Kotak MF: Apple India FY26 revenue set to double HUL's as premium spend outpaces mass
Structural premiumisation reshaping Indian retail: food's wallet share fell to 46% rural and 39% urban, while premium smartphones above Rs 30,000 grew at 5.9% CAGR vs mass-market's -1.2%. Top-decile urban incomes compounded ~18% vs ~6% for urban mass, fuelling autos, jewellery, OTT and quick commerce.
Kotak MF report flags a structural premiumisation shift in Indian consumption: food's wallet share is shrinking while mobiles, autos, jewellery, OTT and quick commerce surge, driven by top-decile urban households; Apple India revenue projected to double HUL's in FY26.
Why this matters
Reinforces Kotak MF's recent thesis that premium spending is surging while mass consumption lags, with Apple India's FY26 revenue projected at 2x HUL as a flagship indicator.
Retail-brand theme steady at 561 signals in 90d, with premiumisation a recurring driver.