There is a massive opportunity for every player in the mobile value chain when the second largest market by volume is still under penetrated and growing, while the rest of the world smartphone demand has waned, he added.
"India is the next China... more than a billion smartphones will be sold in India over the next five years. This will drive the number of smartphone users from quarter of a billion to more than half a billion in the same time period," he said.
Furthermore, the advent of advanced 4G LTE network infrastructure will also be a key catalyst in the country's smartphone adoption in coming years, it said.
Global smartphone shipments remained flat at 344 million units in January-March, impacted by weaker demand in China and Brazil as well as parts of Europe, as per Counterpoint.
It added that this is the first time since the launch of smartphones that the segment globally has seen no growth.
"We estimate, this quarter strong shipment was more of channel filling, the actual sell-through will happen in Q2 2016 as the operator starts full-fledged marketing and promotional activity," the report said.
Others in the list included Micromax (17 percent), Intex (10 percent) and Lenovo (8 percent) and Karbonn (5 percent).
Apple recorded a stellar 62 percent growth in the first quarter from year-ago period, though on a lower base, thus registering back-to-back sequential growth in spite of negative growth results globally for the iPhone.
In terms of overall mobile phone sales (including feature phones), Samsung led the segment with 25 percent share, followed by Micromax (14 percent), Intex (11 per cent), Lava (9 percent) and Karbonn (5 percent).
"The demand for LTE smartphones remained strong as two out of three smartphones shipped were LTE capable," Counterpoint Senior Analyst Tarun Pathak said.