FTI Consulting Releases India Disclosure Index 2025

Report Benchmarks Indian Companies on Leadership and Governance, Risk Disclosure Standards

Mumbai, 09 December 2025 - FTI Consulting, Inc. (NYSE: FCN) today announced the release of its India Disclosure Index 2025 report, which tracks corporate disclosure practices amongst India's 100 leading publicly listed corporations. The report reveals that the assessed Indian companies have an average Corporate Disclosure ("CD") score of 7.22 out of a maximum of 10, based on publicly available information from their annual reports, using 24 disclosure parameters and applied it to the Nifty 100 Index to create the India Disclosure Index 2025 report. The 24 disclosure parameters were divided into two groups to measure Leadership and Governance Quality, and Risk Disclosure Quality.

India Disclosure Index 2025 Highlights:

• Twelve of the top 100 Indian companies are classified as corporate disclosure champions, with CD scores of 9/10 or above, with one company (Varun Beverages) scoring a perfect 10.
• Aggregated by industry, Telecom/Tech companies have the highest average CD score of 8.54/10, followed by Food and Agri Business companies (average score of 7.91/10) and Energy & Natural Resources companies (7.68/10).

Leadership and Governance Quality ("LGQ") Scores:

• Strategic Planning on Geopolitical Developments, Tech Transformation and Demographic Changes: More than 75 out of the top 100 companies disclosed that they have incorporated the impact of geopolitical developments, tech transformation and demographic changes in their strategic planning process.
• Independent Board Evaluation: 75% of the top 100 Indian companies do not have independent board evaluation by a third party. This is similar to the 2023 report findings.
• Anonymous Whistle-Blowing Mechanisms and Metrics: There is significant improvement in having an independent mechanism and metric to track anonymous whistleblowing, with only 6% Indian companies not having such a mechanism in place (down from 48% in 2023).
• Diversity: 47% of the companies have women participation more than 20%, an improvement over the 35% in 2023.
• Inclusion: Only 23% of the top 100 companies report more than 1% of their workforce being from differently-abled communities, almost evenly split between state-owned enterprises (Bank of Baroda, Bharat Electronics, BPCL, LIC, NTPC, ONGC, PFC, PowerGrid, Punjab National Bank, and SBI Life) and private sector champions (Avenue Supermart, Dabur, Godrej Consumer, Hero MotorCorp, ITC, Samvardhana Motherson, TVS Motors, Titan, Trent, United Spirits, Varun Beverages and Vedanta).

Risk Disclosure Quality ("RDQ") Scores:

• Talent Attrition Risk: 78% companies provide information on talent attrition and health, safety and environment (HSE incidents).
• Policy and Regulatory Risks: 74% say they have adequately prepared for policy and regulatory changes that may have a material impact on their business.
• Supply Chain Resilience: 74% of companies disclose that they have adequately prepared for risks relating to supply chain disruptions and taking steps to manage them (same as 2023).
• Climate Change Risks: While 84% companies report the presence of a net zero transition plan, only 67% of the companies provided specific information. 33% of the companies do not provide adequate information on climate risk mitigation, an improvement from the 44% in 2023.
• Cyber Risks: 28% of companies do not disclose undertaking regular cyber audits, testing or training to assess preparedness against breach or ransomware risks - highlighting continued variability in how organisations approach cyber-resilience planning. This represents a significant improvement from the 48% in 2023.

Commenting on the India Disclosure Index 2025 report, Amrit Singh Deo, a Senior Managing Director in the Strategic Communications segment at FTI Consulting and co-author of the report, said, "The fact that there are wide gaps on some parameters should serve as a note of caution to Indian boards and management teams. Investors and regulators are demanding more accountability and demonstrable actions from companies. A higher standard of voluntary disclosure by Indian companies is a good indication of leadership and sound risk management, which improves investment worthiness."

About the India Disclosure Index 2025
The India Disclosure Index 2025 is a report of corporate disclosure by 100 listed companies in India as assessed on 22 publicly available information disclosure parameters. FTI Consulting has been publishing the annual India Disclosure Index reports since 2016 and took a hiatus during the lockdown years. The India Disclosure Index 2025 report has a refreshed methodology, revised to reflect the changes in the external environment and voluntary disclosure standards expected from listed corporations. The full report and methodology can be found here: https://live.fticonsulting.com/india-disclosure-index-2025.

About FTI Consulting FTI Consulting, Inc. is a leading global expert firm for organizations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of September 30, 2025. In certain jurisdictions, FTI Consulting's services are provided through distinct legal entities that are separately capitalized and independently managed. The Company generated $3.70 billion in revenues during fiscal year 2024. More information can be found at https://www.fticonsulting.com.

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Source: FTI Consulting, Inc.