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.

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Discover how India’s top brands are investing in building equity to create future demand. 
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India’s Top 75 brands have a combined brand value of $379 billion, a decline of 4% from 2022 – a modest decrease given the ongoing economic volatility across most of the world. This is testament to Indian brands’ resilience, stability and consistency. Explore the highlights from the report in the infographic, featuring the top 10 most valuable Indian brands, category overview, newcomers, brands re-entering the ranking and more. 

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Watch the countdown video and discover the full list of the top 75 most valuable Indian brands of today. The companies behind India’s most valuable brands have consistently outperformed the key market indices – the SENSEX and the NIFTY50 – with share price growth over 10 years of 99.6% compared with 83.2% and 81.7% respectively.


To be eligible for inclusion in this ranking, the brand must have originated in India, or its corporate parent must be listed on a stock exchange in India. Indian unicorn brands must have their most recent valuation publicly available. Learn more about the methodology behind Kantar BrandZ brand valuation rankings in this video, which presents the three-step process, which combines financial value and brand contribution to determine a brand’s value. 

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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.

Download the Kantar BrandZ Spotlight Report on India 2021

Retail and telecom brands have outperformed most other categories and seen their brand value increase in the 2020 BrandZ Top 75 Most Valuable Indian Brands ranking.

At a time of near-unprecedented economic challenges, the total value of the BrandZ India Top 75 fell by 6 percent in 2020, resulting in a total brand value of $216 billion.

Despite the overall decline, 26 brands increased in value and five were new entrants. India’s top brands also performed well against other countries where declines in total brand value were much greater.

And, in especially difficult times, BrandZ provides the proof that valuable brands deliver superior shareholder returns: the stock portfolio of the BrandZ India Top 75 has recovered more of its pre-pandemic value, at a faster rate, than India’s SENSEX.

For the seventh year, HDFC Bank remained the top-ranked brand in India with a total brand value of more than $20.2 billion. LIC reached the no.2 spot, with Tata Consulting Services at no.3.

With a 102 percent year-on-year increase in value, the fast-expanding brand Reliance Retail led this year’s crop of Top Risers.

Discover more about India’s most valuable brands and how they have created pathways to growth through agility, flexibility and clear-eyed action in our latest report.

Download the BrandZ Most Valuable Indian Brands 2020 report

Download the BrandZ Most Valuable Indian Brands 2020 infographic

HDFC holds the top spot as India’s most valuable brand for the sixth year in a row as businesses shift their focus from disruption to long-term growth and stability.

BrandZ data shows trust is key for long-term growth as the most trusted brands in the Top 75 – including notable consumer-facing tech platforms like Flipkart, Oyo and Swiggy – are 129% more valuable than lesser trusted brands.

Read the report to discover which brands made this year’s ranking, what the rise of 'middle India' means for businesses and learn from the brands successfully navigating the country’s changes.

Download the BrandZ Most Valuable Indian Brands 2019 report

Download the BrandZ Most Valuable Indian Brands 2019 infographic

Kantar and WPP have published the 2018 BrandZ™ Top 75 Most Valuable Indian Brands ranking and report.

The report tracks the value of India’s most valuable brands and provides insights into how to develop a strong and valuable brand in India. To reflect the strength of India’s growing economy and a marketplace where more local brands are emerging to present consumers with increased choice, the ranking has grown from 50 to 75 brands. New categories are also included for 2018 including privately owned and unicorn brands resulting in 30 new brands in this year’s ranking, seven of which are in the top 15.

Take a look at the report and ranking to learn more about most successful brands in India and how this exciting and dynamic market has changed over the past five years.

Download the BrandZ Most Valuable Indian Brands 2018 report

Download the BrandZ Most Valuable Indian Brands 2018 infographic

Kantar BrandZ Global Report 2023
Discover the factors driving growth for the world’s most valuable brands.
Download the report
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