BrandFinanceR

India1002025

TheannualreportonthemostvaluableandstrongestIndianbrands

BrandBharat’srise:India’sleading

brandsaredrivingglobalinfluence

+Indiabalancesopportunitiesandchallengestospurgrowththrough2025/26

+HistoricfirstamongIndianbrandsranked:TataGroup’svaluesurpasses$30.0billion

threshold,crownedasnation’smostvaluablebrand

+82%brandvaluesurge:AdaniGroupisthefastest-growingIndianbrandrankedin2025

+Taj’sstrengthshineswithaBSIscore

of92.2/100,AAA+brandstrengthrating

+Top10Indianbrandsof2025:Double-digitgrowthforTataGroup,Infosys,LIC,HDFCandRelianceGroup

+Zomatomakesastrongdebutas39thmostvaluableIndianbrandranked

+Ecoleaders:TataGroupleadswithhighestSustainabilityPerceptionsValue(SPI)&

Infosyshashighestpositivegapvalue

+India’sSoftPowerinthespotlightamidglobalscrutiny

BrandFinanceIndia1002025/india3

Contents

Foreword5

AjimonFrancis,ManagingDirector,BrandFinanceIndia

CountryOverview6

ValuationAnalysis8

MostValuableIndianBrands20259

MostValuableBrand:TataGroup11

FastestGrowingBrandValue:AdaniGroup12

BrandstoWatch:Zomato,BirlaOpus,HMEL,PersistentSystems,Zetwerk13

BrandStrengthAnalysis14

SectorRanking&Analysis16

Automobiles17

Banking18

BuildingMaterials19

Engineering20

Food21

Hotels22

Insurance23

ITServices24

Mining,Iron&Steel25

Oil&Gas26

Tyres27

BrandGuardianshipIndex

28

SustainabilityAnalysis3

1

BrandSpotlights3

3

HCLTech34

JillKouri,GlobalCMO

HexawareTechnologies38

NidhiAlexander,ChiefMarketingOfficer

HMEL41

PrabhDas,ManagingDirector&ChiefExecutiveOfficer

Infosys44

SumitVirmani,CMO

Taj47

PuneetChhatwal,MD&CEO

BrandValueRanking(USDm)50

Insights52

SoftPower&NationBrand

53

AjimonFrancis,ManagingDirector,BrandFinanceIndia

Methodology55

OurServices63

?2025Allrightsreserved.BrandFinancePlc.

About

BrandFinance

BridgingthegapbetweenMarketingandFinance

BrandFinancewassetupin1996withtheaimof'bridgingthegapbetweenmarketingandinance'.Formorethan25years,we

havehelpedcompaniesandorganisationsofalltypestoconnecttheirbrandstothebottomline.

Quantifyingthe

inancialvalueofbrands

Weputthousandsoftheworld’sbiggestbrandstothetesteveryyear.Ranking

brandsacrossallsectorsandcountries,wepublishover100reportsannually.

Uniquecombinationofexpertise

Ourteamshaveexperience

acrossawiderangeofdisciplines

frommarketingandmarketresearch,tobrandstrategyandvisualidentity,totaxandaccounting.

Pridingourselves

ontechnicalcredibility

BrandFinance,acharteredaccountancy

irmregulatedbytheInstituteofCharteredAccountantsinEnglandandWales,istheirstbrandvaluationconsultancytojointheInternationalValuationStandardsCouncil.Ourexpertscraftedstandards(ISO10668andISO20671)andourmethodology,

certiiedbyAustrianStandards,isoiciallyapprovedbytheMarketingAccountabilityStandardsBoard.

Theworld's

leadingbrandvaluation

consultancy

Forbusinessenquiries,pleasecontact:

enquiries@

Formediaenquiries,pleasecontact:

press@

+442073899400

BrandFinanceIndia1002025/india5

Foreword

AjimonFrancis

ManagingDirector,BrandFinanceIndia

Indiaistodayaforcetobereckonedwithinageopoliticallychargedworld.

