Tata is the most valuable brand in India at an estimated $13.7 billion, according to Brand Finance, a global brand valuation and strategy consultancy that released its 2016 report on Tuesday.

Tata once again topped the list of India’s 100 most valuable brands, although its value dropped 11% from 2015 primarily because of a decline in revenue over the past three quarters and volatility in the UK market, where Tata Steel has been mired in difficulty.

Motorcycle brand Royal Enfield, ranked 49 in 2016, is the fastest growing brand with its brand value rising 91% from 2015, said the report. Of the top 25 brands in the list, top gainers in terms of value include Amul (54%), Idea Cellular (46%), Mahindra (37%), HDFC Bank (34%) and Bharti Airtel (28%).

According to the report, the total brand value of India’s 100 most valuable brands is estimated at $120 billion.

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