In FY25, Apple produced iPhones worth $22 billion in India, marking a robust 60% increase over the previous year. Of this, exports stood at $17.4 billion, a staggering 75% jump year-on-year.
India now produces over 40 million iPhone units annually, approximately 20% of Apple’s total global output.
Backed by this scale, Apple India’s revenue is expected to reach about $11 billion in FY25, up from $8 billion the year prior. That performance places it ahead of many Indian giants: fewer than half of the Nifty50 companies reported revenues above $11 billion this fiscal year, based on Bloomberg data.To put this in perspective, while Reliance Industries leads with revenue of $114 billion, followed by ONGC, Tata Motors, and State Bank of India with annual revenues between $40 billion and $80 billion, several large firms like HCL Technologies, Adani Enterprises, Wipro, and Ultratech Cement remained under the $15 billion mark—closer to where Apple India now stands.
Experts argue that Apple, despite its deep pockets, would face enormous hurdles in relocating iPhone manufacturing to the US from India or China. The infrastructure, labor costs, and supply chain intricacies pose significant challenges, especially when Apple is aiming to maintain its razor-thin margins and operational efficiency.
Globally, nearly 43% of Apple’s revenue in FY24 came from the Americas. China contributed 17% to its top line, while the rest of Asia, including India, accounted for about 8%.
With annual global revenue exceeding $400 billion, net profits of $100 billion, and a market capitalisation of $3.2 trillion, Apple ranks as the third-most valuable company in the world, trailing only Microsoft and Nvidia.
(Edited by : Ajay Vaishnav)