PresentlypositionedasthefourthlargesteconomyandonparwithJapan,

theInternationalMonetaryFundforecastsIndiatobethefastestgrowingeconomyoverthenexttwoyears.Poweredbyagrowingmiddle-classspendingcapacity,

enhancedruralproductivityanddigitalenablement,Indiamaintainsasignificantadvantageoverbothglobalandregionalcompetitorsdespitetheadjustmentsingrowthprojections.Bharatasabrandisnowhardtoignore.

Indiahasfastemergedasalong-termprospectformanufacturingservices,engineeringcapabilitiesaswellasglobalcapabilitycentres(GCCs)fortop

Fortunefirmsandastablegroundforlongterminvestments–bothincapitalmarketsaswellasingreenfieldprojects.

‘MadeinIndia’isnolongeratermtoshyawayfromontheglobalstage.Foralong

time,theflagbearersofBrandIndiahavebeenTata,Infosys,Taj,Mahindra,HCLTech,MRF,Hindalco,Airtel,Amulandotherleadingnames.Now,wewitnesstheemergenceofambitiousbrandslikeL&T,PersistentSystems,JSW,IndianOil,Adani,Hexaware

andDixon,punchingabovetheirweightandfeaturingregularlyasrisingbrandsinBrandFinance’sglobalrankings.

India’sSoftPowerrideshighonitsmuch-lovedcuisine,richheritage,cultural

diversity,knowledgeequityandtheiconicBrandGuardiansthatthecountrynurtures.Fiveoutofthetop15BrandGuardians(CEOrankings)globallyareofIndianorigin!

TheIndia1002025bybrandvalueistheculminationofanobjectiveassessmentofover200Indianbrands,spanningmanysectorsincludingITservices,hospitality,automotive,pharma,tyres,retailandothers,requiringrobustdata.WetapintothelatestavailableauditedfinancialsofcompaniesandcombinethatwithathoroughbrandstrengthanalysisusingprimaryandsecondaryresearchcoveringbothB2CandB2Bbrands.Thiscomprehensiveanalysisisthedefinitiveannualguideto

India'smostvaluablebrandsandanhonestassessmentofbrandvaluecreation.

Ithasavarietyofapplicationssuchascompetitionanalysis,measuringbrand

performance,growthintheirbrandvalue,brandstrengthanalysis,andmuchmore.

Increasingly,companiessharetheirbrandvalueandbrandstrengthresultsinannualreports,shareholdermeetings,analystpresentationstoshowcasetheirbrand’s

performanceandgrowthpotential.WefindthatahighernumberofboardroomsareusingitasameasureofCXOperformance,andthisiswhereBrandFinancestepsin;webridgethegapbetweenmarketingandfinance.

Brandbuildingisajourneyofnuances,deepcuriosityintochangingcustomerlandscapes,leveragingtechnologyandadeepdiscipline.OurbrandvaluationandBrandStrengthIndexaretoolsthatareincreasinglybecomingrelevantinthisfast-changingbrandassessmentlandscape.Year2025hasestablishedBrandIndiaasabrandthatishardtoignore.

CountryOverview

BrandFinanceIndia1002025/india7

CountryOverview

India’seconomicoutlookfor2025/26isonethat

ofcautiousoptimism,amidstthebackdropofpersistingexternalheadwindsincludingreciprocaltaxationissues,skirmishesthatpersistinEuropeandMiddleEast.

Fromaninvestmentperspective,thegovernment’sfocusoncapitalexpenditureisexpectedtoremainasakeygrowthdriverintheyear2025/26.

Investmentsininfrastructureandrelatedsectors,suchasroads,housing,logistics,technology,

andrailways,willfurtheradvancetheeconomicmomentum.

Theservicessector,particularlyhospitality,real

estate,health,andeducation,ITServicesandthe

on-goingdigitalisationofthefinancialservicessector,isexpectedtocontributetocreationoffreshcapacity.

