Wavemaker ended the first half of 2026 as India’s top media agency by net new-business value, according to COMvergence’s latest New Business Barometer. The independent research and data consultancy assessed 62 account moves and retentions between January and June, representing an estimated $838 million in media spend.
The H1 2026 agency leaderboard
Wavemaker led the field with a net new-business value of +$147 million. Zenith secured second place at +$126 million, and Starcom rounded out the top three at +$71 million. Initiative (+$29 million) and Motivator (+$21 million) also recorded positive net gains.
- Wavemaker: +$147 million
- Zenith: +$126 million
- Starcom: +$71 million
- Initiative: +$29 million
- Motivator: +$21 million
At the holding-group level, Publicis Media topped the table with +$218 million. WPP Media followed at +$198 million, while Omnicom Media Group posted +$18 million. That creates a noticeable gap between the top two groups and the rest of the field.
Local activity sets the pace
The report found that local pitches continue to dominate India’s media agency market. Of the 62 account moves and retentions, 46 were local pitches, accounting for $719 million in new-business value. Global and multi-market reviews made up 16 pitches and $119 million.
That translates to roughly 86% of assessed media spend coming from local activity, compared with about 14% from global or multi-market pitches. Brands such as Reckitt, L’Oréal, Wipro, AMFI, Netflix, JSW Motors, Flipkart, Jaguar Land Rover, Abbott Nutrition, Hewlett Packard, Red Bull and Skechers were among the prominent movers during the period.
What it means for agency teams
For media agency teams, the local skew changes the playbook. Winning new business is less about waiting for a global alignment and more about demonstrating deep India-specific capabilities: local-language media planning, regional broadcaster relationships, retail media access and a strong view on performance marketing. Agencies that pitch global case studies without adapting them to local market realities are likely to struggle as more domestic-led reviews hit the market.
A simple framework to read these numbers is net growth: new wins plus retentions, minus losses. Wavemaker’s lead is as much about defending existing accounts as it is about acquiring new ones. Marketers should therefore ask agencies not just for their recent wins but also for retention data, sector experience and the strength of their commerce and data stack.
What to watch next
The first half shows WPP and Publicis opening an early lead, but India’s pitch calendar can shift quickly. With local activity driving the bulk of spend, the next six months will test whether Omnicom and independent agencies can convert a higher share of homegrown reviews. For marketers, the key takeaway is to evaluate agency partners on local-market depth, not just global scale.
Source: MediaNews4U
