Apple May Ring In $40 Billion iPhones From India In FY26

Apple Inc.'s target of iPhone production by value in India could be close to $40 billion by the end of FY26, enabling the firm to meet 80 per cent of its demand in the US and 100 per cent of growing domestic demand, according to stakeholders aware of the development.

- SURAJEET DAS GUPTA

Discussions on this came against the backdrop of the 2025 second-quarter results call, hosted by Chief Executive Officer Tim Cook. There he said the majority of iPhones sold in the US starting April-June would come from India. This is mainly due to the US administration's reciprocal tariffs, allowing the import of phones currently with zero duty from India while China has to pay 20 per cent, making a shift of capacity to meet US demand inevitable and cost-effective.

A query to the Apple Inc spokesperson did not elicit any reply.

The US smartphone trade data shows an average annual import of $60 billion over the last five years. Of this, iPhones constitute nearly two-thirds—$38 billion-$41 billion per year since 2020.

It's this opportunity that Apple has said will begin shifting to India from this quarter, assuming no major changes in tariffs.