Sustainable Development Goals and Corporate Reporting in India: A Content Analysis of SDG Disclosures in BRSR Reports

Corporate sustainability reporting in emerging economies has moved from voluntary, loosely structured guidance to mandatory and highly prescriptive disclosure. In India, this shift culminated in the Business Responsibility and Sustainability Report (BRSR), introduced by the Securities and Exchange Board of India (SEBI) and mandatory for the top 1,000 listed entities by market capitalisation from FY 2022-23. This study examines how Indian corporations integrate the United Nations Sustainable Development Goals (SDGs) into their BRSR filings. Using deductive content analysis of an unbalanced panel of NIFTY 100 companies over FY 2022-23 to FY 2024-25, we construct an SDG Disclosure Index (SDGDI), validated through Krippendorff’s alpha and screened for multicollinearity using variance inflation factors. Panel regressions, specified after a Hausman test, examine firm-level determinants of disclosure quality. SDG disclosure is significantly and positively associated with firm size, profitability and board gender diversity, while leverage is not significant. Kruskal-Wallis and ANOVA tests confirm substantial sectoral variation, with energy and materials firms disclosing most extensively. The paper also considers the BRSR Core, which introduces third-party assessment or assurance and extends reporting to value chain partners, and its likely effect on disclosure credibility. Findings are relevant to regulators, standard-setters, investors and reporting entities in emerging markets.