Apple India FY26 revenue tipped to double HUL's as premium spend overtakes staples
Kotak MF report flags a structural consumption reset: Apple India eyeing ₹1.43 lakh crore in FY26, premium smartphones at 26% share (vs 20% in 2020), live events nearly doubling to 34,000 by 2025, and foreign travel up 5.6x in eight years — all powered by affluent urban incomes growing ~18% vs 6% for mass market.
Kotak Mutual Fund report highlights India's consumption shift from staples and traditional goods to premium products, experiences, digital services and global travel, with affluent households driving discretionary spending and Apple India revenue projected to double HUL's.
Why this matters
Extends Kotak MF's running thesis on premiumisation, after Nilesh Shah flagged ₹1.45L cr foreign travel spend dwarfing building materials — now Apple vs HUL becomes the headline proxy.
Retail-brand signals steady at 568 over the last 90 days, with premiumisation a recurring narrative.