With a brand value of $49.7 billion and witnessing a 16% rise on a Year-On-Year basis, driven by investments in innovation, particularly in AI and digital transformation, Tata Consultancy Services for the third time in a row has emerged as the nation’s most valuable brand as per Kantar BrandZ Most Valuable Indian Brands Report 2024.
And while joining TCS in the top 5 Indian brands list are HDFC Bank, Airtel, Infosys and SBI, there were seven brands who debuted in India’s brand ranking this year, including jewellery retail brands CaratLane (No.45; $2.7bn) and Kalyan Jewellers (No.71; $1.6bn) and Real Estate brand, Lodha (No.63; $1.9bn).
That being said, while it is Godrej Properties (No.70; $1.66bn) who has re-entered the rankings, this year, it is Zomato (No.31; $3.5bn) which has emerged as the Fastest Riser with 100% growth in brand value year-on-year due to relentless innovation and expansion into quick commerce as well as its boosted efficiency and elevated customer experience in the past one year.
Here are Kantar BrandZ’s Top 10 Most Valuable Indian Brands for the year 2024:
| Rank 2023 | Rank 2024 | Brand | Category | Brand Value 2024 (US$ M) |
|---|---|---|---|---|
| 1 | 1 | Tata Consultancy Services | Business Technology and Services Platforms | 49,657 |
| N/A | 2 | HDFC Bank | Financial Services | 38,286 |
| 4 | 3 | Airtel | Telecom Providers | 29,856 |
| 3 | 4 | Infosys | Business Technology and Services Platforms | 25,221 |
| 5 | 5 | State Bank of India | Financial Services | 17,979 |
| 6 | 6 | ICICI Bank | Financial Services | 15,604 |
| 8 | 7 | Jio | Telecom Providers | 13,744 |
| 7 | 8 | Asian Paints | Paints | 13,555 |
| 10 | 9 | HCL Tech | Business Technology and Services Platforms | 11,815 |
| 11 | 10 | LIC | Financial Services | 11,499 |
According to Kantar, India’s top 75 most valuable brands now have a combined value of $450.5 billion, marking a 19% increase from last year.
And it is brands across diverse business sectors which have fuelled this growth, with 54 brands boosting their brand value over the past year.
“This impressive growth outpaces most other BrandZ rankings globally and closely mirrors the 20% increase seen in the Global Top 100,” it mentioned.
Furthermore, Kantar also emphasised that TCS has not just topped its BrandZ Most Valuable Indian Brand Report 2024 but has also topped a strong group of seven Business Technology and Services Platforms, collectively worth almost $100 billion, and equalling 22% of the total value of India’s Top 75 ranking.
Sharing more information on the category bit, Kantar mentioned that it is the Financial Services sector which also dominated this year’s list, with 17 brands contributing 28% of the ranking’s overall brand value.
“HDFC Bank (No.2; $38.3bn) retains its position as India’s second most valuable brand. State Bank of India (No.5; $18.0bn), ICICI Bank (No.6; $15.6bn) and LIC (No.10; $11.5bn) also feature in the Top 10,” it mentioned in its report.
Similarly, the automotive sector, as per the report, has also seen impressive results, led by Maruti Suzuki (No.17; +24%), Bajaj Auto (No.20; +94%), Mahindra (No.30; +78%), TVS (No.34; +71%) and Hero (No.35; +62%).
“Mahindra’s SUVs now make up 53% of India’s passenger car market (June 2024). The success of models like XUV700, Scorpio N, and Thar, which continue to see high demand and long waiting periods, has solidified Mahindra’s leadership in mid and premium SUVs,” the report stated.
And what’s fuelling the industry’s momentum as per Kantar is rising disposable income and a growing middle class are driving demand for vehicles, shifting car ownership from a status symbol to a necessity as well as improved infrastructure, government support for EVs and strong export growth expectations.
“India’s motorised two-wheel vehicle market is bouncing back, driven by a recovering economy and rising demand for personal transportation. Key factors include urbanisation, the need for affordable transport, and a growing young population. New models with advanced technology are also fuelling growth, meeting diverse consumer needs,” the report highlighted.
Furthermore, on a forward looking note, the report also pointed out that 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.
“However, despite strong investor confidence, large brands face a looming challenge: a long-term decline in demand power. While they may remain stock market favourites for now, they risk losing relevance in the minds of consumers if they don’t adapt to shifting expectations,” it stated.
Other key highlights from the Kantar BrandZ Most Valuable Indian Brands Report include:
- Opportunity to expand beyond national borders: Many Indian brands remain heavily reliant on the domestic market, benefiting from a stable local economy. However, the global market of 6.7 billion people remains largely untapped, with overseas contribution accounting for only 26% of the Top 75 Indian brands. Indian brands must expand beyond their borders to unlock their full potential on the global stage.
- A Blueprint for Brand Growth: Kantar’s new Blueprint for Brand Growth is designed to help businesses build profitable, strong and sustainable brands in recognition that being Meaningfully Different to more people is a key driver for growth. While maintaining Meaningful Difference is a global challenge, it is more pronounced in India. With over 20% of Indian brands lagging in this area, the need to adapt and differentiate is more critical than ever to remain competitive and see long-term growth.
Commenting on the launch of the report, Deepender Rana, Executive Managing Director- Insights (South Asia), Kantar, said, “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. The top performers in this brand ranking have excelled by embracing disruption and innovation, leading to significantly higher growth.”
To this, Soumya Mohanty, Managing Director and Chief Client Officer- Insights (South Asia), Kantar, added, “It’s not enough to make consumers want to buy, brands must build their saliency and relevancy across all touchpoints, from advertising to in-store experiences. Successful brands create a consistent presence that resonates with consumers, driving both awareness and loyalty. Those that thrive have combined strategic reach with compelling, creative messaging to capture consumer attention and drive significant brand growth.”
To read the full report, click here.
