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.

Download the BrandZ Most Valuable Indian Brands 2022 report

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

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Discover the factors driving growth for the world’s most valuable brands.
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