Apple’s FY26 Snapshot, Flipkart’s Foodtech Foray & More

Apple India Rolls In Profits

Apple’s India story is no longer just about iPhone sales. In FY26, the smartphone maker’s local unit saw record growth in revenue and profit, while exports and launch of new services further deepened its foothold. So, as component shortages loom, can Apple sustain its India surge?

An Expanding Ecosystem: Apple India’s FY26 performance reflected strong demand across iPhones, Macs, iPads and other products. Revenue from traded goods drove most of the growth, while services such as AppleCare and maintenance contracts further added to the revenue mix.

Here is a quick look at Apple India’s FY26 numbers:

• Net profit rose 66% YoY to ₹5,311 Cr
• Operating revenue grew 31.4% YoY to ₹1.04 Lakh Cr
• Total Expenses also rose 28% YoY to ₹96,224 Cr

The numbers show Apple is building a broader consumer technology business in India rather than relying solely on its flagship smartphone.

The Cost Conundrum: However, Apple’s growth came with a steep price tag. Inventory purchases remained its largest financial drain in FY26, while licensing fees more than doubled to ₹10,374 Cr. Employee costs and marketing expenditure also rose substantially as Apple expanded its operations and strengthened its presence in India.

The India Playbook: All said and done, Apple’s ambitions in India extend beyond sales. The country has become one of its largest production bases outside China, with iPhone exports crossing ₹2 Lakh Cr in FY26. At the same time, it is also expanding its services ecosystem in India. 

The OEM has launched new offerings such as Apple Pay and Fitness+ in the past few months, which are expected to create new revenue streams for the iPhone maker going forward.

The Sombre Outlook: But Apple’s near-term momentum faces pressure due to chip and memory shortages. As such, the company expects supply chain constraints to impact iPhones, Macs and iPads globally, potentially influencing product availability in India.

With demand rising, manufacturing deepening and services entering the ecosystem, here is how Apple fared on the financial front in FY26…

From The Editor’s Desk

Flipkart’s Food Delivery Foray

• The Walmart-owned ecommerce major plans to roll out its food delivery service, called Eat-in by Minutes, to the general public by October-end this year. The company is said to have expanded its internal pilot in Bengaluru to more than 8,000 employees.
• Flipkart, which began piloting food delivery internally earlier this year, plans to expand the service to six cities by 2026-end. It has tapped the state-backed ONDC for restaurant onboarding and has also deployed a dedicated fleet of riders via its logistics arm Ekart. 
• Flipkart’s planned launch comes as new rivals take on Zomato and Swiggy. Rapido is offering a zero-commission model to attract eateries to its new foodtech platform Ownly. Swish has also begun piloting food delivery survive in select Bengaluru pincodes.

New Twist In Satcom Saga

• The Centre is considering developing a hardware device to oversee services offered by Starlink and other overseas satcom operators. All traffic will be routed via the proposed device, which will act as a control layer between users and satellite networks.
• The government is considering involving public sector R&D units, while keeping participation by select private players open. With this, officials are looking to address risks associated with foreign satellite operators.
• The plan comes right after Elon Musk accused certain Indian “oligarchs” of blocking Starlink’s entry into India. The Centre has denied allegations of preferential treatment, maintaining that all applicants are at the same regulatory stage.

IndiaMART Under CCPA Radar

• The Central Consumer Protection Authority has pulled up seven ecommerce platforms, including IndiaMART and Justdial, for listing and selling unauthorised hazardous explosives such as ammonium nitrate, gun powder, picric acid and PETN.
• The regulatory action resulted in the delisting of 3,940 sellers and listing entries, including 3.092 at IndiaMART and 206 at Justdial. The CCPA also imposed penalties worth ₹30 Lakh on two platforms namely Dial4Trade and ExportersIndia. 
• The development comes amid regulatory clampdown on new-age tech consumer brands. Just days ago, CCPA imposed a fine of ₹10 Lakh on Rapido over unfair trade practices. FSSAI has also issued notices to multiple D2C brands and quick commerce players.

Founder FY26 Salary Tracker

• Twenty-two founders across 15 Indian new-age tech companies earned a combined ₹66.87 Cr in fixed remuneration in FY26, up 2.3% from ₹65.34 Cr in the year-ago fiscal. Of these, 16 received increases in fixed pay and four saw reductions. 
• Honasa cofounder Ghazal Alagh saw her fixed remuneration soar 60% YoY to ₹2.4 Cr in FY26, while Delhivery cofounder Sahil Barua followed with a 21.4% YoY jump to ₹3.4 Cr. Ola Electric founder Bhavish Aggarwal’s salary fell 34.8% to ₹4.5 Cr.
• MobiKwik’s Bipin Preet Singh and Upasana Taku were the most paid founders, drawing fixed remuneration of ₹6.3 Cr each in FY26. Lenskart cofounder Peyush Bansal followed at ₹5.7 Cr, down 1.7% from ₹5.8 Cr.

Decoding Burma Burma DRHP

• Last week, the restaurant chain’s parent entity, Hunger Pangs Limited, filed its DRHP with SEBI. The proposed IPO consists of a fresh issue of shares worth up to ₹150 Cr and an OFS component of up to 2.79 Cr shares.
• As per the draft IPO papers, Hunger Pangs has 110 shareholders. Cofounders Ankit Gupta and Chirag Chhajer each hold a 33.35% stake. Its cap table remains heavily concentrated, with top eight stakeholders collectively owning 83.19% in the company.
• Negen Capital, via its  two funds, holds about 10% stake in the company, while rubber and plastic manufacturing company Bbigplas Poly also owns a 2.72% stake. Venture Catalysts also holds around 1.88% stake in Burma Burma. 

Inc42 Markets

Inc42 Startup Spotlight

How Protein Pantry Is Reimagining Vegetarian Protein

On-the-go snacking and quick meals are becoming the norm for the Indian urban milieu. On this front, choices remain very limited for vegetarians. To solve this, Protein Pantry is building a portfolio of clean-label, high-protein snacks and meals that are designed for quick preparation.

Protein For Daily Needs: Founded in 2025, Protein Pantry sells a range of ready-to-cook frozen foods such as soya chaap, kebabs, cutlets and falafels. The brand claims that its products are baked rather than fried, with no maida, preservatives or palm oil. Each item can be prepared in under three minutes, targeting users who want a protein-rich meal without lengthy cooking.

Healthy Early Traction: Protein Pantry claims to have so far served around 30,000 users and is currently clocking a revenue run rate of ₹7 Cr. It also operates a 10,000+ sq ft facility in Noida and sells its offerings through its website and quick-commerce platforms.

The Road Ahead: Backed by Sharrp Ventures and Indian Silicon Valley Capital, the startup plans to now focus on scaling manufacturing and expanding distribution. Currently operating in Delhi, Mumbai and Bengaluru, Protein Pantry plans to expand to more cities in the long-term.

With the Indian frozen food market projected to become a ₹64,364 Cr opportunity by 2034, can Protein Pantry make high-protein food a daily habit for Indians?

Infographic Of The Day

India’s condiment game is getting a glow-up. From pudina chutney and chilli oil to peri-peri mayo and dips, homegrown D2C brands are leaving no stone unturned to grab a pie of the thriving Indian condiment market. So, which startups are adding the extra tadka to our plates…

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