What Adsvita Does Best in Annual Reports: Seven FY2025-26 Reports Read Closely

Adsvita signs its work with a small line at the back of the report: "An SGA Adsvita creation". Seven FY2025-26 reports with that credit went into our comparison of five annual report agencies: Lumax Industries, Trent, SKF India, Shriram Finance, Equitas Small Finance Bank, Bosch and 3i Infotech. Together they average 21.3 out of 35 on our seven-criterion card, with a median of 22 and a range from 17 to 24.

Three of the seven are integrated reports (Lumax, Trent and Equitas) and four are conventional annual reports. That mix matters, because the integrated format earns marks on two criteria that a conventional report rarely can. So we've read the seven again for what Adsvita does well, using the same scores and page references as the comparison.

The usual caveat applies. A credit tells you who the company chose to name, not what that agency was hired to do. The finance team, company secretary and auditors write much of any annual report, and statutory sections are sometimes typeset elsewhere. We're scoring the published report.

Covers that carry an idea

Adsvita's design and readability score averages 3.4 out of 5, a shade above K&A and Report Yak (3.3 each). What sets its reports apart is the front door. All seven covers have a single, legible idea: a beam of light for Lumax's "Illuminating the New", traffic seen from above for SKF's "We move people further", a network of icons for Shriram Finance's "Collaborative Strength, Inclusive Growth". None of them is a stock photo with a slogan pasted on.

The better test is whether the theme survives past page two. In Equitas's report it does. "From Resilience to Momentum" breaks into four verbs, Fortify, Fund, Deepen and Ascend, each defined in one line, tied to two or three numbers and cross-referenced to the chapter that explains it. Fortify carries the share of secured advances (about 88%) and the cap on microfinance exposure (about 10%). Fund carries the retail deposit share and the CASA ratio. It's a theme that does the work of a strategy summary.

Multi-year numbers that show the bad years

Financial storytelling is Adsvita's other 3.4, and the only agency that averages higher on it is WyattPrism at 3.7. The reports are consistent here: ten-year or multi-year tables in SKF, Trent and Bosch, and KPI pages near the front of most reports.

What makes them useful is that they don't hide a weak year. After the demerger of its industrial business, SKF India's reported sales fell from ₹44,877 million in FY 2023-24 to ₹20,304 million, and earnings per share from 111.6 to 23.7. The ten-year page shows exactly that, with a footnote saying the last two years cover only the automotive business and aren't comparable with earlier ones. A designer could easily have started the bars at FY 2024-25.

Equitas does the same at segment level. Its microfinance portfolio shrank from ₹6,265 crore to ₹4,527 crore in 2024-25, and the ten-year bar chart shows the dip next to this year's recovery to ₹5,756 crore. Charting a bad year honestly is harder than charting a good one, and it's what an analyst actually wants to see.

Integrated reports with numbers in the model

Adsvita's integrated thinking score averages 2.9, below Stirrup and WyattPrism, largely because four of its seven clients publish conventional reports. Its three integrated reports average 23.0, level with Report Yak's two.

Lumax's value creation model is one of the strongest outside the two leading agencies. It runs across two pages, with a figure for every capital on the input side (net worth of ₹713.4 crore, 12 manufacturing facilities, 72% renewable energy, 3,236 permanent employees) and on the outcome side (revenue of ₹4,184 crore, 36 patents filed, an 11.82% cut in GHG intensity, 7,870 students reached). It's still a list rather than a model of how one capital turns into another, but every line can be checked against the rest of the report.

A letter that admits the loss

Candour is the weakest part of the narrative across the whole 35-report sample, and Equitas's MD and CEO letter is one of the few that gets it right. It says the bank took ₹330 crore of one-time provisions in the first quarter and that this produced "a loss in the first quarter", before moving on to the recovery. The full-year profit after tax of ₹103 crore is stated plainly too.

Where it's weaker

The digital version averages 2.4 out of 5. None of the seven companies publishes an online edition of the report, and the PDFs are uneven. Shriram Finance and Equitas are laid out as spreads with no bookmarks at all, which makes a 300-page file hard to navigate and awkward on a phone. Bosch's bookmarks expose production file names, starting with one that ends "_SGAAds_V5.pdf". And most of the Equitas front section has a broken text layer: the MD's letter can be read on screen, but copy it, search it or run it through a screen reader and you get spaces and capital letters with the lowercase text missing. The Lumax, SKF and 3i Infotech PDFs are better, with 29 to 33 clean bookmarks each.

The narrative has gaps too. We found no CFO's review in any of the seven reports. 3i Infotech's front section doesn't mention that the auditor qualified its opinion on the consolidated accounts (PDF p. 234). Trent's report gives about 46 spreads to brand lookbook photography before the strategy begins, which is a choice someone should have challenged. And the back cover of SKF India's 2025-26 report still reads "© SKF Group 2024".

None of these is serious alone, and we can't say whose each one was. They're the kind of thing a final cross-check catches.

Who would get the most from Adsvita

Judging only from these seven reports, Adsvita looks strongest for a company that publishes a conventional annual report and wants it to look and read better than most. Its four conventional reports average 20.0, ahead of every other agency's conventional work in our sample (Stirrup's single one scored 19, Report Yak's average 17.4 and K&A's 17.0). It also suits a company with a story to tell in its numbers, including a difficult year, and one that wants a cover and theme the board will remember.

A company moving to an integrated report, or one whose investors read the report mainly as a PDF, should ask for more. Ask to see a value creation model like Lumax's, and write the digital requirements into the brief: single-page PDF, real bookmarks, a working text layer and an online edition if you want one. Our annual report agency scorecard has the questions to ask before you sign.

The seven reports

Average per criterion, out of 5: strategy and narrative 3.1, integrated thinking and the capitals 2.9, BRSR and ESG integration 3.0, governance disclosure 3.0, financial storytelling 3.4, design and readability 3.4, digital version 2.4.

The scores are the same ones we published in Which Annual Report Agency Does What Best? We Scored 35 Indian Reports, where you'll find the full method and how Adsvita compares with WyattPrism, Stirrup, K&A and Report Yak, criterion by criterion. Page references are to the PDF each company published; in spread-view files, one PDF page holds two printed pages.