Fundamental Glossary / Management & Corporate Governance
Annual Report
The yearly document that combines the financial statements, the auditor's report, the directors' report, and the governance disclosures.
Formula
For a listed Indian company it includes the board's report, MD&A, corporate governance report, standalone and consolidated financials, and the auditor's reports.
What it means
The annual report is the primary fundamental document. Presentations are extracts. The report is where the notes, contingencies, and related parties live.
Read the auditor's report first, then the notes on revenue, debt, related parties, and contingencies, then the MD&A.
How to read it
Compare this year's report with last year's, not only with this year's presentation. Changes in accounting policy and in risk factors are easy to miss in a single reading.
What to watch
A long report is not a transparent report. Boilerplate risk factors that never change tell you less than a short, specific note that names a customer, a covenant, or a dispute.
This note explains the term. It is not a research recommendation, a target price, or a comment on any security. Ratios and regulatory thresholds change; use the latest filing or circular for a live figure.