The 2025 Kantar BrandZ Top 100 Most Valuable Indian Brands have reached a combined brand value of $524 billion, representing approximately 13% of India’s GDP.
Key highlights from the report, based on insights from over 145,800 consumers, include:
- HDFC Bank reclaims the No.1 spot as India’s most valuable brand, growing 18% to nearly $45 billion, powered by digital innovation and customer-centric strategies
- Zomato is the fastest riser for the second year, climbing 10 places to No.21 and increasing its brand value by 69% to $6 billion, driven by expansion beyond food delivery
- 18 new brands, including UltraTech Cement (No.7; $14.5bn), Westside (No.38; $3.3bn) and Zudio (No.52; $2.5bn), enter the ranking for the first time
- Travel and hospitality leaders Taj (No.43; +55%), IndiGo (No.24; +42%), and MakeMyTrip (No.56; +45%) are among the top risers, as India’s ‘experience economy’ accelerates
- Business Tech & Services, Financial Services and Telecom brands together account for 58% of the value of India’s Top 100
Kantar BrandZ Most Valuable Indian Brands
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Infographic
Explore India’s inaugural Kantar BrandZ Top 100 ranking in this infographic. The Top 5 Most Valuable Indian Brands in 2025 are:
#1 HDFC Bank – US$45 billion
#2 Tata Consultancy Services – US$44 billion
#3 Airtel – US$41 billion
#4 Infosys – US$26 billion
#5 ICICI Bank – US$21 billion
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The Power of Meaningful Difference
Brands that combine unique value and relevance outperform the rest. In India, those improving both have delivered 36% extra brand value growth. Standout brands include HDFC Bank’s focus on innovation, Taj Hotel’s dedication to heritage and service excellence, and Royal Enfield which fosters deep brand loyalty through immersive community experiences. Watch the countdown video to discover India’s most valuable brands.
Methodology: how we measure brand value
Kantar BrandZ uses a consumer-centric approach combining Financial Value (corporate earnings linked to brand assets) and Brand Contribution (driven by Demand Power, Pricing Power and Future Power). This approach is powered by over 4.5 million interviews across 54 markets. Kantar’s Meaningful Different and Salient framework is endorsed by the Marketing Accountability Standards Board (MASB) and ensures accurate, actionable insights into what truly drives brand growth.
India’s top 75 most valuable brands now have a combined value of over $450 billion, marking an impressive 19% year-on-year increase. Brands across diverse business sectors fuelled this growth, with 54 brands boosting their brand value over the past year.
Highlights from this study, which includes the opinions of more than 141,600 people, about 1535 brands across 108 categories reveal:
• Tata Consultancy Services remains the nation’s most valuable brand for the third consecutive year, worth over $49 billion
• HDFC Bank is in second position ($38.3bn), followed by Airtel (No.3; $29.9bn)
• Zomato (No.31; $3.5bn) is the Fastest Riser with 100% growth in brand value year-on-year due to relentless innovation and expansion into quick commerce
• Seven newcomers enter the ranking, including jewellery retail brand CaratLane (No.45; $2.7bn) and Punjab National Bank (No.59; $2bn)
• The automotive sector has seen impressive results, led by Maruti Suzuki (No.17; +24%), Bajaj Auto (No.20; +94%) and Mahindra (No.30; +78%)
• Many Indian brands remain heavily reliant on the domestic market, with overseas contribution accounting for only 26% of the Top 75, and offering an unseized opportunity to find new spaces to grow beyond their borders.
The International Monetary Fund is predicting growth of 6.1% for India in 2023, putting the country’s growth well ahead of its neighbours, but also much of the rest of the world.
Since 2014, the top 50 most valuable Indian brands have increased almost fivefold in value, from $70bn to $340bn in 2023. Highlights from this special 10th anniversary edition, which is based on the opinions of more than 125,000 consumers about 1,500 brands across 106 categories, reveals:
- Tata Consultancy Services is the most valuable Indian brand for the second consecutive year, with a brand value of $42.9bn.
- HDFC Bank ($33.6bn) is the second most valuable brand, with Infosys (No.3; $24.2bn), Airtel (No.4; $22.5bn) and State Bank of India (No.5; $14.5bn) completing the top five.
- The largest category by total brand value is Financial Services, worth $108.2bn; Axis Bank (No.17; $5.6bn) is one of the top 10 risers.
- Digital payment app, PhonePe (No.21; $4.5bn) is the highest newcomer, followed by fintech brand, Cred (No.48; $2.0bn), photo and video sharing app, ShareChat (No.67; $1.3bn) and entertainment platform, Star (No.71; $1.3bn).
- Indian brands that do best at justifying their pricing, and even justifying a premium, are those that strike consumers as being truly distinctive.
Download the Kantar BrandZ Most Valuable Indian Brands 2023 report
Download the Kantar BrandZ Most Valuable Indian Brands 2023 infographic
India’s economy has a new swagger about it. Heady forecasts of annual GDP worth $5 trillion in five years’ time, and even $10 trillion by 2034, seem within reach.
India is not isolated from global economic headwinds, specifically inflation, but even so, domestic economic activity was strong enough by mid-2022 for the Bank of India to issue an upbeat assessment of the country’s economic prospects.
The latest Indian brand valuation ranking shows that India’s top performers have continued to grow despite the many challenges faced across the world following the pandemic. With a total brand value of $393bn, India’s Top 75 brands have seen world-leading brand value growth of 35% CAGR since 2020.
Tata Consultancy Services is 2022’s most valuable Indian brand, rising two places up the ranking to claim the crown, with a brand value of $46bn. B2B tech brands shine in this year’s brand ranking, with six Business Solutions and Tech Providers - TCS, Infosys, HCL Tech, Wipro, LTI, Tech Mahindra - accounting for 24% of the ranking’s total value.
14 new brands appear in India’s brand ranking, including Vi – which replaces Vodafone and Idea – three unicorns, and the home-grown FMCG giant Patanjali. New entrants to the Top 75 come from a broad range of categories, from gaming and real estate to education and apparel. This diversity adds to the dynamism and resilience of the ranking.
Kantar BrandZ studies in India have shown that Salience is extremely important. Brands need to spring to mind when a consumer thinks of a particular category or has a specific need. However, this is much more than just fame, as powerful brands also need to be Meaningful and Different to consumers.
The past few years have presented people with unprecedented challenges. This difficult period has pushed people to reflect more deeply on what truly matters in life. Purpose is more relevant than ever.
Kantar’s ongoing consumer studies in India have shown that, in a post-pandemic world, consumers continue to look to brands to provide practical solutions in their everyday lives: from promoting nutrition and hygiene, to saving time and managing stress. In India and across the world, purpose has emerged as one of the most important pillars of brand growth and, equally, of brand marketing.
This new report looks broadly at the impact of the pandemic on brands in India, with a focus on FMCG, non-FMCG, and technology brands. For the first time, we are shining a spotlight on India’s most purposeful brands across these business segments.
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