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#annual-report-review

Annual Reports

Hindustan Unilever Integrated Annual Report 2025-26: A Review

HUL's report contains the only page in this series that maps every capital to every other capital, an eleven-year track record with ratios, and a new CEO's first letter that gives the year's numbers in its second paragraph. Its weakest pages are its greenest: '99% reduction in Scope 1 and 2' is an intensity figure against a 2008 base, Scope 2 is reported as 'Net: 0' after IRECs, and the double materiality matrix has the axes of a single one.

Annual Reports

Bharti Airtel Integrated Annual Report 2025-26: A Review

Airtel's report has SBTi-validated targets, an emissions table that footnotes the effect of the Indus Towers sale on its own reductions, DNV reasonable assurance and a Board accountability statement. It also puts 'Net Profit (before exceptional items)' on the highlights page without a growth arrow, because statutory profit fell 21% on a prior-year tax credit, and keeps the materiality matrix single rather than double.

Annual Reports

Hindustan Zinc Integrated Annual Report 2025-26: A Review

Hindustan Zinc's seventh integrated report is the most ambitious ESG document in this series: a CSRD-aligned double materiality assessment with rupee thresholds, 2030 goals reported against status, a reporting suite that includes tax transparency, climate action and TNFD reports, and a Board statement of responsibility. It is also 610 pages, leads with its own awards, and reports absolute emissions of 5.02 million tonnes against a 50% reduction target without saying how far along it is.

Annual Reports

L&T Integrated Annual Report 2025-26: A Review

Larsen & Toubro's 754-page report contains a first double materiality assessment done by a third party, a value creation model that quantifies inputs and outputs down to tonnes of cement and kilometres of tunnel, and a standalone results table that shows recurring profit, the exceptional item and statutory profit on three adjacent lines. It also contains a 146-page MD&A before the integrated report begins, and a Chairman's message that never mentions the ₹6,843 crore exceptional charge.

Annual Reports

ITC Report and Accounts 2026: A Review

ITC is the one large company in this series that has not adopted integrated reporting for its statutory annual report. The Report and Accounts 2026 is a 24-page corporate showcase, a 90-page Board's report that opens with global GDP, and a 54-page BRSR with KPMG reasonable assurance. It is complete, hyperlinked and old-fashioned, and its highlights page manages to omit profit.

Annual Reports

ICICI Bank Annual Report 2025-26: A Review

ICICI Bank's report is the shortest and plainest of the big-bank reports: a 62-page integrated section built around 'Fair to Customer, Fair to Bank', a business model wheel, and financial charts that tell the story without adjectives. The costs are a leadership message with no numbers, a materiality assessment last done in fiscal 2025, a BRSR that lives on the website, and a first PCAF financed-emissions exercise whose result is not disclosed.

Annual Reports

Infosys Integrated Annual Report 2025-26: A Review

Infosys keeps its integrated report to 24 pages, labels its adjusted margin on the highlights page and prints a five-year table that includes a 22% fall in market capitalisation. The compression has costs: one page per capital, qualitative outcomes, a strategy diagram still built on the 2018 four-pronged plan, and 'carbon neutral for seven years' resting on offsets.

Annual Reports

HDFC Bank Integrated Annual Report 2025-26: A Review

HDFC Bank's 617-page report has the most rigorous materiality work we have seen, a PCAF financed-emissions study and reasonable assurance on BRSR Core, but it is far too long, its Chairman's letter buries the year's governance event, and a proofreading slip on page 151 shows the strain.

Annual Reports

TCS Integrated Annual Report 2025-26: A Review

TCS publishes the most complete integrated business model in the Nifty 50 and a targets-to-status natural capital page others should copy, but its headline profit growth excludes ₹3,366 crore of exceptional items that a reader only finds on page 197.

Annual Reports

Reliance Industries Integrated Annual Report 2025-26: A Review

Our review of Reliance's report against the <IR> Framework, BRSR expectations and plain readability. Reliance's 2025-26 report is disciplined and well-assured, but its materiality work is three years old and Scope 3 is missing from the integrated report.