Apple Inc announced record March quarter and a strong double-digit revenue growth in India and other emerging markets in the second quarter of FY26, led by “extraordinary” customer enthusiasm for its flagship iPhones.
The company posted quarterly revenue of $111.2 billion, up 17 per cent year-on-year but down 22 per cent sequentially, owing to supply constraints.
iPhone revenue grew 22 per cent on-year basis to $57 billion, driven by the iPhone 17 products, with double digit growth in the majority of markets, including India, Japan, and Southeast Asia among others.
On the Indian market, Time Cook, Apple CEO said he was “over-the-moon excited” about the country.
“It’s a huge opportunity for us. It’s the second-largest smartphone market in the world and the third-largest PC market. Despite doing extremely well there for quite some time, we still have a modest share. That really speaks to the opportunity that we have. There are a lot of people moving into the middle class there and we’ve got some great products for them, both currently and coming. If you look at the majority of customers on all of our categories, from the iPhone to the Mac to the iPad to the Watch, are new to that product there. It speaks very well to growing the install base there,” said Cook.
iPhone 17e, the newest addition the iPhone lineup, performed as the “most powerful, capable, and versatile iPhone family” created by the company. The iPhone 17 series accounted for more than 60 per cent of total shipments in the quarter, reflecting the brand’s successful strategy of prioritising its newest flagship models, as per IDC data. The remaining volume was comprised primarily of previous-generation models, as Apple focused its marketing and supply chain efforts on the current lineup.
“The results underscore the high aspirational value of the Apple brand in India. Even with a reduction in the aggressive discounting and affordability programs seen in Q1’26 compared to previous quarters, Apple achieved strong double-digit value growth. This performance highlights a maturing consumer base that prioritises premium experiences and the latest innovations over older, discounted hardware,” said Upasana Joshi, Senior Research Manager, IDC India.
Mac revenue was $8.4 billion for the March quarter, up 6 per cent from a year-ago, despite supply constraints driven by higher-than-expected levels of demand. According to IDC, Apple gained market share in the quarter.
In the Asia Pacific region, excluding Greater China and Japan, revenue grew by 25.3 per cent annually to $9.1 billion. Apple also reported a resurge in Greater China revenue to $20 billion, up 28 per cent y-o-y.
Commenting on iPhone’s performance, Varun Mishra, Principal Analyst at Counterpoint Research said the company’s supply chain resilience was evident this quarter, as it remained uniquely insulated from surging component costs.
“While competitors were forced into reactive price hikes, Apple’s ability to absorb BoM (Bill of Materials) increases allowed price stability, effectively squeezing competition. This price stability, combined with robust global demand for the iPhone 17 series and strong growth in Greater China and emerging markets, helped iPhone consolidate market share and achieve its highest-ever March quarter revenues,” said Mishra.
Looking ahead, Apple is projected to grow in market share through 2026 and 2027, Tarun Pathak, Research Director at Counterpoint, arguing that growing AI-ready installed base is laying the ground for multi-year services growth for Apple.
“Securing memory capacity has become critical for survival for most OEMs as prices are expected to continue rising in the June quarter. Apple remains positive on memory supply but is more constrained on the availability of advanced node SoC. Smartphone OEMs are expected to increasingly transfer the BoM rise to end consumers. This also means more Android flagships entering iPhone’s territory, where Apple has a stronger brand power,” he said.
Published on May 1, 2026
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