iPhone exports hit record ₹2 lakh crore in FY26, India's top branded export
Synopsis
India's iPhone exports crossed ₹2 lakh crore in FY26 — from near zero five years ago — making Apple the country's single largest branded export, ahead of diamonds, fuel, and medicines. The milestone, achieved in the PLI scheme's final year, is the most tangible single-brand proof point of Make in India, and arrives just as Apple announces a landmark CEO transition.
Key Takeaways
Apple iPhone exports from India reached a record ₹2 lakh crore in FY26 , the largest branded export in any HS category. iPhones account for over 75 per cent of India's total smartphone exports of $29.4 billion in FY26.
Exports grew from ₹9,351.6 crore in FY22 to ₹2 lakh crore in FY26 — a rise from negligible levels in five years under the PLI scheme .
Automotive diesel fuel, the second-largest export, stood at $14.53 billion — well behind iPhones at over $22 billion .
John Ternus will succeed Tim Cook as Apple CEO from 1 September 2026 ; Cook moves to Executive Chairman .
India's iPhone exports surged to a record ₹2 lakh crore in FY26, making Apple the country's single largest branded export — overtaking diamonds, automotive fuel, and medicines — in the final year of the government's Production-Linked Incentive (PLI) scheme for large-scale electronics manufacturing, according to vendor data submitted to authorities.
Apple Tops India's Export Chart
According to vendor data submitted to authorities, Apple has emerged as the largest branded export across all categories under the Harmonised System (HS) classification, which spans more than 5,000 globally traded product groups. Overall smartphone exports from India stood at approximately ₹2.6 trillion ($29.4 billion) during the period, with iPhones contributing over 75 per cent — or over $22 billion — of that total.
By comparison, automotive diesel fuel — the second-largest export category — stood at $14.53 billion, well behind iPhones. Diamonds followed at $11.23 billion, while medicines and motor gasoline accounted for $9.98 billion and $8.5 billion, respectively.
A Five-Year PLI Success Story
The scale-up has been remarkable. iPhone exports were valued at just ₹9,351.6 crore in FY22, rising to ₹44,269.5 crore in FY23, before accelerating to ₹85,013.5 crore in FY24. Exports then jumped to ₹1.5 lakh crore in FY25, and grew a further 33 per cent in FY26 (April–February), despite geopolitical tensions and trade disruptions. The trajectory — from negligible levels to ₹2 lakh crore within five years — is the most visible single-brand outcome of India's PLI push, and a cornerstone of the Make in India initiative.
What the Numbers Mean for India's Manufacturing Ambitions
Apple's rapid scale-up has positioned it as a key driver of India's broader manufacturing ambitions. This comes amid sustained government efforts to reduce the country's dependence on Chinese manufacturing and attract global electronics supply chains. Notably, the milestone arrives in the final year of the PLI scheme, raising questions about what incentive architecture will sustain the momentum beyond FY26.
Apple Leadership Change: John Ternus to Succeed Tim Cook
In a separate major development, Apple announced that John Ternus will succeed Tim Cook as Chief Executive Officer, effective 1 September 2026. Cook — who has led Apple since 2011 — will transition to the newly created role of Executive Chairman, where he will engage with global policymakers and assist with select company matters, according to Apple. Cook had previously dismissed speculation about a leadership change, calling such reports
Point of View
One product, and one supply chain relocation driven by geopolitics as much as incentives. India's electronics export base remains narrow: Apple alone accounts for over three-quarters of smartphone shipments. The real policy question, now that the PLI window is closing, is whether the incentive architecture can be sustained or replaced without disrupting the momentum. The simultaneous announcement of a CEO transition at Apple adds a layer of uncertainty — Tim Cook has been the personal architect of Apple's India pivot, and whether John Ternus continues that strategic priority with equal conviction is not yet clear.
NationPress
1 May 2026
Frequently Asked Questions
How much did India's iPhone exports reach in FY26?
India's iPhone exports hit a record ₹2 lakh crore in FY26, making Apple the country's single largest branded export, ahead of diamonds, automotive fuel, and medicines, according to vendor data submitted to authorities.
What is the PLI scheme and how did it help iPhone exports?
The Production-Linked Incentive (PLI) scheme for large-scale electronics manufacturing provided financial incentives tied to production milestones. Under it, iPhone exports grew from ₹9,351.6 crore in FY22 to ₹2 lakh crore in FY26 — a rise from near-negligible levels in five years.
How do iPhone exports compare to other major Indian exports?
iPhones, at over $22 billion, are now India's largest branded export. Automotive diesel fuel stood at $14.53 billion, diamonds at $11.23 billion, medicines at $9.98 billion, and motor gasoline at $8.5 billion — all well behind iPhones.
Who is taking over as Apple CEO from Tim Cook?
John Ternus will succeed Tim Cook as Apple's Chief Executive Officer effective 1 September 2026. Cook will move to the newly created role of Executive Chairman, focusing on global policymaker engagement and select company matters.
What happens to iPhone exports now that the PLI scheme is ending?
FY26 is the final year of the PLI scheme for large-scale electronics manufacturing. The incentive architecture that will sustain Apple's India manufacturing momentum beyond FY26 has not yet been detailed by the government, raising questions about long-term continuity.
