The Brand Finance India 100, released today, is an annual study conducted by leading brand valuation and strategy consultancy Brand Finance. India’s biggest brands are put to the test and evaluated to determine which are the most powerful and most valuable. Brand Finance has extended the study from 50 to now encapsulate the top 100 Indian brands, at least double the number covered in other lists of India’s top brands, reflecting Brand Finance’s view that branding has become crucial to an ever increasing number of Indian firms.
Brand value has increased among the top 50 by 10% compared to 2013 with brands such Tata, Godrej, HCL, and L&T leading the way.
Tata has seen its brand value increase by 16% ($3bn) in the year driven by its international diversification strategy and its jewel in the portfolio, Tata Consultancy Services. Despite the fact that some divisions within the group have been underperforming, the brand should benefit from the recently outlined plans to invest $35bn over the next three years and should go some way towards meeting the goal of the Tata chairman, Cyrus Mistry to be amongst the 25 most admired brands globally.
Banking brands on the whole fared the worst collectively with the majority of brands losing brand value or remaining stagnant, due to generally poor governance and weak credit controls especially at the government owned institutions. The State Bank of India has seen its value drop by the largest amount ($1.9bn) as poorer revenue forecasts and bad loans have dampened earnings, although with the RBI now taking a more active approach, state run banks are cleaning up their loan books in anticipation of the next wave of economic growth.
HCL technologies has seen an increase in brand value of 51% ($649m) as its successful strategy has seen the brand win 50 transformational engagements with contract values of $5bn in the past year distributed across all service lines and geographies.
The Brand Value to Enterprise Value ratio (BV/EV) shows the proportion of a company’s value accounted for by the brand. It therefore acts as a rough guide of how well developed a company’s brand is. The average Brand Value to Enterprise Value for India’s top 100 brands is 12%. However some of the largest Public Sector Undertakings (PSUs) have an average ratio of 3%. This shows a pressing need to develop the brands of these PSUs. Given the size of PSUs and their position within India’s economic landscape, this issue has implications for the reputation of Indian business and ‘Brand India’ as a whole. The Modi government has signaled its intent to improve the efficiency and reputation of the public sector but marketing investment and monitoring must also follow for PSUs, like all Indian brands, to reach their maximum potential.
Commenting on the results, Brand Finance’s Savio D’Souza stated, “Indian brands have benefitted from the rapid economic growth seen over the past ten years. Indian brands must take advantage of the improving business sentiment and invest in brand related activities like customer engagement, sponsorships, employee satisfaction and brand tracking to drive the next phase of growth in order for more Indian companies to join the global club of internationally recognized brands. ”
Marketing Director of Brand Finance India, Ajimon Francis, stated, “With the change in Business Sentiments, the Indian economy at large and major branded businesses in India will look to renew customer engagement for building on long term equity. The last few years have also demonstrated the importance of carrying all business stakeholders together with a shared vision and how this has contributed enormously to sustained value creation. Indian brands are gradually moving towards a complex matrix of managing legacies and using technology to remain competitive.”
