Apple India Crosses ₹1 Lakh Crore Revenue
Updated: 14 minutes ago
Katrela Ventures Daily Update · Investment, M&A and Business Innovation Digest · 22 October 2026
Key takeaways
Apple India's FY26 revenue rose 31.4% to ₹1,03,853 crore and net profit 66.2% to ₹5,311 crore, per its RoC filing.
UBS acquired about 4.8% of 360 ONE WAM by exercising warrants; OnEMI (Kissht) got exchange approval for an ₹832.2 crore preferential issue.
Blacksmith reached a $1 billion valuation in a $66 million Series C.
Funding: CureBay raised about ₹100 crore, Chapter Home ₹63 crore and Karta AI $3 million.
Stay ahead with the latest funding rounds, strategic acquisitions, and groundbreaking innovations shaping the business world!
📩 #Read the full update below.
01. TOP STORIES
UBS Takes 4.8% Stake in 360 ONE WAM:UBS has acquired about 4.8% of Mumbai-based wealth manager 360 ONE WAM after exercising all 20.5 million warrants allotted to it in July 2025, Reuters reported on 22 October. The warrants formed part of the April 2025 agreement under which UBS sold its Indian onshore wealth management business to 360 ONE for about $32 million, and Kotak Neo values the stake at more than $200 million based on the previous day's closing price.
Kissht Parent OnEMI Receives Exchange Approval for ₹832 Crore Preferential Issue: OnEMI Technology Solutions, the listed parent of digital lender Kissht, has received in-principle approvals from BSE and NSE for a preferential issue of up to 2.65 crore shares at ₹314.11 each, worth ₹832.2 crore ($87.9 million approx.), as disclosed in a filing on 20 October. According to Entrackr, the 34 allottees include Axis Mutual Fund, HDFC Mutual Fund, WhiteOak, 360 ONE and Bandhan Mutual Fund, and shareholders approved the issue on 14 October.
Blacksmith Reaches $1 Billion Valuation in $66 Million Series C: San Francisco-based Blacksmith, which runs a cloud platform that automatically builds and tests software code, has raised $66 million (₹625.1 crore approx.) in a Series C round led by Sequoia Capital at a $1 billion valuation, with India's Premji Invest joining and existing investors Peak XV Partners, GV and Y Combinator participating. According to Inc42, the valuation is up from $550 million at its $45 million Series B in August.
02. QUICK TAKES
Apple India Crosses ₹1 Lakh Crore Revenue
Ecosystem Scale: ₹1,03,853 Cr FY26 revenue | 31.4% FY26 revenue growth | ₹5,311 Cr FY26 net profit | 8.49% FY26 EBITDA margin | ₹10,374 Cr FY26 licence fees | ₹17,418 Cr cash, March 2026
Apple India crossed ₹1 lakh crore in annual revenue for the first time in FY26 (April 2025–March 2026), according to financial statements filed with the Registrar of Companies and reported this week. Revenue from operations rose 31.4% year-on-year to ₹1,03,853 crore from ₹79,061 crore, while net profit increased 66.2% to ₹5,311 crore. The filing replaces the industry estimates reported in August, which had placed FY26 revenue only near the ₹1 lakh crore mark.
Devices drive the business. Product sales were ₹99,068 crore, or 95.4% of operating revenue, up 32.7% year-on-year. EBITDA rose 87.4% to ₹8,816 crore, lifting the EBITDA margin to 8.49% from 5.95%, while return on capital employed improved to 67% from 55.6%. Cash and bank balances more than doubled to ₹17,418 crore by March 2026.
The growth came from a market that is expanding in value rather than units. According to Counterpoint data cited by Angel One, India's smartphone market grew 2% in volume and 9% in value in FY26, phones priced above ₹30,000 grew 12% in volume, and Apple's own volumes rose 24%, up from 11% growth in FY25. The same report puts Samsung's India mobile revenue at ₹81,472 crore in FY26, down 1.4%, which means Apple India's revenue now exceeds Samsung's mobile business in the country, although Samsung India's total revenue across televisions, appliances and telecom equipment was ₹1.12 lakh crore. For lenders, retailers and component suppliers, this points to a premium segment that is now large enough to plan around.
Profitability also reflects the company's cost structure. Employee benefit expenses rose 13% to ₹3,531 crore, including ₹1,514 crore of ESOP-related costs, and advertising spend rose 22.6% to ₹1,075 crore. Even after the margin gain, net profit was about 5.1% of operating revenue.
Two points limit how far the numbers can be read. Licence fees more than doubled to ₹10,374 crore from ₹4,258 crore, making them the second-largest expense after the cost of materials of ₹78,229 crore and a cost line that grew much faster than revenue. The reported revenue also excludes the full value of iPhone manufacturing and exports handled by contract manufacturers, so it reflects Apple's domestic sales company rather than its entire India footprint.
Katrela's Take
➢Apple India's FY26 filing shows that a premium-led strategy can deliver scale and wider margins in a market where overall smartphone volumes are barely growing. For founders, investors and MSMEs in consumer electronics, retail finance and component supply, the signal is that value is moving to higher price points, which opens room for financing, distribution and after-sales services aimed at premium buyers. The constraint is that licence fees are rising faster than revenue, while much of the manufacturing value sits with contract manufacturers. Premium-segment volume growth, EBITDA margin, licence fees as a share of revenue and cash generation will decide how this model scales.
Is India's premium device demand now deep enough to support new financing and retail models?
03. FUNDING BRIEF
CureBay-a rural healthcare company running technology-enabled clinics-has raised about ₹100 crore ($10.6 million approx.) in a pre-Series C round of equity and debt, with the equity led by IvyCap Ventures alongside existing investors and debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.
Chapter Home-a home and kitchen brands company that owns home furnishing brand HOKIPO-has raised ₹63 crore ($6.7 million approx.) in equity and debt from Bessemer Venture Partners, Stride Ventures, Tanmay Bhat and family offices.
Karta AI-a Bengaluru-based voice AI platform for lenders, banks, fintechs and insurers-has raised $3 million (₹28.4 crore approx.) in a seed round led by PeerCapital and Cedar Hill Capital, with participation from Wyser VC, CDM Capital and Seedstars.
Building a consumer brand for India's premium buyer? Katrela runs investment-readiness reviews — DM us.
Follow Aaditya Jain, Pradeep Jain and Katrela Ventures for expert insights on investment trends, M&A activities, and business strategy! 💡
Frequently asked questions
What was Apple India's revenue in FY26?
Revenue from operations rose 31.4% to ₹1,03,853 crore in FY26 (April 2025–March 2026), the first time it crossed ₹1 lakh crore, and net profit increased 66.2% to ₹5,311 crore.
What does Apple India's growth signal for Indian businesses?
Value is moving to higher price points, opening room for financing, distribution and after-sales services aimed at premium buyers, even as overall smartphone volumes barely grow.
What are the risks in Apple India's model?
Licence fees are rising faster than revenue, and much of the manufacturing value sits with contract manufacturers. Premium volume growth, EBITDA margin and licence fees as a share of revenue will decide how it scales.
This edition was first published in the Katrela Ventures Daily Update newsletter on LinkedIn. Subscribe to get the digest every morning.
Comments