Mahendra Singh Dhoni, or popularly known as Thala (‘leader’ in Tamil), has emerged as the most prominent figure in India’s celebrity endorsement space, according to the TAM AdEx Half-Yearly Celebrity Endorsement Report 2025. Between January and June 2025, he appeared in advertisements for 42 brands, placing him ahead of Shah Rukh Khan at 35 and Amitabh Bachchan at 28. The report also noted a 12% decline in overall celebrity-endorsed ads compared to the same period last year, indicating that while the endorsement market slowed, Dhoni maintained a high level of activity.
The TAM AdEx report, which monitors celebrity appearances across television, print, and digital platforms, shows Dhoni’s endorsements span a variety of sectors. Brands he partnered with during this period include Cars24, Oreo, Gulf Oil, Snickers, ACKO, MasterCard and so on, covering categories from FMCG and financial services to apparel and fantasy sports. These figures illustrate the diversity of sectors leveraging celebrity endorsements and shed light on evolving strategies brands use to position themselves in a changing advertising market.
One of the biggest reasons Dhoni continues to dominate the endorsement space could be his authenticity and relatability. Unlike many celebrities whose lives are constantly visible across social media, Dhoni maintains a low-profile digital presence, making every public appearance and brand collaboration feel significant. Bhairav Shanth, MD, ITW Consulting, explains, “Dhoni is a paradox, in the sense that he is one of the most popular personalities around, but his social media and digital presence is inversely proportional to his gargantuan levels of popularity. This paradox feeds the heart of his effectiveness because in a world where other cricketers and stars are exposed to saturation on all platforms, Dhoni is someone who remains extremely private, which makes his rare public appearances for brand shoots and engagement that much more authentic. He is also someone who is innovative and takes up a brand if it vibes with his personality, so you will not find him endorsing something like a spice or a crypto brand. This innovation and the scarcity keeps his persona and brand fresh, and that is what the best marketers and brands are able to use well.”
Examples such as his campaigns with Snickers and Citroën highlight this balance. Snickers used relatable humour aligned with his persona, while Citroën leveraged his leadership aura to make the ad buzzworthy. As Shanth notes, “The Citroën ad, stitched together by ITW Influence was buzzworthy because when MSD talks about joining his team, there is a natural tendency and connection among fans to hark back to a time when he was at the helm.” The balance between his popularity and visibility allows brands to leverage his fame, and also the trust and credibility he holds among audiences across the country.
But is it just his popularity that makes him so effective, or is there more to it? Sarthak Shah, CEO, Sportscell, observes, “Despite being a huge star, MS retains the charm of your affable friend. Across brands, his leadership skills and game reading acumen have been deeply utilised. His classic persona of ‘Being a friend/elder you turn to for advice’ has been utilised by brands to the point where campaigns are built around his persona rather than him being a character in a campaign story. You’ll notice that most of the brands use this persona as a central communication thread for their campaigns rather than him being a character in a campaign story. It’s his relatability that drives great effectiveness for the brands by keeping him front and centre to their campaigns.”
Before his international retirement in August 2020, Dhoni already had a hefty endorsement portfolio, he was associated with over 40 brands, including Pepsi, Reebok and Boost. But what’s striking is what’s happened since. By 2025, his brand value is estimated between ₹799–₹803 crore, more than double his pre-retirement valuation of about ₹300 crore in 2019 (exchange4media.com). Today, he marks roughly a 60% increase in brand deals despite stepping away from international cricket (exchange4media.com).
Another factor that adds to Dhoni’s appeal is the high value he provides relative to the rate he charges for endorsements. According to Shanth, in most brand valuation benchmarks, his value is pegged at around $100 million, and he offers two full days for shoots or appearances, which is more generous than most other major celebrities. Basically that, on a per rupee basis, MS remains a good value in terms of brand as compared to some of the other major celebs. This combination of reach, credibility, and availability ensures that brands get substantial returns on their investment, making him not just a popular choice, but also a smart one.
Long-term associations further reinforce his standing as the go-to endorser. Anika Agarwal, Chief Marketing and Customer Experience Officer at Orient Electric, says, “Orient Electric has a 17-year-long association with MSD. We were one of the earliest brands to onboard him as a brand ambassador, and we continue to see a strong brand fit. His universal appeal and the unique mix of humility, consistency, and a clean reputation aligns with the brand values of Orient Electric. We used this long-standing association in an interesting manner in our latest campaign with Kusha Kapila, where he challenges the singular association of Orient with fans to introduce our premium lighting solutions in an engaging podcast format.”
Recently, adding to his diverse portfolio, Dhoni teamed up with R. Madhavan for ACKO’s new brand campaign, conceptualised by Leo and directed by Vasan Bala. By collaborating with another popular and trusted celebrity like Madhavan, the campaign leverages the combined appeal of both stars while keeping Dhoni’s persona, humble, relatable, and authoritative, at the forefront. This recent endorsement underscores Dhoni’s versatility as a brand ambassador, capable of engaging audiences across multiple sectors while enhancing the credibility and recall of the brands he represents.
Finally, Dhoni’s campaigns often stand out because of the innovative ways his persona is integrated. Shanth cites the EMotorad bike ads as an example, saying, “It was a meta reference to something about him, and because we are not in a clutter of Dhoni moments, it is one of those rare things where the mass audience can all relate to or feel part of the joke. Dhoni is universally loved on and off the field, but it is his ability to keep that connection fresh and authentic that makes him effective as an ambassador. The Citroën ad was buzzworthy because when MSD talks about joining his team, there is a natural tendency and connection among fans to hark back to a time when he was at the helm.” By allowing brands to creatively integrate his qualities of leadership, humility, and relatability, into their campaigns, Dhoni ensures that each endorsement feels both memorable and meaningful.
While Dhoni’s numbers are strong, he’s not the only cricketing big name in the endorsement space, Virat Kohli and Sourav Ganguly are close rivals in different ways. According to the Brand Endorser Report 2024 by Hansa Research, Kohli ranked first among Indian celebrities for endorsement potential, with Dhoni in second place and Sachin Tendulkar third. And when it comes to sheer brand-deals volume, Dhoni outpaces both. In the first half of 2024, he signed with 42 brands, while Kohli had about 21 and Ganguly around 24. Ganguly, though retired for much longer, still commands over 40 active brand partnerships powering his legacy, especially in regional and nostalgic markets.
As the endorsement market continues to evolve, Dhoni’s case offers an interesting blueprint: a blend of visibility, careful brand alignment, and post-retirement reinvention that few other celebrities have managed to achieve. It is a reference point for how retired sports icons can continue to influence brand narratives, while the competition from contemporaries like Kohli and Ganguly demonstrates that the market remains dynamic and performance-driven. The question, perhaps, is not whether he will remain the top endorser, but how long brands can continue to ride on this rare mix of trust, relatability, and commercial value in a crowded celebrity landscape.