| Rank 2014 | Rank 2013 | Brand | Brand Value 2014 (USDm) | Brand Rating 2014 | Brand Value / Enterprise Value (%) | Brand Value Change (%) | Brand Value 2013 (USDm) | Brand Rating 2013 |
| 1 | 1 | Tata | 21,102 | AA+ | 20% | 16% | 18,169 | AAA- |
| 2 | NA | LIC | 4,104 | AA+ | NA | NA | NA | NA |
| 3 | 2 | State Bank of India | 4,063 | AA+ | 21% | -32% | 5,995 | AA+ |
| 4 | 4 | Airtel | 3,819 | AA+ | 12% | 2% | 3,746 | AA |
| 5 | 3 | Reliance | 3,547 | AA | 7% | -6% | 3,767 | AA+ |
| 6 | 5 | ONGC | 3,294 | AA- | 9% | -4% | 3,424 | AA- |
| 7 | 6 | Indian Oil | 3,151 | AA | 14% | -8% | 3,414 | A+ |
| 8 | 9 | Larsen & Toubro | 2,371 | AA | 11% | 11% | 2,132 | AA+ |
| 9 | 8 | Infosys | 2,291 | AA- | 10% | 4% | 2,206 | AA- |
| 10 | 7 | Mahindra | 2,272 | AA- | 13% | -10% | 2,538 | AA- |
| 11 | 10 | Wipro | 1,934 | AA | 11% | 2% | 1,904 | AA |
| 12 | 14 | HCL | 1,925 | AA | 20% | 51% | 1,277 | AA- |
| 13 | 11 | ICICI Bank | 1,698 | AA+ | 8% | -7% | 1,820 | AA |
| 14 | 16 | Godrej | 1,505 | AA+ | 22% | 26% | 1,198 | AA- |
| 15 | 13 | Maruti Suzuki | 1,359 | AA | 25% | 3% | 1,324 | AA- |
| 16 | 12 | Reliance (ADAG) | 1,357 | AA- | 6% | 2% | 1,335 | AA- |
| 17 | 15 | HDFC Bank | 1,223 | AA | 5% | 0% | 1,228 | AA |
| 18 | 18 | Idea Cellular | 1,148 | AA | 11% | 1% | 1,137 | AA |
| 19 | 17 | Bharat Petroleum | 1,120 | A+ | 14% | -5% | 1,177 | A+ |
| 20 | NA | Amul | 1,119 | AAA- | NA | NA | NA | NA |
| 21 | 20 | Hindustan Petroleum | 1,098 | A+ | 13% | 16% | 944 | A+ |
| 22 | 19 | Adani Enterprises | 1,035 | A+ | 7% | 1% | 1,029 | A |
| 23 | NA | Gold Flake | 963 | AA- | 8% | NA | NA | NA |
| 24 | 23 | Axis Bank | 766 | AA | 8% | 3% | 742 | AA |
| 25 | 21 | Hero | 694 | A+ | 12% | -14% | 806 | A+ |
| 26 | 22 | Videocon | 672 | AA | 9% | -11% | 754 | AA- |
| 27 | 29 | HDFC | 627 | AA- | 3% | 12% | 562 | A+ |
| 28 | 26 | Aditya Birla | 625 | AA- | 18% | 6% | 589 | AA- |
| 29 | 28 | Bank Of Baroda | 606 | AA- | 14% | 6% | 574 | A+ |
| 30 | 33 | Bajaj Auto | 597 | AA- | 8% | 14% | 524 | AA |
| 31 | 30 | McDowell’s No.1 | 578 | AA | 20% | 6% | 545 | AA |
| 32 | 27 | Ultratech Cement | 576 | A+ | 7% | -2% | 588 | A+ |
| 33 | 34 | Britannia | 571 | AA | 32% | 19% | 480 | AA+ |
| 34 | 40 | Jet Airways | 533 | AA | 21% | 25% | 426 | AA |
| 35 | 32 | Kingfisher | 529 | AA+ | 17% | 1% | 525 | AA- |
| 36 | 25 | Punjab National Bank | 511 | A+ | 15% | -22% | 652 | A+ |
| 37 | NA | Wills | 508 | AA- | 8% | NA | NA | NA |
| 38 | 37 | kotak | 481 | AA+ | 5% | 8% | 445 | AA |
| 39 | NA | Parle | 475 | AA | NA | NA | NA | NA |
| 40 | 41 | Suzlon Energy | 465 | A+ | 19% | 11% | 419 | A+ |
| 41 | 39 | Cairn India | 463 | A+ | 7% | 9% | 426 | AA- |
| 42 | 31 | Asian Paints | 463 | AA- | 7% | -13% | 530 | A+ |
| 43 | 36 | Jaypee Group | 462 | A+ | 4% | 3% | 449 | A+ |
| 44 | NA | Mother Dairy | 434 | AA- | NA | NA | NA | NA |
| 45 | 38 | Gitanjali Group | 421 | AA- | 33% | -4% | 437 | AA- |
| 46 | 42 | ITC | 421 | AAA- | 5% | 1% | 418 | AA+ |
| 47 | NA | Nandini | 417 | AA- | NA | NA | NA | NA |
| 48 | 35 | Crompton Greaves | 411 | A | 40% | -11% | 461 | A+ |
| 49 | 44 | Bank of India | 397 | AA | 19% | 3% | 384 | A+ |
| 50 | NA | Bharti Infratel | 394 | A+ | 7% | NA | NA | NA |
| 51 | 47 | Zee | 389 | AA+ | 11% | 28% | 305 | AA- |
| 52 | 24 | Dabur | 373 | AA | 10% | -47% | 706 | AA |
| 53 | 43 | Jsw Steel | 362 | A+ | 6% | -9% | 396 | AA- |
| 54 | 45 | Taj | 359 | AA+ | 27% | 1% | 354 | AA+ |
| 55 | NA | Tanishq | 340 | AA+ | 21% | NA | NA | NA |
| 56 | 46 | Canara Bank | 339 | AA+ | 18% | 3% | 330 | AA- |
| 57 | NA | Union Bank of India | 321 | A+ | 27% | 49% | 215 | A |
| 58 | NA | Apollo Tyres | 318 | A | 34% | NA | NA | NA |
| 59 | NA | GMR | 310 | A+ | 4% | 5% | 296 | A+ |
| 60 | NA | BSNL | 307 | A- | NA | NA | NA | NA |
| 61 | NA | MRF | 293 | AA- | 26% | NA | NA | NA |
| 62 | NA | NTPC | 282 | AA- | 1% | 11% | 254 | A+ |
| 63 | NA | Hindalco | 280 | A+ | 2% | 11% | 253 | A+ |
| 64 | NA | IDBI Bank | 270 | AA | 20% | 24% | 218 | A+ |
