Shah Rukh Khan has overtaken cricketer Virat Kohli to become India’s most valuable celebrity brand, as a sharp expansion in his endorsement portfolio outweighed the absence of a new film release during 2025.

Kroll valued Khan’s celebrity brand at $177.9 million in its Celebrity Brand Valuation 2025 report, an increase of 22% from $145.7 million a year earlier. Ranveer Singh retained second place at $162.9 million, while Kohli fell from first to third with a valuation of $158.4 million.

The rankings estimate the commercial value attached to a celebrity’s name and public profile. They are not measures of personal wealth or annual income. Kroll bases its calculations on factors including endorsement portfolios, endorsement fees and relative social media presence.

Khan’s rise was driven mainly by advertising rather than cinema.

His number of normalized brand associations increased to 36 in 2025 from 28 the previous year, while his estimated fee remained at about ₹10 crore, or roughly $1.1 million, for each endorsement. Kroll said the expansion lifted him two places from third in its 2024 ranking.

Khan’s three films in 2023, Pathaan, Jawan and Dunki, had restored his box-office standing after a period in which his commercial influence appeared to be weakening. Their effect has continued beyond the theatrical cycle, allowing advertisers to present him as both a current star and a familiar figure capable of reaching consumers across generations.

Umakanta Panigrahi, managing director of valuation advisory services at Kroll, said advertising visibility, multigenerational recognition and a strong pipeline of future projects had reinforced Khan’s appeal to marketers.

The result shows how celebrity brand value can continue to rise even when the celebrity has no new film in the year being measured.

Advertisers are increasingly evaluating social engagement, cultural relevance and the ability to support campaigns across television, digital platforms and direct-to-consumer businesses rather than relying solely on theatrical performance.

Kohli loses top position

Kohli’s estimated brand value fell by nearly $73 million from $231.1 million in 2024, when he led Kroll’s ranking for a third consecutive year.

Kroll attributed the decline to reduced media visibility, fewer endorsement arrangements and lower social media activity rather than a broader loss of public trust. Kohli retired from Twenty20 international cricket in 2024 and Test cricket in 2025, reducing the number of international appearances around which brands could build campaigns.

The decline illustrates the importance that valuation models place on the frequency and commercial use of a celebrity’s public presence. A well-regarded athlete may retain enormous recognition while producing fewer advertising opportunities if appearances, endorsements or social activity decline.

Ranveer Singh remained in second place but also recorded a lower valuation for the second successive year. His estimated value fell to $162.9 million from $170.7 million in 2024 and $203.1 million in 2023.

His active brand relationships declined to 38 from 45, although his estimated endorsement fee increased to about ₹8 crore from ₹7.5 crore. Kroll said the higher fee, supported by the commercial performance of Dhurandhar, helped him retain second place but could not fully offset the smaller roster of advertisers.

Sachin Tendulkar rose to fourth place with a brand value of $125.9 million, followed by Mahendra Singh Dhoni at $115.3 million. Alia Bhatt ranked sixth at $93.9 million, Deepika Padukone seventh at $89.2 million and Hrithik Roshan eighth at $88.9 million.

Amitabh Bachchan placed ninth at $80.8 million. Akshay Kumar and Ranbir Kapoor shared 10th place with valuations of $80 million each.

Overall market contracts

The combined brand value of India’s 25 highest-ranked celebrities fell 3.7% to about $2 billion in 2025. The decline reversed the 8.6% increase reported by Kroll for 2024.

Kroll linked the contraction partly to the steep decline in Kohli’s valuation, fewer endorsement deals for Kohli and actor Anushka Sharma and the entry of several celebrities at lower valuation levels. A weaker rupee also reduced dollar-denominated valuations because most Indian endorsement contracts are agreed in rupees.

New entrants included Samantha Ruth Prabhu, valued at $43.1 million, Janhvi Kapoor at $34.2 million and Shraddha Kapoor at $31 million. Their inclusion broadened the ranking but lowered the average valuation because they entered below many of the celebrities they displaced.

Women accounted for 12 of the top 25 positions, up from nine in 2024, although no woman entered the top five. Kroll said women celebrities had recorded increases of about 30% in both aggregate brand value and endorsement volume, with younger and regional-language actors increasingly securing national campaigns.

Rashmika Mandanna climbed to 12th place as her endorsement partnerships increased to 42 from 32. Ananya Panday rose to 19th, while Samantha Ruth Prabhu, Janhvi Kapoor and Shraddha Kapoor entered or returned to the top 25.

Advertising moves online

Digital campaigns now represent between 60% and 75% of endorsement portfolios for several major celebrities, compared with roughly 40% to 60% in earlier years, according to Kroll.

The change allows brands to run shorter, more targeted campaigns and measure consumer engagement more directly. It also gives celebrities with strong social followings an opportunity to build value without depending entirely on films, television appearances or sporting events.

Kroll said entrepreneurial ventures and artificial intelligence-led opportunities were also beginning to influence valuations. Celebrities are increasingly launching consumer brands, licensing their identities and exploring digital versions of themselves that can appear in campaigns without a conventional filming schedule.

The Kroll ranking differs from the Fortune India-Interbrand list published in June, which placed Kohli first with a valuation of ₹3,542 crore and Khan second at ₹3,017 crore. The results are not directly comparable because the studies use different currencies, valuation frameworks and measures of consumer influence.

India’s most valuable celebrity brands in 2025. AI-generated graphic based on data from Kroll’s Celebrity Brand Valuation 2025 report.