iPhone Exports Hit Record INR 2 Lakh Crore in FY26 as John Ternus Set to Succeed Tim Cook as Apple CEO
According to vendor data submitted to authorities, this has made Apple the largest branded export across all categories under the Harmonised System (HS) classification, which spans more than 5,000 globally traded product groups. Overall smartphone exports from India stood at approximately Rs 2.6 trillion ($29.4 billion) during the period.
Delhi, April 30: India's iPhone exports hit a record Rs 2 lakh crore in FY26 -- the country's single largest branded export ahead of diamonds, automotive fuel, and medicines -- in the final year of the government's production-linked incentive (PLI) scheme for large-scale electronics manufacturing. According to vendor data submitted to authorities, this has made Apple the largest branded export across all categories under the Harmonised System (HS) classification, which spans more than 5,000 globally traded product groups.
Overall smartphone exports from India stood at approximately Rs 2.6 trillion ($29.4 billion) during the period, with iPhones contributing over 75 per cent (over $22 billion). Automotive diesel fuel -- the second-largest export category -- stood at $14.53 billion, well behind iPhones. Diamonds followed at $11.23 billion, while medicines and motor gasoline accounted for $9.98 billion and $8.5 billion, respectively. Apple's rapid scale-up has positioned it as a key driver of India's manufacturing ambitions under the 'Make in India' initiative. Apple iPhone Fold Launch Tipped for 2026; Check Expected Price, Specifications.
Moreover, iPhone exports have expanded sharply since the rollout of the PLI scheme, rising from negligible levels to Rs 2 lakh crore within five years. Shipments were valued at Rs 9,351.6 crore in FY22, increasing to Rs 44,269.5 crore in FY23, before accelerating to Rs 85,013.5 crore in FY24. Exports then jumped to Rs 1.5 lakh crore in FY25, and grew a further 33 per cent in FY26 (April–February), despite geopolitical tensions and trade disruptions. Apple’s Foldable iPhone on Track for September 2026 Debut Alongside iPhone 18 Pro: Report.
In a separate major development, Apple announced that John Ternus will succeed Tim Cook as chief executive officer effective September 1, 2026. Cook -- who has led Apple since 2011 -- will transition to the newly created role of executive chairman, where he will engage with global policymakers and assist with select company matters, according to Apple. Cook had previously dismissed speculation about a leadership change, calling such reports "a rumour" and reaffirming his commitment to leading the company.’
(The above story first appeared on LatestLY on Apr 30, 2026 11:30 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
