Best Industry / Sector Descriptions in Annual Reports

Hi All, Trying to crowdsource the collective wisdom of the tireless valuepickr community of learners.

Which annual reports in your opinion provide the best (and quickest) overview of their respective industry/sectors?
A good sector overview will:

  • describe the value-chain end-to-end (inputs --> processing --> outputs --> channels --> end customers)
  • size each component of the chain with key drivers of sales and profitability (e.g. impact of oil prices on tyre manufacturing)
  • competitive analysis (e.g. the structural advantage asian paints has over other Indian paint cos.)
  • future challenges. Honest appreciation for what could impact the sector.

This might even be reports of specific years that stand out in your memory. Request you to please mention the sector + company + year so we can all get more efficient in our analysis.


One that immediately comes to my mind is Tata Steel (FY17). They presented an integrated report as per the IIRC framework.



BSE limited AR gives very good overview of macro economic indicators and health of overall capital markets.