The Indian economy continues to thrive, rising steadily, gradually improving people’s lives and expanding the choices available to them.
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.
Infographic
Dig deeper into India’s top brands in this infographic, which reveals the Top 10, Top Risers, Newcomers, Re-entries and breakdown by category. India's GDP growth outlook is bright, with an expected 8.2% increase compared to the global average of 3.1%, potentially positioning the country as the world's third-largest economy by 2030.
Video
Find out which brands make up the Top 75 Most Valuable Indian Brands Ranking. Strong brands consistently outperform the market. Over the past year, the companies behind India’s Top 75 brands have achieved an impressive 52% stock market growth, outpacing the 37.6% growth for the Sensex. Brands that thrive are those that create a Meaningful Difference by meeting evolving consumer needs, challenging industry norms, and forging strong emotional connections.
Methodology
To be eligible for inclusion in this ranking, the brand must have been created in the market and be owned by an enterprise listed on a recognised stock exchange. For those owned by private companies, financial statements must be available in the public domain. Unicorn brands must have their most recent valuation publicly available. Watch the video to learn more about the methodology behind Kantar BrandZ brand valuation rankings, which is based on a three-step process, combining financial value and brand contribution to determine a brand’s value.
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.
