India’s top 100 most valuable brands worth $523.5 billion; HDFC Bank reclaims the top spot: Kantar

Kantar BrandZ’s Top 100 Most Valuable Indian Brands have reached a combined value of 523.5 billion dollars in 2025, contributing about 13 percent to India’s GDP, according to the latest report released today. The list has expanded to 100 brands this year, with total brand value rising 6 percent year on year. Thirty four brands increased their value, highlighting the growing importance of brand strength in India’s economic story and the significant opportunities ahead for global expansion.

HDFC Bank remains India’s most valuable brand, rising 18 percent to nearly 45 billion dollars. Since the first BrandZ India Report in 2014, its brand value has jumped 377 percent. The bank’s long term growth is driven by sustained innovation and technology investments, including initiatives like Vigil Aunty, a superhero inspired persona created to educate users about financial fraud. With a strong focus on enhancing digital banking, HDFC Bank continues to set the standard for brand leadership in the country.

The top ten brands reflect the dominance of financial services, technology and telecom in India’s brand landscape. HDFC Bank leads the list, followed closely by Tata Consultancy Services at 44.2 billion dollars and Airtel at 41.1 billion dollars. Infosys, ICICI Bank, State Bank of India, UltraTech Cement, Jio, HCL Tech and LIC complete the top ten. Together, these ten brands contribute almost half of the total brand value in the 2025 ranking.

This year marks the entry of eighteen newcomers into the Top 100. UltraTech Cement made a strong debut at number seven with a valuation of 14.5 billion dollars. It is included under the newly recognised Materials category and has emerged as a preferred choice not just for large infrastructure projects but also for individual home builders. Emotional storytelling, expert guidance and one stop retail solutions have helped the brand build trust and relevance in the home building journey. Retail chain Westside and affordable fashion brand Zudio also entered the ranking for the first time, reflecting the rising power of organised retail in India.

Commenting on the results, Deepender Rana, Executive Managing Director for South Asia at Kantar, said that while overall brand value growth has slowed to 6 percent, the ten fastest growing brands expanded at an average rate of 42 percent, which is seven times faster. He said this outperformance is driven by meaningful differentiation, innovation and deep consumer focus and added that despite pressure to chase short term sales, sustained investments in brand building deliver stronger shareholder returns.

Zomato continues its rapid upward trajectory and is the fastest rising brand for the second straight year. It climbed ten places to number twenty one and nearly doubled its brand value to six billion dollars, growing 69 percent year on year. The company is expanding beyond food delivery into adjacent lifestyle categories and has integrated its District by Zomato dine out app to capture rising consumer demand for convenience and value.

Travel brands also feature prominently among this year’s top risers, mirroring the growth of India’s experience economy. Taj rose 55 percent to reach a valuation of 2.9 billion dollars, while IndiGo grew 42 percent and MakeMyTrip 45 percent. Automotive brand Mahindra increased its brand value by 53 percent, driven by experience led services like off roading drives and road trips curated for SUV enthusiasts.

Soumya Mohanty, Managing Director and Chief Solutions Officer for South Asia at Kantar, said that brands built on deep consumer insight consistently outperform market conditions. She added that such brands do not merely survive during difficult periods but grow stronger by staying closely aligned with evolving consumer expectations. She emphasised that understanding how consumers interpret and experience a brand is now essential for long term competitive advantage.

Cement brands saw a notable rise, with four companies entering the Top 100. This reflects the sector’s central role in India’s infrastructure expansion. UltraTech led the newcomers, followed by Bangur Cement, Ambuja Cement and JK Cement. Indian brands are also reshaping the digital landscape with technology and AI. Airtel’s progress in 5G, secure payments and fraud detection is transforming the telecom experience, while MakeMyTrip’s AI powered travel planning and Farelock feature are setting new benchmarks for online travel.

Another key insight from this year’s report is the power of meaningful difference. Brands that consistently deliver both meaning and distinction have significantly outperformed others. Brands that remained in the rankings since 2019 delivered an additional 29 percent growth in brand value. Examples include HDFC Bank for its innovation led strategy, Taj for its heritage focused service excellence and Royal Enfield for building deep community loyalty through immersive events such as Motoverse in Goa.