Sector and

Companys Leadership
Status
Key Ratios of
Assessing the Moat
Type of
Moat Last 5
years Profit Growth
Quality of Earnings
and Skin in the Game

Company NameMcap
Market Position
Sector Source of
Moat ROE ROCE
ROIC Legacy
Reinvestment
Earnings CAGR
Sales CAGR
CFO/EBITDA
Promoter Holding

Varun Beverages

21671.86 TOP
Beverages Key
License 17.56% Ratios of Last 5 Qu
17.64% 9.88% Assessin years Ea
YES 91.36% g the Type of Profit an
23.29% 0.91 Moat Moat Growth the
66.40%
Indian Energy Ex

5694 TOP Exchange

Network+Regulatory
45% 57%
100%+
YES 15% 7%
0.68
Institutional

Avenue Super.

146824 TOP 3 Retail

SCALE+Lowest
Cost 15% 20%
17%
YES 43%
31% 0.53
74%

NESCO

3747 TOP Real Estate

Location Based
18% 23%
31%
YES 19%
17% 0.72
68%
Dr Lal Pathlabs

15600 TOP 3
Diagnostics
Scale 22%
32% 26%
YES 18%
15% 0.71
56%

Minda Industries

8575 TOP Auto Anc

Switching Cost 9%
12% 10%
Cyclical
25% 19%
0.69 70%

Honeywell Auto

272694 TOP Industrial

Goods Switching
Cost+Tech know-how
25% 34%
24%
YES 29% 6%
0.62 75%

Britannia Inds.

93290 TOP FMCG

 Distribution+Brand
32% 37%
53% YES
YES 20% 8%
0.67 50%

VST Industries

5331 TOP 3 FMCG

Distribution+Brand+Licenc
e 41% 57%
100% YES
15% 8%
0.65 32%

Titan Company

101953 TOP Retail

Brand+Distribution
23% 24%
16%
YES 12%
12% 0.58
52%

Suven Pharma

8615 Not Comparable

CRAMS/CDMO
Switching cost
44% 50%
 61%
YES N/A
N/A N/A
60%

Page Industries

21096 TOP Apparel

Brand+Distribution
43% 53%
40% YES
11% 13%
0.59 48%

IRCTC

21788 TOP Internet

License+Platform
44% 63%
39%
YES 32%
16% 0.62 87
%

Narayana Hrudaya

7106 NONE Hospital

None 11%
13% 9%
Cyclical
58% 18%
 0.76 64%

Asian Paints

189875 TOP Paints

Distribution+Economies of
scale+Brand 27%
33% 30%
YES 14% 8%
0.58 52%

Fine Organic

6989 TOP Chemicals

Technical Know
How+Switching Cost
29% 33%
28%
YES N/A
N/A 0.48
75%

Neogen Chemicals

1584 TOP Chemicals

Switching cost
24% 22%
19%
YES 41%
29% 0.14
64%
Transpek Inds.

853 NOT COMPARABLE

Chemicals
Switching Cost
22% 25%
27% YES
33% 14%
1.19 58%

Sh. Digvijay Cem

721 NOT COMPARABLE

CementNone
22% 29%
22%
YES 69% 2%
0.92 57%

Shree Cement

79670 TOP 2 Cement

Low Cost+Scale
13% 15%
19%
YES 13%
17% 0.8
62%

Navin Fluo.Intl.

10028 TOP 2 Chemicals

 Switching cost
32% 23%
20%
YES 53%
12% 0.5
30%

Gujarat Gas

20947 TOP 3 Gas

Regulatory+Distribution
43% 29%
26% YES
21% 2%
0.86 60%

J B Chem & Pharm

6164 TOP IN SOME

BRANDS
Pharmaceuticals
Brand+Distribution
19% 24%
20% YES
24% 9%
0.58 55%

Apollo Tricoat

1793 TOP Steel

Tubes None 26%
 27% 15%
YES 171%
61% 2.25
68%

Hatsun AgroProd.

12444 TOP 3 Dairy

Brand+Distribution
13% 13%
14%
YES 24%
12% 0.79
73%

Sudarshan Chem.

3026 TOP Chemicals

Technical Know
How+Switching Cost
22% 17%
13%
YES 19% 7%
0.56 42%

Axtel Industries

421 Capital
Goods None 20%
26% 22%
Cyclical
28% 20%
 0.16 49%

CARE Ratings

1192 TOP 3 Ratings

Licence 15%
20% 38%
YES -
6% -1% 0.47
Institutional

V-Mart Retail

3261 Market too big

Retail Scale
11% 17%
10%
YES 5%
18% 0.48
51%

Mishra Dhatu Nig

3986 TOP Speciality

Steel Licence+Know
How
YES
0.88

Fairchem Speci.

2680 TOP 3 Chemicals

 Know how
22% 19%
18%
YES N/A
N/A 0.44
74%

Mahindra Logis.

