India has emerged as Nokia’s largest market in the Asia-Pacific region, with the Finnish Telecom equipment maker reporting revenue of €1.53 billion (Rs 16,250 crore) from the country in calendar year 2025, a 12% increase from €1.37 billion a year ago.
The company’s latest filings with US stock exchanges showed India contributing roughly one-third of Nokia’s Asia-Pacific revenue of €4.64 billion during the year, led by sustained investments by telecom operators in expanding and upgrading network infrastructure for 5G services.
So far, India and China have competed for the leading space in the Asia-Pacific. However, last year China revenues have reduced by 19% to €913 million, given the intense competition with domestic players.
Globally, Nokia reported net sales of €19.89 billion in 2025, up 3% from €19.22 billion in the previous year. The Americas remained the company’s largest regional market with €6.99 billion in revenue, while Europe, West Asia and Africa generated €8.27 billion.
In addition, the company’s spending for the Asia-Pacific region including Japan and India is that of 44% of the total amount invested. Looking ahead, for 2026, the company has a target of €2-2.5 billion of comparable operating profit. “We expect continued strong demand trends in network infrastructure as we ramp new products expanding our presence in AI & cloud and invest for long-term growth.
In mobile infrastructure, we see a stable market environment and are focused on efficiency and improving profitability,” the report stated. Alongside its core telecom business, Nokia seeks to recalibrate its venture investment strategy. The company said it has reduced commitments to venture funds to €221 million as of December 2025 following a strategic review of such investments.
This is indicative of the capital focus on its core network infrastructure business in markets that are driving telecom investment. India is one such markets given large-scale 5G deployments by operators. Nokia’s hardware suppliers are mainly based in Asia with services suppliers from across the world. Finland, India and the US accounts for its main factories.
Nokia said that it no longer views broad-based venture fund investments as having a strategic role, and has begun scaling them down as part of a broader shift in capital allocation. The company has historically supported startup ecosystems through venture vehicles such as those managed by NGP Capital, which has invested in technologies including artificial intelligence, edge cloud computing, cybersecurity and digital industrial platforms.
As per the company, revenue from its intellectual property licensing business is also likely to fluctuate depending on the timing and value of patent agreements as well as litigation tied to its portfolio of telecom standard-essential patents.
This recalibration of venture investments comes as another navigation in the shifting market environment.
Nokia said demand for its network equipment remains closely linked to telecom operators’ capital expenditure cycles, which depend on their ability to monetise investments in next-generation networks.
The company also highlighted intense competition in the telecom infrastructure market, where vendors compete aggressively for network deployment contracts, potentially leading to pricing pressure. Supply chain constraints remain another key risk, with Nokia noting that the availability of semiconductors and other critical components could affect product deliveries and costs.