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Tata Group has retained its position as India’s most valuable brand with a value of $28.6 billion, reflecting a 9 per cent increase from last year. Following Tata, Infosys holds the second position, while HDFC Group has made a significant leap to third place, in Brand Value’s 'India 100 2024 ranking.
The India 100 report is curated by Brand Value, assessing more than 250 Indian brands across industries.
Brand Finance’s report highlighted that Tata Group marks the first time an Indian brand is nearing the $30 billion mark. Meanwhile, HDFC was propelled to the third position driven by its monumental merger with HDFC Ltd. This merger has bolstered HDFC Group's brand value, reflecting a strong presence in the financial sector.
Tata Group most valued company in India
The performance of Tata Group is attributed to its strategic initiatives and expansive growth.
Commenting on the ranking, Savio D’Souza, director, Brand Finance, said, “Over the last triennium (three years), the Tata Group has orchestrated a rigorous organisational refinement, wholeheartedly embracing digital transformation and cutting-edge technology across its manifold enterprises.”
Key factors propelling Tata’s brand prominence include sponsorships in the Indian Premier League cricket tournament, rebranding efforts in the aeronautical sector, and the thriving retail domains of Westside and Tata Consumer Products.
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Taj - India’s strongest brand
Taj, valued at $545 million, maintains its position as India’s strongest brand with an impressive Brand Strength Index (BSI) score of 92.9 out of 100 and a prestigious AAA+ rating for brand strength.
This marks the third consecutive year that Taj has held the top spot in brand strength. Furthermore, Taj Hotels has demonstrated significant financial growth through both organic expansion and strategic acquisitions, the report noted.
Telecoms sector archives 61 per cent growth
The telecom sector has seen a staggering 61 per cent growth in brand value, outpacing other industries. Companies like Jio, Airtel, and Vi have adapted swiftly to changing consumer behaviours, driving this growth.
Banking sector sees 26 per cent growth
The banking sector also reported a 26 per cent increase in brand value, with State Bank of India (SBI) retaining its position as the second most valuable bank in India, boasting a brand value of $6.9 billion.
ICICI Bank followed closely with a 33 per cent growth, reaching $4.5 billion. Other notable performers include Indian Bank, IndusInd Bank, and Union Bank of India, all experiencing significant increases in brand value.
Fastest growing brands in India
Westside leads as the fastest growing Indian brand, with a 122 per cent increase in brand value. This is followed by Motherson at 86 per cent and Sonata Software at 83 per cent.
In the IT services sector, Hexaware emerged as the fastest-growing brand within the top 10, achieving a 20 per cent increase in brand value despite a challenging market environment.
Sector-specific performances
The mining, iron, and steel sectors recorded an average growth of 16 per cent, driven by increased infrastructure and manufacturing investments in India. The metals sector, including Tata Steel, JSW Group, Hindalco, and Vedanta, showcased robust expansion.
Raymond, Zetwerk, Indigo Airlines among the notable brands
Raymond, a leading Indian apparel brand, saw a steady 12 per cent increase in brand value, breaking into top 10 strongest brands in India.
Zetwerk made its debut, ranking second among the most valuable engineering brands with a brand value of $543 million.
Meanwhile, Indigo Airlines became the first Indian airline brand to surpass the $1 billion mark, achieving a 26 per cent increase in brand value. Air India and Vistara also demonstrated positive growth.
Emerging brands in India
New entrants like HMEL and CIEL HR have also made significant impacts. HMEL, a joint venture between HPCL and Mittal Energy Ltd, emerged as a leading oil & gas brand in Northern India, while CIEL HR quickly became a formidable force in the HR services industry.
Ajimon Francis, managing director of Brand Finance India, highlighted India’s growing influence on the global stage, positioning itself as a leader of the ‘Global South’ with a narrative of development, self-reliance, and autonomy.
Francis said, “In the past year, India has become one of the most viable destinations for manufacturing, engineering services, knowledge hub for R&D and continues to be the flagbearer of IT services globally. As a result, formidable brands such as Tata, Infosys, SBI, Airtel, Reliance, Taj Hotels, L&T, MRF and all continue to punch well above their weight on the global stage.”