
Samsung Electronics India reported about Rs 1.12 lakh crore of revenue for the same year to March 2026. Apple India reported Rs 1,03,853 crore from operations. The gap is about Rs 8,000 crore.
Apple India crossed Rs 1 lakh crore in annual revenue for the first time in that year.
We worked that gap out from the two sets of accounts. Apple India grew sales 31% in the year to March 2026. iPhone volumes in the country rose 24% that year, against 11% the year before.
Profit tells a sharper story. It rose 66% to Rs 5,311 crore, from Rs 3,196 crore in the year before.
The filing covers the year to March 2026. This September quarter record sits outside it. The next filing, due in 2027, is the first that will show the quarter.
Apple Pay Launched in India With Axis Bank
Apple Pay is now live in India through a tie-up with Axis Bank. It is the first payments partnership Apple has done in the country.
John Ternus, who took over as chief executive on September 1, put it in one line on the November 2 call:
“Turning to Apple Pay, we recently launched in India with Axis Bank”
John Ternus, chief executive, Apple. From the Q4 FY2026 earnings call, November 2, 2026.
India already has a crowded payments market. Apple enters it with an installed base of 2.5 billion active devices worldwide. The App Store drew nearly one billion average weekly visitors in the quarter.
Services revenue is where that matters. Apple set an all-time services revenue record in India in the quarter. Mac revenue in India set an all-time record too.
The Record Came in India’s Worst Shipment Quarter in a Decade
India’s smartphone shipments fell 20% in the July to September quarter. That is the lowest level in ten years. Record memory chip prices pushed device costs up.
Apple’s share of Indian shipments slipped to 8% from 9% a year earlier. Indian brands gained instead. Led by Ai+, their combined share rose to 15% from 3%.
Fewer phones and higher revenue point to one thing. Apple sold dearer phones to more upgraders. The iPhone 18 Pro series started about 20% ahead of the iPhone 17 Pro series in India.
Price did the lifting, not volume. India’s average smartphone retail price rose about 20% during 2026.
Apple also set a September quarter record for iPhone upgraders in India. The United States and mainland China did the same. Across the full fiscal year, upgraders reached a global high.
Where the Global Money Came From
Global revenue reached $114.5 Bn in the September quarter, up 12% year-on-year. Net profit was $30.7 Bn. Diluted earnings per share rose 14% to $2.10.
Not every line grew. iPad revenue fell 10% to $6.2 Bn. The wearables, home and accessories unit fell 6% to $8.3 Bn.
| Segment | September quarter 2026 | Change year-on-year |
|---|---|---|
| iPhone | $57.6 Bn | Up 17% |
| Services | $31.6 Bn | Up 10% |
| Mac | $10.8 Bn | Up 24% |
| Wearables, home and accessories | $8.3 Bn | Down 6% |
| iPad | $6.2 Bn | Down 10% |
| Total | $114.5 Bn | Up 12% |
Gross margin was 47.9% for the quarter. About one percentage point of that came from tariff refunds. The December quarter guidance is for revenue growth of 7% to 10%.
Full-year revenue reached $478.8 Bn, up 15%. That is Apple’s best fiscal year on record. Paid subscriptions crossed 1.5 billion.
Memory costs are the risk ahead. Apple raised Mac and iPad prices in June and iPhone prices in September to cover part of them. Higher memory costs are expected in the December quarter.
StartupFeed Insight
Apple India is about Rs 8,000 crore from passing Samsung Electronics India in annual revenue. At 31% growth, one more year closes that gap. The number to watch is not the iPhone. It is Apple Pay. Apple has sold hardware here for a decade without owning any part of the payment itself. Axis Bank changes that. Watch for the first merchant-side Apple Pay numbers around the March 2027 quarter, and watch whether UPI apps start treating iPhone checkout as contested ground. Indian fintech has had the iPhone screen to itself. That ends now.
By Saraswati Chaubey, Writer
What this means for you: If you run a payments app or a merchant checkout, Apple Pay is now a live rival on iPhone in India. Check whether your card flows and in-app checkout support it before the December quarter ends.
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