Conventionally three main approaches are utilized for explainability of blackbox ML systems: proxy or shadow model approaches, model inspection approaches and data based approaches. Most of the research work on explainability has followed one of the above approaches with each having its own limitations and advantages. Embodiments of the present disclosure provide a method and system for explainable Machine learning (ML) using data and proxy model based hybrid approach to explain outcomes of a ML model. The hybrid approach is based on Local Interpretable Model-agnostic Explanations (LIME) using Formal Concept Analysis (FCA) for structured sampling of instances. The approach combines the benefits of using a data-based approach (FCA) and proxy model-based approach (LIME).