Apple Q2 FY26: Cook ‘over the moon’ on India growth

What Tim Cook said on India in the Q2 FY26 call

Apple CEO Tim Cook used unusually strong language to describe the company’s India outlook during the Q2 FY26 investor call, saying he is “over the moon excited” about the market. In the Q&A with analysts, Cook called India a “huge opportunity” and linked that view to the country’s size, shifting consumer base, and Apple’s still “modest share” despite years of growth. He positioned India as a place where Apple can expand its installed base because many customers are buying Apple devices for the first time. Cook’s comments came alongside a quarter where Apple reported record momentum in multiple geographies. While he said Apple grew double digits in nearly every emerging market it tracks, India was repeatedly highlighted as a standout.

March quarter results: revenue up 17% to USD 111.2 billion

Apple reported March quarter revenue of USD 111.2 billion, describing it as record-breaking for the period. The company said quarterly revenue increased 17% year-on-year. Cook said Apple set March quarter revenue records across developed and emerging markets. He also said that India was among the regions contributing to the company’s double-digit growth pattern. The earnings call framed India’s performance as notable even as Apple navigates global supply constraints. In the same quarter, Apple’s net income rose to USD 29.57 billion from USD 24.78 billion.

Why India stands out: scale plus under-penetration for Apple

Cook’s bullishness was tied to India’s market size and Apple’s current position. He reiterated that India is the world’s second-largest smartphone market and the third-largest PC market. Even so, he said Apple still has a “modest share” in the country. Cook argued that this combination of large category demand and relatively low penetration supports a long runway for growth in Apple’s installed base. He also pointed to the country’s rising middle class as a structural driver supporting demand across product categories.

“New-to-product” buyers are shaping Apple’s India narrative

A key theme from the call was the “new-to-product” nature of Apple’s customer additions in markets like India. Cook said that in India, the majority of customers across categories, from iPhone and Mac to iPad and Apple Watch, are new to that product. He also noted that over half of iPad and Mac buyers in markets like India are first-time users. This matters because first-time buyers can expand the active installed base, rather than only upgrading within existing users. Cook described India as an environment where Apple can keep adding new users to its ecosystem.

iPhone remains the lead, with broader category momentum

Cook said iPhone saw double-digit growth in the majority of the markets Apple tracks, explicitly including India among regions such as the US, Latin America, Greater China, Western Europe, Japan, and Southeast Asia. The company also indicated the iPhone 17 family was a key driver, with iPhone revenue rising to USD 57.0 billion, up 22% year-on-year. Beyond iPhone, Apple signalled that India is contributing to growth across other device lines as well. The overall message from management was that the India opportunity is not limited to a single product cycle.

Mac and iPad: India mentioned among fast-growing markets

Apple’s Senior Vice President and CFO Kevan Parekh said Mac revenue was USD 8.4 billion, up 6% year-on-year, supported by recent product launches including MacBook Neo. He added that Mac sales increased in both developed and emerging markets, and highlighted double-digit growth in India and Indonesia. On iPad, management also pointed to double-digit expansion in certain markets, including India, Mexico, and Thailand. Cook separately noted that over half of iPad buyers during the quarter were new to the product, reinforcing the first-time buyer theme.

Retail push: Apple opens its sixth store in India

Cook said Apple was “thrilled” to open its sixth store in India, with a new location in Borivali opening in February, and described it as the second store in Mumbai. Apple’s India store presence, as mentioned in the report, includes locations in New Delhi, Bengaluru, Pune, and Noida. Cook linked the store expansion to Apple’s broader aim of connecting with more customers across emerging markets. The retail footprint is being presented as a supporting pillar for capturing first-time buyers and building brand presence.

Enterprise demand also enters the conversation

Beyond consumer demand, the report also cited enterprise adoption as another signal of Apple’s expansion in India. Parekh said Indian software company Freshworks deployed more than 5,000 MacBook Pro and MacBook Air devices to support AI development. This example was used to show that Mac adoption in India is not limited to individual buyers. It also highlights that Apple’s India story, as framed in the coverage, includes use-cases beyond traditional premium consumer purchases.

Key numbers and facts from the quarter

Market impact: what India’s spotlight signals for investors

For market participants tracking consumer electronics demand, Apple’s repeated references to India’s double-digit growth and “new-to-product” buyers help clarify where incremental volume is coming from. Cook’s point that Apple still has a “modest share” despite years of progress frames India as an expansion market rather than a mature upgrade market. The retail build-out, including the sixth store and a second location in Mumbai, signals a continued push to broaden distribution and customer engagement. Management also acknowledged global supply constraints, indicating execution still depends on broader supply conditions even as demand trends remain strong.

Why this matters: India moves from growth market to core narrative

The earnings-call messaging treated India as more than a regional data point, and closer to a core part of Apple’s emerging-market playbook. Cook tied the opportunity to India’s rising middle class, under-penetration, and the high share of first-time buyers across product lines. Parekh’s commentary extended the narrative by citing Mac and iPad strength in India, along with a named enterprise example. The combined messaging positions India as a multi-category growth engine in Apple’s global results, anchored by iPhone but supported by Mac, iPad, and a widening customer base.

Conclusion

Apple’s Q2 FY26 call underlined India’s importance with Cook calling the market a “huge opportunity” and saying he is “over the moon excited” about its potential. With revenue of USD 111.2 billion in the March quarter and India posting double-digit growth, the company is pairing demand signals with a wider retail footprint, including its sixth store in the country. The next set of updates investors will watch for are any further disclosures in upcoming quarters on India’s contribution across categories and the pace of store expansion.