9 months, Rs 1.62 trillion: Apple iPhone revenue closes in on Tata Steel

Market revenue is the amount a company earns from selling its products in domestic and export markets

Apple Inc’s  iPhones  assembled in India, achieved market revenues of Rs 162,000 crore (Rs 1.62 trillion) in India for the nine-month period of 2024-25 (FY25) — nearly matching the revenue of Tata Steel, the country’s largest listed manufacturing firm. Market revenue is the amount a firm earns from selling its products in domestic and export markets. Tata Steel’s revenue for the same period was Rs 162,324 crore (Rs 1.62 trillion).

  Among manufacturing companies in India, only Tata Motors, at a consolidated level including Jaguar Land Rover (JLR), had higher revenues at Rs 323,073 crore (Rs 3.23 trillion). However, its standalone revenue, excluding JLR, stood at Rs 49,420 crore for the same period.

  As Prime Minister Narendra Modi prepares to meet President Donald Trump in Washington, Apple Inc’s expanded iPhone production in India — far exceeding initial expectations — has become a showcase for India’s production-linked incentive scheme launched by the government. The sector has transformed from being a major importer of phones into a key export hub in just four years. A query to Apple Inc did not elicit a response.

  The production value of iPhones stood at Rs 115,000 crore (Rs 1.15 trillion) based on the free on board (FOB) value, which represents the cost of goods as they leave the factory, including transportation and loading for exports.  Nearly 70 per cent of Apple’s production in India, assembled by its vendors —Foxconn, Tata Electronics, and Pegatron (recently acquired by Tata) — was exported. 

Other major steel manufacturers, including JSW Steel, reported revenue of Rs 124,000 crore (Rs 1.24 trillion) for the nine-month period. Mahindra & Mahindra (M&M) was next at Rs 116,000 crore (Rs 1.16 trillion).

 

Even in terms of FOB value, Apple’s iPhone revenue is nearly on a par with third-placed M&M and surpasses the market revenues of Vedanta, Maruti Suzuki India, Hyundai Motor India, and others.

 

Apple’s market revenue from iPhones does not include sales of non-iPhone products in India, which are expected to reach Rs 35,000 crore in the current financial year (FY25). It also excludes exports of other Apple-related products manufactured by multiple vendors, such as Jabil, which exports AirPod enclosures; Tata Electronics, which produces iPhone mechanics for export; and suppliers like Salcomp and Aequs, which manufacture and export Apple components under contract.

   

 

Note: Vedanta, with revenues of Rs 112,513 crore, that is into mining has some manufacturing businesses

Source: Business Standard Research