2253 Fragmented
Logistics
Platform
10% 17%
13% Cyclical
7% 12% 0.8
58%

Aarti Drugs

5616 TOP IN SOME

PRODUCTS
Pharmaceuticals
Economies of scale
23% 20%
14% Cyclical
12% 10%
0.67 60%

Balaji Amines

2724 TOP 2 Amines

Switching cost
 17% 17%
13% YES
25% 8%
0.66 53%

HLE Glascoat

1777 TOP 2 Capital

Goods Technical know
how 57% 55%
41% Cyclical
53% 24%
0.61 74%

Ipca Labs.

25215 TOP 2 IN SOME

PRODUCTS
Pharmceuticals
Economies of
scale+Low cost 17%
19% 16%
YES
19% 7%
0.82 46%

Bajaj Holdings

29299 HOLDING CO
Holding Holding co
10% 12%
10% Holding
 -3% 8%
0.96 49%

TCI Express

3137 TOP 3 Logistics

Scale 29%
38% 30%
Cyclical
N/A N/A
0.67 66%

Laurus Labs

11396 TOP IN SOME

PRODUCTS
CRAMS/CDMO
SCALE+Lowest
Cost 15% 14%
12% YES
30% 16%
0.53 32%

Paushak

1275 TOP Chemicals

Licence 15%
20% 45%
YES 21%
14% 0.47
66%
Sirca Paints

630 TOP 2 Paints

Brand 14%
19% 14%
Cyclical
32% 15%
0.18 67%

Polycab India

13510 TOP 2 Wires

Distribution
22% 29%
22% Cyclical
35% 15% 0.6
68%

Rites

6442 TOP
Consultancy

Licence+Preferential
access 24% 34%
24% Cyclical
14% 19%
0.49 72%

Grindwell Norton

6074 TOP Abrasives

 Scale 14%
20% 28%
Cyclical
11% 6%
0.63 58%

Deepak Nitrite

8387 TOP Chemicals

Scale 46%
37% 27%
Cyclical
63% 26%
0.62 45%

Ratnamani Metals

5454 TOP Metal

Approvals+scale
19% 24%
22% Cyclical
12% 8%
0.48 60%

Syngene Intl.

19380 NOT APPLICABLE

CRAMS/CDMO
Switching cost
17% 16%
18%
Yes 15%
 18% 0.9
71%

Marico

48221 TOP 2 FMCG

Brand+Distribution
34% 43%
44% Yes
13% 4%
0.67 59%

Orient Refrac.

2537 TOP Industrial

Goods Switching cost
21% 29%
21% Cyclical
10% 9%
0.49 66%

NGL Fine Chem

384 TOP Chemicals

Lowest Cost + Tech
knowhow 12%
15% 12%
Yes 11%
11% 0.43
73%
Divi's Lab.

83877 TOP
Pharmaceuticals
Switching cost
19% 25%
21% Yes
9% 11%
0.59 51%

Solar Industries

9533 TOP Explosives

Switching cost
20% 20%
22% Cyclical
11% 11% 0.5
73%

Balkrishna Inds

26378 TOP Speciality

Tyres Lowest cost+scale
17% 16%
19% Cyclical
11% 4%
0.63 58%

Atul

16609 TOP IN SOME

PRODUCTS Chemicals
 Scale+Know how
22% 27%
36%
Yes 22% 9%
0.61 44%

Maithan Alloys

1524 TOP Industrial

Goods Lowest cost+scale
18% 23%
18% Cyclical
32% 10%
0.52 74%

SRF

24688 TOP 2 IN CHEM

DIVISION Chemicals
Technical Know
how+scale 22%
14% 16%
Cyclical
29% 9%
0.78 52%

The Ramco Cement

16525 TOP 3 IN ITS

REGIONCementScale+Low
cost 13% 12%
10% Cyclical
 19% 8%
0.88 42%

Guj. Ambuja Exp

2149 TOP Starch

Processing lowest
cost+scale 12%
14% 11%
Cyclical
13% 8%
0.63 63%

Cera Sanitary.

3141 TOP 5 Building

Material
Distribution
16% 19%
16% Cyclical
11% 8%
0.51 54%

CCL Products

3622 TOP Coffee

Processing Switching
cost+Scale 18%
19% 14%
Yes 12% 5%
0.48 45%
P I Industries

29772 TOP 2 Ag Chem

Switching cost
19% 23%
17%
Yes 12%
11% 0.59
46%

Delta Corp

3201 TOP Casino

Licence 8%
12% 12%
Cyclical
58% 20%
0.97 33%

Info Edg.(India)

3294 TOP Internet

Network effects

Yes -
12% N/A
38%

AIA Engineering

15939 TOP 2 Industrial

Goods lowest
cost+scale+scale
16% 19%
16% Yes
6% 6%
0.46 58%

Aarti Industries

18620 TOP Chemicals

Switching cost
19% 16%
25%
Yes 21% 7%
0.69 47%

Tasty Bite Eat.

