Annual Reports
What Kalolwala & Associates Does Best in Annual Reports
We read seven FY2025-26 annual reports credited to Kalolwala & Associates (K&A): Federal Bank, Marico, Havells, Kotak Mahindra Bank, IndiGo, Nestlé India and Apollo Tyres. The work is strongest on governance pages, capital trade-offs, ESG targets shown against 2030 and leadership letters that admit a hard year. It is weakest on the digital PDF.