BRSR (Business Responsibility and Sustainability Report)

The BRSR has applied since FY 2022-23 under Regulation 34(2)(f) of SEBI's listing rules. It replaced the older Business Responsibility Report and follows the National Guidelines on Responsible Business Conduct (NGRBC), with their nine principles.

The three sections

• Section A, general disclosures: the company's details, products, operations, employees, holding and subsidiary companies, CSR and complaints.
• Section B, management and process disclosures: the policies, governance and oversight behind each of the nine principles.
• Section C, principle-wise performance: indicators for each principle, such as energy, emissions, water, waste, employee safety and pay, customer complaints and community spending.

Within Section C, essential indicators must be reported, while leadership indicators are voluntary and show how far a company goes beyond the minimum.

BRSR Core

A subset of key indicators, called BRSR Core, must be independently assessed or assured. The requirement started with the largest companies and reaches the top 1,000 from FY 2026-27, so the core figures in a large company's BRSR carry an outside check.

Why it is useful

Every covered company reports in the same format, so the BRSR is the most comparable source of ESG data on Indian listed companies. It lets an analyst compare companies on the same measures, rather than on the selective figures in sustainability brochures.

Where to find it

In the annual report, usually as a separate section near the end, and on the stock exchanges as a filing. Many companies also post it on the investor relations page of their website.

Common mistakes

• Reading only the narrative. The tables in Section C carry the evidence.
• Comparing totals between companies of very different size. Use intensity figures, such as emissions per unit of revenue or output.
• Ignoring whether a figure is assured. Assured BRSR Core data is more reliable than the rest of the report.
• Reading one year alone. The previous year's figures sit next to the current ones, so check the direction.

Questions investors ask

Is the BRSR audited? The full report is not. The BRSR Core indicators are independently assessed or assured, on a schedule that started with the largest companies.

Which companies must file it? The top 1,000 listed companies by market capitalisation. Smaller companies can file it voluntarily.

How is the BRSR different from a sustainability report? A sustainability report is voluntary and follows whatever framework the company chooses. The BRSR is mandatory for the companies it covers and uses one fixed format set by SEBI, so its figures can be compared across companies.