| 65 | NA | DLF | 267 | A+ | 6% | NA | NA | NA |
| 66 | NA | Ashok Leyland | 258 | A | 19% | NA | NA | NA |
| 67 | NA | GAIL | 246 | A+ | 4% | 38% | 179 | A+ |
| 68 | NA | Power Grid Corporation of India | 243 | A+ | 1% | 11% | 219 | A+ |
| 69 | NA | Max Life Insurance | 240 | A+ | 27% | NA | NA | NA |
| 70 | NA | Sunfeast | 238 | AA | 8% | NA | NA | NA |
| 71 | NA | ACC | 221 | A+ | 7% | -11% | 247 | A |
| 72 | 48 | Grasim | 219 | A+ | 16% | -10% | 244 | AA- |
| 73 | NA | Central Bank of India | 212 | AA | 19% | 19% | 178 | A |
| 74 | NA | Allahabad Bank | 207 | A+ | 28% | 19% | 173 | A |
| 75 | NA | Ambuja Cement | 203 | A+ | 6% | -9% | 224 | A |
| 76 | NA | Indian Overseas Bank | 202 | AA- | 28% | 11% | 181 | A |
| 77 | NA | Mphasis | 201 | A+ | 21% | 2% | 197 | A- |
| 78 | NA | REC India | 193 | AA- | 6% | NA | NA | NA |
| 79 | NA | Coal India | 189 | A+ | 1% | NA | NA | NA |
| 80 | NA | SAIL | 176 | AA- | 4% | -12% | 201 | AA |
| 81 | NA | Syndicate Bank | 174 | A+ | 20% | 1% | 173 | A |
| 82 | 49 | Titan | 173 | AA | 40% | -9% | 190 | AA |
| 83 | NA | JK Tyre | 173 | A | 31% | NA | NA | NA |
| 84 | NA | Power Finance Corporation | 162 | A+ | 5% | NA | NA | NA |
| 85 | NA | Oriental Bank of Commerce | 160 | A+ | 15% | 7% | 149 | A |
| 86 | NA | Shopper’s Stop | 159 | AA | 25% | NA | NA | NA |
| 87 | NA | Sonata | 157 | AA- | 27% | NA | NA | NA |
| 88 | NA | Bharat Forge | 153 | A+ | 13% | -8% | 166 | A |
| 89 | NA | Apollo Hospitals | 151 | A | 7% | 5% | 144 | A |
| 90 | NA | DishTV | 147 | A | 18% | NA | NA | NA |
| 91 | NA | Shriram | 146 | A+ | 6% | 0% | 146 | A+ |
| 92 | NA | Indian Bank | 145 | A | 20% | -11% | 163 | A |
| 93 | NA | BHEL | 142 | A+ | 27% | 2% | 139 | A |
| 94 | 50 | Bagpiper | 136 | A+ | 17% | -2% | 138 | AA- |
| 95 | NA | UCO Bank | 133 | A+ | 15% | 7% | 125 | A |
| 96 | NA | Andhra Bank | 132 | A | 24% | -5% | 138 | A |
| 97 | NA | Motherson Sumi | 130 | A | 4% | NA | NA | NA |
| 98 | NA | Spicejet | 129 | A | 27% | NA | NA | NA |
| 99 | NA | Yes Bank | 129 | A+ | 6% | 24% | 103 | A+ |
| 100 | NA | Havells | 128 | AA- | 24% | NA | NA | NA |
Brand Finance is the world’s leading brand valuation consultancy, with offices in over 15 countries. We provide clarity to marketers, brand owners and investors by quantifying the financial value of brands. Drawing on expertise in strategy, branding, market research, visual identity, finance, tax and intellectual property, Brand Finance helps clients make the right decisions to maximise brand and business value.
Brand Finance’s Methodology (ISO 10668 compliant)
Brands are probably the most valuable assets that companies own, driving demand and building relationships with customers and partners. Brand Finance calculates brand value by determining the royalties a corporation would have to pay to license its brand if it did not own it, known as the ‘royalty relief’ method. Brand Finance was one of the first companies in the world to be accredited to provide ISO 10668 compliant brand valuations. The ISO 10668 global standard provides a consistent, reliable approach to brand valuation that emphasises transparency and objectivity. Valuers must take all relevant financial, behavioural and legal information into consideration. Brand Finance would like to thank its partners, The Banker, Havas, BAV Consulting, Alexa, Bloomberg, Meltwater, VI360, CSR Hub and Novagraaf for the information they have provided to make our valuations of the world’s top brands ISO 10668 compliant.
As well as a brand value, every brand in the table is accorded a brand rating; a benchmark of the strength, risk and potential of a brand relative to its competitors, expressed as a letter code from AAA+ to D, similar to a credit rating. A detailed methodology of how the brand values are calculated can be found here.
Brand values and ratings for the Brand Finance India 100 2014 are calculated as at 1/1/14.