Switching Costs: The Silent Moat That Locks Customers Into Indian Quality Businesses โ€” Why This Hidden Competitive Advantage Creates the Most Durable Multibaggers in the Indian Stock Market

Hero header 'Switching Costs' with a 2x2 colored grid: Trader (gray), COMPOUNDER (green), Drift (light gray), Speculator (orange).

๐Ÿ“… Published 16 April 2026 (Thursday) Live market context (16 April 2026, 2:00 PM IST): SENSEX 77,796.02 (โˆ’315.22, โˆ’0.40%) ยท NIFTY 50 24,150.20 (โˆ’81.10, โˆ’0.33%) ยท FII inflow โ‚น666.15 Cr, DII outflow โ‚น568.98 Cr (15 Apr). A modest red day

Depreciation Policy

Depreciation Policy: horizontal bar chart of yearly values from FY20 (14) to FY25 (22) on a dark blue background, with FY25 highlighted in green.

In the world of Indian small-cap investing, the most dangerous companies are not the ones that report losses โ€” they are the ones that report artificial profits. And the single most abused accounting lever that lets weak managements manufacture earnings