Apple posts all-time revenue record in India in September quarter, says CEO John Ternus

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Apple posted an all-time revenue record in India in the September quarter, with growth across iPhone, Mac and services businesses, CEO John Ternus said, underscoring the country's growing importance to the company's global operations.

India was also among the markets where Apple recorded its highest-ever number of iPhone “upgraders”, as the company reported its best fiscal year ever for upgrades globally.

Speaking at the iPhone maker’s September-quarter earnings call, Ternus said, "We grew in the vast majority of markets we tracked, setting September quarter records in the Americas, Europe, Greater China, and the rest of Asia-Pacific. We also set September quarter revenue records in both developed and emerging markets, in addition to an all-time record in India."

iPhone revenue stood at $57.6 billion for the September quarter, up 17 percent year-on-year despite supply constraints and foreign exchange headwinds. Apple also recorded strong double-digit growth in the US and Greater China, setting quarterly revenue records in both markets.

Tarun Pathak, research director at Counterpoint Research, said India's presence across multiple growth indicators highlighted the increasing depth of Apple's business in the country.

"One of the highlights of the earnings call was seeing India show up across such a diverse range of data points: record iPhone upgraders, all-time Mac records, an all-time Services record, iPhone ranking among the top-selling models, and the launch of Apple Pay," Pathak told Moneycontrol.

He said consumer aspirations remained Apple's biggest growth driver in India, with financing options, trade-ins, distribution expansion and local manufacturing helping convert interest in premium products into actual purchases.

"Even in a tougher smartphone market, users are willing to stretch their budgets for Apple products," he said.

iPhone 17 is top India pick

According to Counterpoint Research, the iPhone 17 was India's top-shipped smartphone model in the quarter, while the MacBook Neo recorded a record quarter for sales.

Despite a year-on-year decline in iPhone shipments, Apple's average selling price (ASP) in India crossed $1,000 during the quarter, reaching an all-time high, Pathak said.

"The iPhone active installed base grew to an all-time high and iPhone had a record year for upgraders globally and in several markets, including the US, China Mainland, India and Japan. According to a recent survey from World Panel, iPhone was a top-selling model in the US, urban China, India, the UK, Germany, Australia, and Japan," Apple CFO Kevan Parekh said.

Apple's Mac revenue rose 24 percent to $10.8 billion globally, driven by demand for the MacBook Neo and MacBook Pro despite supply constraints. Parekh said the company recorded double-digit growth across developed and emerging markets, with all-time revenue records in India and Southeast Asia.

Apple's services business also achieved an all-time revenue record, with revenue increasing 10 percent year-on-year to $31.6 billion. The company reported all-time revenue records in most markets it tracks, including India and Latin America.

Ternus also highlighted the launch of Apple Pay in India through a partnership with Axis Bank.

"Turning to Apple Pay, we recently launched in India with Axis Bank, bringing a seamless, safe, and secure way to pay in one of the biggest markets in the world. Today, Apple Pay is available in over 90 markets, giving customers around the world peace of mind built into every transaction," he said.

Pathak said India was transitioning from being primarily an iPhone growth market to a broader ecosystem market for Apple.

"India is moving from an iPhone growth market to a full ecosystem market for Apple, and we expect that shift to accelerate in 2027 and beyond as the installed base expands," he said.