Factorssuchasgeopoliticaluncertainties,

unevendomesticdemandandoversupplyfrom

China,havekepttheeconomicexpertswary.Withimprovedcorporatebalancesheets,bettercapacity

utilisation,anduptickindemand,themomentuminprivateinvestmentscouldremainstrongin

thecomingquarters.

Consideringthesefactors,participatingeconomistshavepeggedIndia’sGDPgrowthforecastforthe

fiscalyear2025/26between6%and7%,reflectingabalancedoutlookthataccountsforboth

opportunitiesandchallenges.

AnumberofleadingbrandsfromIndiaareexpandingtheirstrategichorizons,exploringandestablishing

aglobaloutlooktowardsbusinessgrowth.Ahearteningfactorhasbeentheemergenceofthemanufacturing

sector,includingcollaborationswithAppleandseveralotherleadingglobalbrandsthatviewIndiaasastablemanufacturingbasefortheirglobalmarkets.

Sharedoptimismfromcentralgovernmentpolicy

makersandthebusinessestablishmentsaugurswellforIndiatoemergeasthefastestgrowingdemocracyintheworldnow.

ValuationAnalysis

BrandFinanceIndia1002025/india9

MostValuable

IndianBrands2025

Thecollectivebrandvalueofthetop100IndianbrandsrankedstandsatUSD236.5billionin2025.

TheBrandFinanceIndia1002025rankingresultsremainstable,withleadingbrandsmaintaining

strongmarketpositionsandexperiencingnotableuptickinbrandvalue.

TataGroup(brandvalueup10%toUSD31.6billion)

continuestomaintainitsirongripasthemostvaluablebrandrankedinIndia.Itsbrandvaluegrowthreflectsastrongcommitmenttonation-building,innovation,

andexpansionsacrosssectorssuchaselectronics,mobilephones,EVs,semiconductors,solar,and

AI-drivensolutionsinhealthcareandmobility.

Thegroupalsoaimstocreate500,000

manufacturingjobsoverthenextfiveyears,

supportingIndia’ssustainableandself-reliant

growthagenda,akeycomponentofViksitBharat.

Infosys(brandvalueup15%toUSD16.3billion)

continuestobuildmomentumwithconsistent

performanceintheITservicesspace.Thebrandhasalsoachievedthefastestcompoundannualgrowthrate(CAGR)inbrandvalueof18%over

thelastfiveyearsamonglargeITServicesbrands.

BolsteredbytherobustleadershipofCEOSalilParekh,InfosyshasstrengtheneditsroleintheAI-firstworldandconsistentlydeliveredstrongperformancesandinnovationintherapidly

evolvingdigitalserviceslandscape.

HDFCGroup(brandvalueup37%toUSD14.2

billion)remainsamajorforceinIndia’sbanking

andfinancialservicessector.Recentstrategicmovesacrossitsbanking,assetmanagement,andinsurancesectorsplayedapivotalroleinenhancingHDFC

Group'sbrandvalueandsolidifyingitsleadershipinIndia'sfinanciallandscape.

LIC(brandvalueup35%toUSD13.6billion)

alsoreportedastrongsurgeinbrandvaluethis

yearwhileHCLTech(brandvalueup17%toUSD8.9billion)hascontinueditsupwardtrajectory.This

growthisfuelledbyaseriesofmegadealwins

acrossdiverseindustriesandgeographiesin2024,thecontinuedpositivemomentumofitssuccessfulbrandtransformationanditsearlyleadership

inAI/GenAIbusiness.

Top10MostValuable?BrandFinancePlc.2025

IndianBrands2025

#1

T八T八

TataGroup

$31.6bn

+10%

#2

Infoss

Infosys

$16.3bn

+15%

#3

HDFCGroup

$14.2bn

+37%

#4

LICGroup

$13.6bn

+35%

#5

Reliance

IndustriesLimited

RelianceGroup

$9.8bn

+17%

#6

SBI

SBIGroup

$9.6bn

+17%

#7

HCLTech

HCLTech

$8.9bn

+17%

#8

airtel

Airtel

$7.7bn

0%

#9

Larsen&

ToubroGroup

$7.4bn

+3%

#10

Rise

MahindraGroup

$7.2bn

+9%

BrandFinanceIndia1002025/india10

MostValuableIndianBrands2025

Larsen&ToubroGroup(brandvalueup3%to

USD7.4billion)sustaineditspositionamongIndia'stop10mostvaluablebrands,drivenbyastrongorderpipelineandstrategicdiversification.

