BRSR Core vs BRSR Lite
Article 1 min read
What changes for mid-cap companies in 2026?
By ESG Astraa Advisory Team
In brief
A mid-cap company preparing its annual disclosures meets two similar-sounding terms: BRSR Core and BRSR Lite. They are not two versions of one report. They apply to different companies, carry different obligations and come from different authorities.
- The verified subset of BRSR
- 9 attributes
- Listed mid-caps (ranked 101 to 250) have been inside BRSR Core since then
- FY 2024-25
- A company can choose third-party assessment or assurance for BRSR Core
- March 2025
In this article
What are BRSR Core and BRSR Lite?
BRSR, the Business Responsibility and Sustainability Report, is SEBI's ESG disclosure format for listed companies. SEBI prescribed it in May 2021 in place of the earlier Business Responsibility Report, and it has applied to the top 1,000 listed companies since FY 2022-23.
Exhibit 1
Opposite ends of company size and listing status
Where BRSR Core tightens what large listed companies report, BRSR Lite widens the door to companies with no SEBI obligation.
Exhibit 2
Exhibit 3
View the data
| BRSR Core | BRSR Lite | |
|---|---|---|
| Issued by | SEBI, circular of 12 July 2023 | MCA committee on business responsibility reporting, 2020 |
| Applies to | Top 1,000 listed companies by market cap, phased from FY 2023-24 to FY 2026-27 | Smaller unlisted companies below a turnover or paid-up capital threshold |
| Status | Mandatory for companies in scope | Voluntary not a SEBI requirement |
| Verification | Third-party assessment or assurance, at the company's choice since March 2025 | No SEBI verification requirement applies |
| Format | Nine ESG attributes with defined indicators | Pared-down version of the full BRSR |
How the BRSR Core phase-in reaches mid-cap companies
SEBI and AMFI classify a mid-cap as a company ranked 101st to 250th by market capitalisation. The chart shows when each rank band came into BRSR Core.
Exhibit 4
View the data
| Financial year | Cohort | Description |
|---|---|---|
| FY 2023-24 | Top 150 | Large-caps and the upper part of the mid-cap band |
| FY 2024-25 | Top 250 | Full mid-cap band (ranks 101 to 250) covered |
| FY 2025-26 | Top 500 | Ranks 251 to 500 join |
| FY 2026-27 | Top 1,000 | Ranks 501 to 1,000 join; phase-in complete |
What BRSR Core requires
Companies in scope report the nine attributes and have that data independently verified. Either route is more demanding than ordinary BRSR reporting, where this verification does not apply.
What should mid-cap companies do now?
- 1Confirm your cohort
- 2Map the nine attributes to your data
- 3Choose assessment or assurance
- 4Check your value chain exposure
- 5Do not confuse size with obligation
Different formats for different companies
BRSR Core and BRSR Lite serve different companies. BRSR Core is SEBI's mandatory, independently verified format and, from FY 2026-27, covers the top 1,000 listed companies. BRSR Lite is a voluntary, simplified format proposed for smaller unlisted businesses.
Frequently asked questions
- What is the primary difference between BRSR Core and BRSR Lite?
- BRSR Core is SEBI's mandatory, verified subset covering the top 1,000 listed companies, whereas BRSR Lite is a voluntary, pared-down framework proposed by the MCA for smaller unlisted companies.
- Are mid-cap companies required to comply with BRSR Core in 2026?
- Yes, mid-cap companies ranked 101 to 250 have been subject to BRSR Core since FY 2024-25, and by FY 2026-27 the requirement extends to the top 1,000 listed companies.
- Is reasonable assurance the only way to verify BRSR Core?
- No, since 28 March 2025, companies can choose between reasonable assurance and third-party assessment against Industry Standards Forum standards.
Where ESG Astraa can help
About the author
ESG Astraa Advisory Team. ESG Astraa helps Indian companies collect ESG data, calculate emissions and file BRSR and other disclosures, with advisors alongside the software.
References
- SEBI circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122, 12 July 2023, BRSR Core: Framework for assurance and ESG disclosures for value chain. ca2013.com ca2013.com
- KPMG in India, First Notes, 15 July 2023: SEBI framework on BRSR Core, value chain disclosures and assurance. kpmg.com kpmg.com
- SEBI circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42, 28 March 2025, Measures to facilitate ease of doing business: assurance or assessment, value chain, and green credits. sebi.gov.in sebi.gov.in
- Business Standard (PTI), Sebi includes Green Credit Program under BRSR framework, 28 March 2025. business-standard.com business-standard.com
- Slaughter and May, ESG in APAC 2025: India (value chain definition and revised BRSR Core circular). slaughterandmay.com slaughterandmay.com
- Ministry of Corporate Affairs, Report of the Committee on Business Responsibility Reporting, August 2020 (BRSR and BRSR Lite formats). mca.gov.in mca.gov.in
- 5paisa, AMFI market-cap reclassification (large-cap ranks 1 to 100, mid-cap 101 to 250, small-cap 251 onwards), 8 October 2026. 5paisa.com 5paisa.com
- GreenSutra, BRSR in 2026: BRSR Core assessment or assurance reaches the top 1000 in FY 2026-27. greensutra.in greensutra.in
- K S and K newsletter, SEBI's ESG and green credits measures (assurance provider conflict-of-interest safeguards). ksandk.com ksandk.com
- Taxmann, SEBI introduces BRSR Core regulatory framework (BRSR prescribed by SEBI circular of 10 May 2021). taxmann.com taxmann.com
