BRSR Core: the KPIs and assessment or assurance
Intuition
The full BRSR is long and mostly self-reported. In July 2023, SEBI picked out a smaller set of key performance indicators (KPIs) that matter most and can be measured reliably, and called it BRSR Core. These KPIs must be independently checked by an outside provider.
BRSR Core does three jobs. It gives investors a short list of comparable numbers. It adds intensity ratios, so that companies of different sizes can be compared. And it forms the basis of SEBI's Core ESG Ratings, which registered ESG rating providers issue using BRSR Core data.
For analysts, BRSR Core is where to start any quantitative ESG comparison between Indian companies. These are the numbers with the most credibility.
Mechanics
The nine attributes and their KPIs
| No. | Attribute | Main KPIs |
|---|---|---|
| 1 | Green-house gas (GHG) footprint | Total Scope 1 and Scope 2 emissions; emission intensity |
| 2 | Water footprint | Total water consumption; water intensity; water discharge by destination and level of treatment |
| 3 | Energy footprint | Total energy consumed; share of energy from renewable sources; energy intensity |
| 4 | Embracing circularity | Waste generated by category; waste intensity; waste recovered through recycling, reuse or other recovery; waste disposed of by method |
| 5 | Employee well-being and safety | Spending on well-being of employees and workers as a share of revenue; safety incidents, including lost time injury frequency rate and fatalities |
| 6 | Gender diversity | Gross wages paid to women as a share of total wages; complaints under the POSH Act |
| 7 | Inclusive development | Input material sourced from MSMEs and small producers, and from within India; wages paid to people employed in smaller towns as a share of total wages |
| 8 | Fairness with customers and suppliers | Data breaches involving customers' personal information; number of days of accounts payable |
| 9 | Openness of business | Concentration of purchases and sales through trading houses, dealers and related parties; loans, advances and investments with related parties |
Intensity ratios
BRSR Core asks for intensity per rupee of turnover adjusted for purchasing power parity (PPP), so that Indian figures can be compared with those of companies elsewhere. Companies may also report intensity per unit of physical output.
The glide path
| Financial year | Companies required to have BRSR Core assessed or assured |
|---|---|
| FY 2023-24 | Top 150 listed companies by market capitalisation |
| FY 2024-25 | Top 250 |
| FY 2025-26 | Top 500 |
| FY 2026-27 | Top 1,000 |
Assessment or assurance
The original 2023 framework required reasonable assurance. SEBI's circular of 28 March 2025 changed this to a choice:
- Assurance: under recognised assurance standards
- Assessment: a third-party assessment under standards developed by the Industry Standards Forum, made up of ASSOCHAM, CII and FICCI, in consultation with SEBI
The provider must have the necessary expertise and must avoid conflicts of interest.
Sources
From the research
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