How to get free annual reports of Indian listed companies

If you get interested in a company and you read the annual report, you will have done more than 98% of the people on Wall Street. And if you read the footnotes in the annual report you will have done more than 100% of the people on Wall Street.
– By Lessons from Jim Rogers and Warren Buffett

Recently the official websites of the stock exchanges have started providing the soft-copy of the annual reports for downloads. As the same has begun from this year itself, thus not all the annual reports are available on the websites, but the same is expected to be made available for most of the companies as the time elapses. At present the annual reports are available for about 30% of the companies.

The complicated way:

1) Using BSEINDIA website: Search for the stock on Bse India >> Select Annual Reports from bottom right corner (where the snapshot of financials is given) >> Select your annual report.

2) Using NSEINDIA website: Search for the stock on Nse India >> Select Annual Reports from extreme bottom of the page >> Select your annual report.

The Easier Way:

Use Dalal-Street Screener at:

To make it easy for you we have set up a small application which searches for the annual reports both at BSE India and NSE India as well as other sources and provide the download link 🙂 . Also, the search feature on both the above sites (BSE and NSE) is too buggy; to solve the same you can search for any part of the name OR even the script code (eg. 532701 for BSE Listed Company or MANGCHEFER for NSE Listed Company) on Dalal-Street Screener.

Do share any other site if any which provides free annual reports through comments. Also please leave your feedback for Dalal-Street Screener or any queries through comments.

PS: Earlier the link for the above web-application was The same has been moved and integrated with our Screener app to provide even better functionality.

27 thoughts on “How to get free annual reports of Indian listed companies”

    1. Glad that you liked the reporter 🙂 . Receiving feedbacks is always wonderful.

      We try to cover as many stocks as we can from all the sectors but we seem to have a special love for small value stocks or the ones with a niche 😛 . Will also try to cover some midcaps.

  1. Great help as both the BSE and the NSE suck! Unfortunately, the link, on your site / tool, for a specific company, does not bring up anything. You may want to correct that issue.

    1. Hi Suvikas,

      I rechecked the links and they seem to work. I doubt that you might have
      disabled the Javascript.

      Please try to open the link by right clicking on it and selecting “Open in
      new Window/Tab” , or try to open it on Google Chrome.

      I have tested the site on Firefox and Chrome.

      Thanks and regards,

  2. hi ayush,
    tcfc finance – im unsure about the qualatative factors as ive never analysed an investment co. b4. its selling at a considerable discount to book value and nav. also has a dividend yield of 6%. hopefully will not be a case like hb capital ie without a catalyst
    p.s ayush ji pls have a look at dhandapani . wots the use of a ca degree if u cant be a vulture? …lol pls dnt take it seriously!

  3. hi ayush,
    another thing i coulnt understand about the company is that according to moneycontrol the companys gross profit margin is negative(-.11%) but it has a cash profit margin of 16%
    is possible pls have a look at dhandapani as well

    1. Hi,

      Yes, I’m tracking Empire Ind. The important thing is to understand the reasons behind the good nos and ask – are they sustainable?

      In the case of Empire, the company has been developing its land bank and renting out the same. So we need to understand how much is the component from the rental income and also is there any one time profit due to sale of land?

      I’m also told the value of the land is atleast 3-4 times the current market cap of the company.


      1. Hi ayush,

        Just working on empire financial status, it seems they have good operating cash flows in last 5 years compared to their PBT.
        From 2006-2010

        PBT – 97.21 crs
        OCF – 106.77 crs
        ICF – (78.18) crs
        FCF – (-11.33) crs

        I am sceptical on their ICF and FCF’s performance in previous years.
        Any view on why such a dismal performance in these, also no such clarity has been given in their ARs. Also their is very less carity on performance of their diverse businesses in their ARs. Do you have any insight on this. Pls do share

        1. Hi Vikas,

          Yes, this is the same problem we are facing in understanding Empire Ind. They haven’t segregated the incomes between board business and real estate business. There could always be one time items in the real estate nos.

          This is why we are focusing on other simpler mid cap ideas.


    1. Hi Ravi,

      We had a look at the performance sheet but were not able to find the mis-matches. Please provide us the detail where the prices did not match.

      In case of Balaji Amines, there was a stock split and the price was adjusted accordingly (not having any impact on the effective price).

      Thanks and Regards,

  4. ABC Bearing current market market price is 130.20, In performance sheet the rec price given is 45 instead of 155, Like that Pondy Oxide CMP is 38.10, rec price given is 155 instead of 30, Like that Harrison Malayalam, Riddhi Siddhi etc., all companies recommended price is wrong. Only Facor Alloys rec price is correct, Please check it once and modify

      1. Hi,

        Thanks for providing the new tool and also the updated performance sheet. For the stocks that you have exited, I noticed that your exit price is quite often way less than the max. price. Is it a conscious decision to leave some money on the table or has the market surprised you by going beyond what you thought?

        1. Hi,

          It will be rare for anyone to be able to sell at 52 week highs consistently.

          Our philosophy is to go by logics and book profits when stock has done as per your expectations. Booking profits is very important in stock markets.


  5. hi ayush,
    update on tcfc finance- value of mutual fund units alone= 50 crores approx
    mkt cap =31 crores
    any view yet on tcfc finance?
    p.s just had a question if it s very Dependant so much on real estate wouldn’t the roce and roe numbers reflect the recent downturn in real estate?
    (i know this is not exactly good reasoning , just curious. if possible please check out niall ferguson …truly awesum economist…he uses such kind of clever arguments! and yeah incase u r wondering dhandapani finance is having a board meeting on 18 dec for the purpose of-1. To increase the Authorised Share Capital.

    2. To issue Optionally Convertible Cumulative Redeemable Preference Shares. )
    any views on empire industries yet?

    1. Hi,

      What else is there in TCFC Finance? It one is banking on just the discount to the MF on B/S, then I think the discount is not much. There are several other similar finance cos quoting at about 80% discount to NAV.

      We do have a positive opinion on Empire and have made initial position. But we need more clarity to increase exposure

      1. hi ayush,
        there are around 40 other positions in shares of public listed co.s
        will update soon.
        truly,eagerly, waiting 4 ur analysis on empire
        by the way clarity on what?
        p.s. do u believe in turnaround situations like dhandapani and himachal fibres?

        1. Need details like – Total land bank, total developed area, current rental income from the same, has there be any income by way of outright sell out till now? etc

          I don’t track dhandapani and himachal.

  6. Hello Ayush and Pratyush,

    I have come to know about this blog some 3 weeks back and I am impressed with your work.

    just would like to highlight with regards to Balaji Amines

    key raw material Methanol prices are up
    margins could fall going forward

    I don’t know much about the company but
    capacity utilization and capacity addition could help bridge the gap at net profit level


  7. SAIL’s annual report is available only for 2010. I am a student and I need the last five years report

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