India shipped 152 million smartphones in CY2025. Volume grew 0.5%. Value grew 8%. The headline said flat. The market said everything is changing. Vivo widened its lead. OnePlus collapsed -38.8%. The offline channel reclaimed 6 points of share in a single year. Premium grew +37%. Mass Budget shrank -8%. CY2026 brings four simultaneous headwinds: DRAM shock, rupee weakness, Middle East logistics pressure, and a consumer who is choosing to save. The market has never been more ex

2026 will be a challenging year for all smartphone eco system players. It will cause a structural irreversible and change in the industry.