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.
What happened
Kotak Mutual Fund report highlights India's consumption shift from staples and traditional goods to premium products, experiences, digital services and global
Key facts
- ₹1.43 lakh crore Apple India FY26 revenue
- premium smartphones 26% share vs 20% in 2020
- live events grew from 19,000 in 2022 to 34,000 by 2025
- live events sector ₹20,861 crore
- foreign travel spending up 5.6x in 8 years
- affluent urban income growth ~18% FY20-FY25 vs 6% mass market
Why this matters
Hunt acquisitions in premium electronics distribution, live events, outbound travel and affluent-led D2C — staples-heavy targets face a structural derating while premium platforms warrant strategic premiums now.