ItsgrowinginternationalfootprintinSaudiArabia

andagasfacilityinAlgeriaalongsideexpansion

intorenewables,digitalplatforms,andsemiconductordesign,furthercementedL&T’sreputationasa

forward-lookingengineeringandtechnology

conglomeratepoweringIndia’sandtheregion’sengineeringandconstructiontransformation.

MahindraGroup(brandvalueup9%toUSD7.2billion)continuestostrengthenitsbrandthroughsustainedperformanceintheautomotivesector.Mahindragroup’sbrandvalueisablypowered

byitsITServicesentityTechMahindra,whichcontinuestoberankedamongthetop10

strongestITServicesbrandglobally.

BrandFinanceIndia1002025/india11

MostValuableBrand

TataGroup

TataGroup(brandvalueup10%toUSD31.6billion)

continuesitsreignasIndia’smostvaluablebrand

rankedfortheyearandbecomingthefirstIndianbrandtocrosstheUSD30.0billionmilestone.Thegroup’s

consistentbrandvaluegrowthisrootedinitsstrategicfinancialdiscipline,expansiveconsumerproducts

portfolio,andrelentlesstechnologicaladvancement.

TataConsultancyServices(TCS)remainsthe

group’sflagshipbrandandaglobalITleader,playingacentralroleindrivingTata’sinternationalbrand

presence.TCScontinuestodeliverstrongfinancialperformanceandbrandstrengththroughitsfocusondigitaltransformation,innovation,andtrustedclientrelationshipsacrosskeyglobalmarkets.

Simultaneously,TataConsumerProductscontinueditsupwardtrajectory.ItsflagshipbrandslikeTataTea,Tetley,andTataSaltsawcontinuedmarketshare

gains,whileinternationaloperationsshowedimprovedprofitability.Meanwhile,TataStarbucks,akeyjoint

ventureexpandedaggressively,reflectingTata’sstrongfocusonscalingitsconsumer-facingbusinesses

tomeetevolvingurbanlifestyledemands.

Furtherboostingitstechnologyandmanufacturingcredentialsinelectronics,TataGroupsolidifiedits

partnershipwithApplein2024byacquiringWistron’sIndia-basedoperations,markingasignificantstep

inassemblingiPhonesdomestically.Thisnotonly

positionsTataasakeyplayerinApple’sglobalsupplychainbutalsostrengthensIndia’saspirationsto

becomeamajorelectronicsmanufacturinghub.

TataGroupBrandValueTrendLine|2010-2025(USDbn)?BrandFinancePlc.2025

40

30

20

10

0

2010201120122013201420152016201720182019202020212022202320242025

BrandFinanceIndia1002025/india12

FastestGrowingBrandValue

AdaniGroup

AdaniGroup(brandvalueup82%toUSD6.5

billion)isthefastest-growingIndianbrandrankedin2025,climbingfrom16thplacein2024to13thin2025.Thismeteoricriseisunderpinnedbyitsstrongfinancialperformanceacrosscoresectors,notablyinfrastructure,energy,ports&logistics

andrenewables.

Thegroupreportedrecordearnings,with82%

comingfromcoreinfrastructuresectorslikeports,logistics,powertransmission,andgreenenergy,keytoIndia’sdevelopment.

AdaniGreenEnergyLimited(AGEL)isaprominentplayerinIndia'srenewableenergysector,focusingonsolar,wind,andhybridpowergeneration.AGELhasasignificantoperationalportfolioandisactivelydevelopinglarge-scalerenewableenergyparks,

includingtheworld'slargestatKhavda,Gujarat.

