Is India’s iPhone Boom Peaking? Apple Posts Slowest Growth In Six Years

Even at a time when the volume of Indians owning Apple devices has skyrocketed, the company, in FY25, has registered the slowest rate of sales growth in the country in last six years, reports The Economic Times.

Apple's India sales grew 18% in FY25 to Rs 79,378 crore, which is a significant fall from the 30-70% levels Apple registered between 2020 to 2024. This suggests Apple might be entering a period of modest expansion, having already built a huge base in India.

A key concern for Apple is that almost two-thirds of the revenue have come from older, cheaper models, which has brought down sales realisations.

Going forward, analysts expect Apple sales to moderate further and hover around the 10-15% mark, as the company continues to rely heavily on older models.

Apple India’s latest filings also show net profit rising 16% year-on-year to Rs 3,196 crore in FY25.

The report cites that India has become Apple's fourth-largest market after United States, China and Japan, with shipments touching a record 12 million units, which account for a 35% jump year-on-year.

Apple has also secured a market share of 10.4%, fourth-highest among smartphone brands in India.

Apple has also set up manufacturing plants in India, though its manufacturing activity is recorded under its global parent than the domestic entity, which means the local unit's financials do not fully reflect its manufacturing capacity. Apple India, in fact, paid Rs 2,847 crore dividends to its holding company in FY25.

Meanwhile, Apple has tried to deepen its retail push by adding two more stores this fiscal. The company now operates four stores in India, including the flagship Apple BKC in Mumbai.