Apple's India freight on board output in FY25 surges 57% to ₹1.89 trn

The total market value (which includes distribution, sales and margins) is estimated at around $33 billion (₹2.84 trillion) making it among the largest manufacturing companies in the country

Apple Inc has touched a total freight on board (FoB) production of $22 billion (₹1.89 trillion) for iPhones assembled in India during FY25 — a growth of 57 per cent over the previous year, according to data provided to the government by vendors.

 

As much as 80 per cent of the FoB value came from exports, while the remaining ($4.5 billion) was from assembling the phones for the domestic market.

 

The total market value (price at which iPhones are sold in the export and domestc markets) is estimated at around $33 billion (₹2.84 trillion) making it among the largest manufacturing companies in the country.   

 

While exports grew by a staggering 75 per cent in FY25, domestic production went up by 12.5 per cent — an indication of the growing popularity of the premium smartphone in the country.

 

Apple chief executive officer (CEO) Tim Cook, on many occasions, talked about the success that his company has achieved in the Indian market and is bullish on its growth.     

 

The share of exports in the total production value of iPhones has shown a sharp increase this year — in FY23 and FY24 it was pegged at 71 per cent each year. It has now gone up by nine percentage points in FY25.

 

The production value of iPhones doubled in FY24 to touch $14 billion from $7 billion in the previous year. The momentum continued even in FY25 over a much larger base. 

 

Apple’s dominance in the market can be gauged by the fact that its share of total mobile exports (from India) is at 73 per cent of the $24 billion for FY25.

 

The  market value of Apple’s iPhones is nearly double of the revenues of Maruti Suzuki in FY24 which was at ₹1.46 trillion.

 

The iPhone maker has also overtaken Tata Steel’s revenues of ₹2.29 trillion for FY24.

 

Apple’s key competitor in India — Samsung India — reached revenues of ₹1.03 trillion in FY24 and this is far lower than even the production value of only iPhones in India during FY25.

 

Most of these companies have not declared their results for FY25.

 

The huge growth has surpassed its commitments every year under the production-linked incentive (PLI) scheme. And, this has been reflected in the fact that in FY25 it has nearly doubled its earlier target for exporting phones from India.

 

During the last three years till FY24, cumulative production value of iPhones touched around ₹1.4 trillion, which was far more than its PLI commitment of ₹97,000 crore.