ESGandgovernancearekeydriversasAdaniGreen

Energyhasadoptedaglobal-standardESGframework,achievedzero-waste-to-landfillandplastic-free

certifications,completedESGassessmentsforall

criticalsuppliers,andmadeESGaboard-levelpriority.

Throughitsdiversifiedstrategyacrossgreenenergy,ports&logistics,airports,infrastructurefocus,digitalinnovationandESGstewardship,theAdaniGroupispositioningitselfasafuture-readyconglomerate,thusstrengtheningitspositioninthisyear’sranking.

BrandValueChange2024-2025(%)

zensar

?BrandFinancePlc.2025

82%75%53%48%41%41%39%39%38%37%

BrandFinanceIndia1002025/india13

BrandstoWatch

Zomato,BirlaOpus,HMEL,PersistentSystems,Zetwerk

Here’sacollectionofbrandsinwhichwehaveobservedachangeinmomentum:

Makingadebutat39thrankinginbrandvalue,

Zomatoisemergingasakeyplayerinonline

platformforrestaurantdiscoveryandfooddeliveryindustryinIndia.Withavastnetworkofdelivery

partnersandrestaurants,Zomatoistodayfuelingthegigworkersinthousands.

BirlaOpus,fromthestableofAdityaBirlaGroup,thisnewentrantintodecorativepaintsmarket,hasstartedtorewritetherulesofpaintsindustry.Fromprovidinglongtermguarantee,innovativetrade

practices,leveragingexistingdistributionnetworkinbuildingmaterialtoattractiveTVcommercials,BirlaOpushasshakenthedecadelongmarket

orderintermsofmarketshare.

HMEL(HPCLMittalEnergyLtd)isemergingasasignificantplayerintheIndia’senergysectorwithinashortspanoffewyears.

HMELisdrivinginnovationagendathroughtheentirevaluechain.Fromprocurementtorefiningby-productslikepetrochemicals,specialtychemicals&APIs

togreenalternatives,HMELisevolvingintoanewgenerationenergybrand.

PersistentSystems,inaremarkableyearofvalue

growth,PersistentsystemshavethehighestgrowthinBrandValueamongITSectorbrands–animpressive33%(USD811m)in2025.Itunderscoresthesurgeoffastemergingmid-tierITServicesbrandsattheglobalstagedrivenbyacombinationofproduct&service

offerings,solutionapproachanddeliveryexcellence.

Zetwerk,ranked2ndinEngineeringsector,thisyoung

company,establishedonlysevenyearsago,continuestodriveinnovationacrossprecisionmanufacturingandmanufacturingservices.Zetwerkstrategicallyfocusesonsectorssuchasrenewables,fabrication,wearables,automotive,industrial,consumerdurables,andstrategicelectronics,reinforcingIndia’spositionasaglobal

ESDMhub.

BrandStrengthAnalysis

BrandFinanceIndia1002025/india15

BrandStrengthAnalysis

Taj(brandvalueup22%toUSD664million)

hasretaineditspositionasIndia’sstrongestbrand

rankedforthefourthconsecutiveyear,withaBrand

StrengthIndex(BSI)scoreof92.2/100andanAAA+brandstrengthrating.BrandFinance’smarketresearchhighlightsitsexceptionalfamiliarityandappeal,withmostrespondentsfromitshomemarketnamingit

theirpreferredhotelbrand,underscoringTaj’senduringtrustandinfluenceinthemarket.WhileithasastrongreputationathomeinIndia,BrandFinance’smarket

researchdatarevealsthatithassomesignificantcompetitioninIndia,UKandUSmarketswhereitisexpanding.

AsianPaintsrankssecondthisyearwithaBSI

scoreof92/100andanAAA+brandstrengthrating,

maintainingitsstatusasthestrongestpaintsand

coatingsbrandglobally.Itshighscorereflectsstrongconsumerperceptionsofreliabilityandinnovation

leadingtohighconsumerconnect.RisingcompetitionfromBirlaOpusisasignificantchallengetothisbrand.

