Shares of Redington Ltd, an authorised distributor of Apple products in India, fell 2.36% on the National Stock Exchange (NSE) on October 27. According to NSE data, the stock closed at ₹358.10, down ₹8.65 from the previous close of ₹366.75. The stock opened at ₹368.35 and touched an intraday high of ₹370.75 before declining to a low of ₹356.70.
According to a Moneycontrol report, Apple's iPhone sales fell by up to 30% around Dussehra, with demand during the Diwali period also expected to remain subdued. Higher prices, limited discounts and longer smartphone replacement cycles have weighed on consumer demand. The slowdown raises questions about the company's growth momentum in the world's second-largest smartphone market, despite the launch of the iPhone 18 Pro series and the new iPhone Duo.
iPhone shipments in India are expected to decline by double digits this year from a record 14.3 million units in 2025, according to retailers and analysts told Moneycontrol. The second half is expected to drive the contraction, with retailer feedback pointing to softer sell-through which is consistent with price increases and the lack of festive offers. As reported by Moneycontrol, retailers said demand for older models, including the iPhone 15, 16 and 17 series, had weakened following price increases and the withdrawal of some financing and discount schemes.
Upasana Joshi, an analyst at International Data Corporation (IDC), said retailer feedback points to softer sell-through, which is consistent with the price increases and the lack of festive offers. We expect festive demand across the market to be subdued this year. Sanyam Chaurasia, an analyst at Omdia, said price increases across older models and 18 Pro series were making consumers more cautious. Older iPhones continue to perform well, extending replacement cycles, while selective model shortages have added to the pressure. The absence of a new base iPhone 18 launch in September has also affected festive momentum, with some demand expected to shift from Q4 into Q1.
Despite Apple commanding a 27% share of India's smartphone market by value in the June quarter, according to IDC, retailers are facing significant supply constraints. The All India Mobile Retailers Association (AIMRA) reported that only 6,000-7,000 saleable iPhone Duo units were initially supplied, despite substantial launch-day interest. The Duo starts at ₹2,99,900 in India, compared with $1,999 before taxes in the US, with the price differential potentially encouraging parallel imports. AIMRA also alleged that distributors were forcing retailers to buy older iPhone models to secure allocations of newly launched devices.
