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Initial sales of Apple’s iPhone 18 Pro and Pro Max were 15-28% higher YoY

ICICIdirect Research 21 Sep 2026 DISCLAIMER

News: As per media reports, initial sales of Apple’s iPhone 18 Pro and Pro Max were 15-28% higher YoY, while bookings increased 40-50% compared with the previous-generation Pro models. The iPhone 18 Pro starts at ₹1,64,900, while the Pro Max starts at ₹1,79,900, with discounts and trade-ins ranging from ₹4,500 to ₹81,500. Apple’s first foldable iPhone, iPhone Duo, priced at approximately ₹2,99,000, is scheduled to go on sale in India from October 23, 2026. Apple is also reportedly planning to launch Apple Pay in India through Axis Bank.

View: Pro and pro max models constitute ~18% of iPhone volumes in India as per reports. Apple hasnt launched a base variant which is expected in early 2027. Apple contributes approximately 31% of Redington’s revenue, making strong iPhone demand a key growth driver during the festive season. Higher-priced Pro models could support revenue growth and realisations, while the upcoming iPhone Duo could provide an additional opportunity in the premium segment wherein the response shall be closely watched. Continued premium demand shall support Redington’s growth.

Impact: Positive

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