Well written Annual Reports

Just wanted to ask the members on what they would rate as Annual Reports worth reading! Meaning, well written, in content, NOT glossy finish or flashy graphics!

Read Symphony (has received CA Institute Award for best Financial Statements),

Read Hawkins



To find market cap of company for last 10 years do we need to get it from annual reports? Or is there any site which provides me data for last 10 years.

Basically I want it for purpose of evaluating earning retention test.




You can go through AR of Alembic Pharma for FY13 which gives good insight about the company as well as the pharma sector in general



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Thanks, Ashwini & Ankit!

After coming across 16 Favorite Annual Letters from an Investor Who’s Read More Than 1,000, I’m reviving this old thread in the hope that people would discuss & point to well written annual reports that they have read this year.

Supreme industries has a very well written and detailed AR. Symphony also has a wonderful AR. Same for Bajaj Finance, Edelweiss amongst the ones I have been able to go through so far.


Aurobindo AR is a must read from the Pharma sector. Very well articulated in terms of various product offerings from a layman’s perspective. Tata Elxsi AR too on the IoT space was impressive

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even go for Heritage Foods AR…very well written…clearly mention company’s goal and how they will achieve it…

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Liked Greenply and Godrej Industries annual reports.

Disc: Not invested in either.

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“All else being equal, invest in the company with fewest color photographs in the annual report.” - Peter Lynch

Was he right? How should one think about this?

Some of most value creating companies in India also have glossy reports full of color photos. Many of these annual reports are made with the help of professional IR firms. (is it bad to hire PR firms for writing annual reports?)

And then, there was Temptation Foods.

Do value destroying companies have colorless annual reports? Hmmm, if you take thousands of companies which have destroyed wealth, you’ll find that a large % of them had non flashy annual reports in black and white and hardly any charts.

I think people are sometimes too judgmental about things that are not that important. Instead of focusing on what really matters - business model and its strengths and weaknesses, managment quality (and I think being non flashy is not a necessary pre-condition for an excellent manager, although it may be a desirable one), and of course valuation- they start rejecting opportunities because the annual reports look too glossy to them… That’s wrong,

A flashy annual report is just one data point whose weightage in the whole scheme of things is not much. But it should warn the reader the perhaps someone is trying to (financially) seduce you, as happened in the case of Temptation Foods - and so one should be on guard while reading the report without being too judgmental…


Liked Persistent Systems AR. Their Annual Report 2015 was awarded by League of American Communication Professional , Florida USA.

Amongst read so far liked the following :

  • Heritage Foods

  • Neuland Labs

  • Garware Wall Ropes


Some one has already mentioned, but repeating… i like Symphony AR. the way they cover the matter at macro level and micro level, linking the discussion in philosophical manner with what they see as opportunity and displaying confidence of grabbing those opportunities. Highly rational and motivational discussion for the outlook.

It’s that time of the year! Reviving this old thread again to encourage people to point out the well-written annual reports they have read.


Basant Maheshwari used to praise Bluestar management (especially letter by Advani) for good annual report

Exide FY17 AR is a must read.
Solely judging by the count of “buzzwords”, management surely intends to portray that a transformational change is underway at the organization.
Seems like the management has finally pulled up its socks, investing 1400 cr in an ambitious capex plan to expand capacities and investing in punch grid tech. Details are also provided on their tie ups with ecoult and similar such companies for futuristic tech.


Latest AR of Bajaj Corp is a decent read with extensive business details in MD&A. Company has voluntarily adopted NYSE corporate governance standards and has also been certified as Great Place to Work For by GPWF organization this year.


Read Edelweiss Annual report 2016-17

There annual reports have always been very good.


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I really like the AR of Sundaram Finance - I always wait eagerly for their AR.Very detailed , no fancy stuff.The discussion and analysis is so good it gives you a complete picture of not only the company and future plans but also of economy.And they are very fair - you will never feel they are selling in AR.So much to learn from their AR itself.
I would highly recommend that AR to everyone.