AmultakesthirdplacewithaBSIscoreof91.2/100

andanAAA+brandstrengthrating.Thebrandcontinuestoenjoyhighconsiderationandpreferenceinitshomemarket,supportedbystrongpriceacceptanceanddeepconsumertrust,asindicatedbyBrandFinance’smarketresearch.Amul’sentryintotheNorthAmericanmarketisasignificantstrategicmovethatwillhelpbuildthe

brandatglobalscale.

IndianTop10?BrandFinancePlc.2025

StrongestBrands2025

#1

Taj

92.2

#2

AsianPaints

92.0

#3

Amul

91.2

#4

Hero

91.0

#5

Tanishq

90.0

#6

MarutiSuzuki

89.1

#7

RoyalEnfield

88.7

#8

LICGroup

87.6

#9

Indigo

87.6

#10

HDFCGroup

86.4

TajBrandStrengthAttributesHeatMap?BrandFinancePlc.2025

Weakerperformanceoooo●Strongerperformance

FactorUSUAEIndia

Brand

Perceptions

Knowledge

Credibility

Appeal

Customer

Behaviours

Selection

Advocacy

PriceAcceptance

Sector

Ranking

&Analysis

BrandFinanceIndia1002025/india17

Automobiles

Top5Indian

AutomobilesBrands2025

?BrandFinancePlc.2025

$3,246m

#1mnalninclra

Mahindra

-6%

#2

BajajAuto

$3,148m

+34%

#3

marumisuzuxiMarutiSuz

uki

$2,504m

+5%

#4

$1,749m

TataMotors

+25%

#5

He。Hero

TheIndianautomobileindustryremains

avitalpillarofthenationaleconomy,reflectingbroadershiftsinconsumerbehaviour,industrialgrowth,andtechnologicalprogress.

Whilethetwo-wheelersegmentcontinues

toleadthemarket,supportedbyrisingurbanisation,increasingaffordability,andayouthfulpopulation,

thesectorisundergoingasignificanttransformationwiththeinfluxofEVtechnology.

Electricvehiclesaregainingstrongmomentum,

particularlyinthetwo-andthree-wheelercategories.

Thisshiftisbeingdrivenbysupportivegovernmentinitiativessuchasthe‘FAMEII’schemeand

agrowingnumberofstate-levelincentives.

Establishedautomakersarerampingup

investmentsinelectrification,batterytechnology,

andchargingnetworks.Atthesametime,new-age

companiesareenteringthemarketwithtechnology-ledsolutions,intensifyingcompetitionandaccelerating

innovation.

Mahindra(brandvalueatUSD3.2billion)

leadstheIndianautobrandlandscapewhile

BajajAuto(brandvalueup34%toUSD3.1billion),MarutiSuzuki(brandvalueup5%toUSD2.5billion),TataMotors(brandvalueup25%toUSD1.7billion)andHeroMotoCorp(brandvalueatUSD1.7billion),roundupthetop5inthissegment.

TataMotors’strategiclaunchoftheCurvvacross

petrol,diesel,andelectricvariantshasstrengtheneditsproductmix.TataMotorstookearlyadvantageoftheEVshiftandgainedleadershipinthefour

wheelersegmentwithanarrayofofferings.

BrandFinanceIndia1002025/india18

Banking

#1

HDFCBank

Top10Indian

BankingBrands2025

?BrandFinancePlc.2025

$13,378m

+43%

#2

BI

StateBankofIndia

$7,949m

+15%

#3

ICICIBank

$4,634m

+2%

#4

小ASBANK

AxisBank

$3,572m

+41%

#5

BankOfBaroda

$2,061m

+23%

#6

KotakMahindra

$2,021m

-14%

#7

unionBank

ofIndia

UnionBankofIndia

$1,670m

+9%

#8

canaraBank

CanaraBank

$1,571m

+3%

#9

IndianBank

#10IndusIndBank

IndusIndBank

Asoneoftheworld’sfastest-growingeconomies,India’sbankingbrandsaccountforUSD42.2billionincollectivevaluethisyear,representedbyatotalof20brandsintherankings.