India smartphone shipments fall 10% in Q2 2026, worst June quarter in six years as memory costs bite
Record memory chip prices—up roughly 4x since September 2025—drove ~15% average price hikes, crushing the sub-₹15,000 segment by 45%. Premium held firm, with financing exceeding half of mainline sales. Nothing surged +105% YoY and Google ultra-premium +68%, while Apple slipped 3%. Full-year decline projected at 13%.
India smartphone shipments fell 10% YoY in Q2 2026, the worst June quarter in six years, as record memory chip costs drove ~15% price hikes. Mass-market segment fell 45%; premium stayed resilient with financing exceeding half of sales.
Why this matters
The 10% Q2 2026 drop marks India's worst June quarter in six years, as 4x memory cost inflation reshapes the market—crushing budget phones while premium and financing-backed sales hold firm.
Retail-company theme accelerating at +853000% QoQ.