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Apple’s premium launch & foldable entry: A significant growth catalyst for Redington

ICICIdirect Research 11 Sep 2026 DISCLAIMER

Apple’s highly anticipated launched took place on 9th sept wherein the company showcased the iPhone 18 Pro, iPhone 18 Pro Max and its first foldable phone, iPhone Duo along with watch and Airpods launches. 
The highlight of the event was its foldable phone. Globally, the foldable market currently accounts for ~2% of the overall smartphone market. With Apple entering this segment with its premium product features, the category is well-positioned to experience superlative growth.   
Apple has led India’s mobile premiumization trend wherein it has nearly doubled its market share to ~8% by volume from 2023 to 2026 while it has crossed 25%+ by value share. Among Indian listed players, Redington is the key player that benefits from Apple’s success that distributes its products in India, ME, Africa and several south Asian countries. With Redington being one of only two distributors of Apple products in India, and having ~50%+ market share, it is well positioned to benefit as the market moves towards premiumization. Apple products currently contribute ~31% of Redington’s total revenue.
Redington is also a beneficiary of higher realization of Apple products. Apple has raised prices for iPhone 17 by ~20%, iPhone 18 Pro ~22% higher than the previous Pro, while the 1TB iPhone Air saw the steepest ~41% increase. Reports suggest Apple could sell nearly 2 lakh foldable units by CY27 in India. Our rough estimates suggest this could contribute ~2% of Redington’s revenue to start with.         
Besides, Redington has a diversified business model and is one of the world’s Top 10 technology distributors (#8 as of June 2026), with a strong leadership position in emerging countries across India, the Middle East and Africa (MEA).
Overall, Redington is a play on premiumization trend and surging memory cost led higher ASPs in mobiles and PC market. Further, it is also a play on AI cloud infrastructure segments. Valuation is comparable with global peers while we believe it can command better multiple owing to presence in faster growing emerging economies. We have a BUY rating on the stock with a TP of ₹500, valuing the stock at 16x FY28E EPS.

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