PMAR 2026: Top 10 advertisers change guard in 2025; HUL retains top spot

India’s advertising market crossed Rs 1.15 lakh crore in 2025, but the composition of its most powerful spenders shifted noticeably during the year. The latest Pitch Madison Advertising Report (PMAR) shows churn within the top 10 advertiser cohort, with new entrants, exits and tighter AdEx bands reshaping the upper end of the market.

According to PMAR 2026, which tracks Jan–Dec 2025 spends, Hindustan Unilever retained its position as India’s largest advertiser with an AdEx range of Rs 4,000–4,500 crore. Cadbury India Limited moved into the second position at Rs 1,300–1,400 crore, followed by Procter & Gamble in the same Rs 1,300–1,400 crore band. Coca Cola India Ltd, Reckitt Benckiser (India) Ltd, Swiggy and Nestle India Limited were each reported in the Rs 1,100–1,200 crore range. Google also featured in the Rs 1,100–1,200 crore bracket, while Samsung India Electronics Ltd and Eternal Ltd (Zomato) were placed in the Rs 1,000–1,100 crore range.

The rankings mark a shift from the previous year. As per PMAR 2025, which covered Jan–Dec 2024, Hindustan Lever had topped the list with an AdEx range of Rs 4,400–4,600 crore. Reckitt Benckiser followed at Rs 1,900–2,100 crore, and Reliance Industries stood third at Rs 1,700–1,900 crore. Maruti Suzuki India reported Rs 1,500–1,700 crore, while Dream11 and Procter & Gamble were in the Rs 1,200–1,400 crore range. Amazon Online India posted Rs 1,100–1,300 crore, Mondelez Rs 1,000–1,200 crore, Godrej Consumer Products Rs 900–1,100 crore and Google Rs 700–900 crore.

Jan–Dec 2024 

1. Hindustan Lever – Rs 4,400–4,600 crore
2. Reckitt Benckiser – Rs 1,900–2,100 crore
3. Reliance Industries – Rs 1,700–1,900 crore
4. Maruti Suzuki India – Rs 1,500–1,700 crore
5. Dream11 – Rs 1,200–1,400 crore
6. Procter & Gamble – Rs 1,200–1,400 crore
7. Amazon Online India – Rs 1,100–1,300 crore
8. Mondelez – Rs 1,000–1,200 crore
9. Godrej Consumer Products – Rs 900–1,100 crore
10. Google – Rs 700–900 crore

Compared to 2024, Reliance Industries, Maruti Suzuki India, Dream11, Amazon Online India, Mondelez and Godrej Consumer Products did not feature in the 2025 top 10 list. Meanwhile, Cadbury India Limited, Coca Cola India Ltd, Swiggy, Nestle India Limited, Samsung India Electronics Ltd and Eternal Ltd (Zomato) entered the top 10 cohort in 2025.

PMAR 2026 estimated total AdEx at Rs 1,15,291 crore in 2025 under the legacy definition, registering 7% growth year-on-year. The report noted that the top 10 advertisers together accounted for 14% of total AdEx, translating to approximately Rs 16,000 crore in spends. In 2024, total AdEx stood at Rs 1,07,980 crore, reflecting 9% growth, according to PMAR 2025.

The year-on-year comparison reflects continuity at the top while indicating changes in advertiser composition and AdEx ranges across the remaining ranks.

To download the full Pitch Madison Advertising Report (PMAR) 2026, click on this link: https://e4mevents.com/pitch-madison-advertising-report-2026/download-report