3278 TOP Contract

Manufacturing
Brand+Distribution
27% 28%
30%
Yes 30%
20% 0.82
74%

Morganite Crucib

514 TOP Capital

Goods Switching
cost+Technical Know how
13% 17%
 16% Cyclical
16% 7%
0.61 75%

GMM Pfaudler

8703 TOP 2 Capital

Goods Technical Know
how+scale 23%
30% 21%
Cyclical
30% 13%
0.74 75%

Alkyl Amines

5867 TOP 2 Amines

Switching cost
42% 41%
33%
Yes 33%
15% 0.72
74%

Sundram Fasten.

9827 TOP IN SOME

PRODUCTS Auto Anc
Technical Know
how+scale 17%
16% 14%
Cyclical
 19% 3%
0.77 49%

Hester Bios

1274 TOP 3 Vaccines

Technical Know
how+scale+Lowest cost
15% 16%
14% Cyclical
19% 15% 0.6
53%

Vinati Organics

10263 TOP Chemicals

Technical Know
how+scale+Lowest cost
28% 36%
26%
Yes 23% 5%
0.6 74%

Amrutanjan Healt

1411 TOP 2 IN ITS

REGIONPharmaceuticals
Brand+Distribution
16% 23%
22% Yes
7% 11%
0.49 50%
APL Apollo Tubes

5621 TOP Building

Material
SCALE+Lowest
Cost 21% 21%
18%
Yes 30%
20% 0.65
38%

Mayur Uniquoters

1210 TOP Auto Anc

Switching cost
14% 18%
20% Cyclical
3% 0.54%
0.45 61%

Abbott India

35841 TOP
Pharmaceuticals
Brand+Distribution
26% 35%
23%
Yes 21%
12% 0.5
74%
Jamna Auto Inds.

1727 TOP Auto Anc

Know
how+Switching cost 9%
15% 14%
Cyclical
10% 0.61%
0.72 49%

Garware Tech.

4115 TOP Technical

Textiles Technical Know
How 20% 23%
29% Yes
26% 4%
0.76 53%

ITC

244187 TOP FMCG

Distribution+Brand+Lowest
cost 25% 35%
47% Yes
10% 4%
0.63
Institutional

Astral PolyTechnic
16972 TOP 2 Building
Material
Distribution+Low
cost+Brand 18%
21% 16%
Yes 26%
12% 0.81
55%

Indraprastha Gas LTD

27650 TOP 2 Gas

Distribution+Licence
25% 32%
29%
Yes 22%
11% 0.78
45%

Mahanagar Gas Limited

9573 TOP 3 Gas

Distribution+Licence
29% 36%
30% Yes
21% 7%
0.79 32%
Hindustan Uniliver Limited

515379 TOP FMCG

Brand+Distribution
85% 117%
96% Yes
Yes 13% 4%
0.72 61%

Galaxy Surfucatants

6612 TOP 2 Chemicals

Scale 23%
23% 18%
Yes 27% 6%
0.57 70%

DMCC

402 Emerging
Chemicals
Emerging
23% 18%
18%
Yes 15% 9%
0.82 53%

Alkem Labs

34008 NOT APPLICABLE

Pharmaceuticals
Cost+Brand
 19% 19%
18%
Yes 25%
17%
62%

TCS

843761 TOP IT
Switching cost
37% 48%
57% Yes
10% 10%
72%

Infosys

404130 TOP IT
Switching cost
24% 33%
31% Yes
10% 11%
13%

Sequent Scientific
Only Listed Player-
Regulated Animal
Pharma Distribution+FMCG
Economics

Larsen&Toubro Infotech
IT
 Switching Cost

Solara Top in
some products API
Switching
cost+Techical Know How

Neuland Labs
Top in some
products API
Technical Know
How+Switching Cost

Dynemic Products
TOP 2 Chemicals
None-working

Prince Pipes
Building Material
Distribution

Lux Industries
ApparelNone-
working

Sector and Companys Reinvestme Earning Sales CF

Market Position Leadership Status ROE ROCE ROIC Legacy nt s CAGR CAGR EB

Varun 21671.8 TOP Company Mcap 17.56% 17.64 9.88% YES 91.36 23.29 0.
Beverages 6 Name % % %

Indian Energy 100%

Ex 5694 TOP Exchange Network+Regulatory 45% 57% + YES 15% 7% 0.

Avenue
Super. 146824 TOP 3 Retail SCALE+Lowest Cost 15% 20% 17% YES 43% 31% 0.

NESCO 3747 TOP Real Estate Location Based 18% 23% 31% YES 19% 17% 0.

Dr Lal
Pathlabs 15600 TOP 3 Diagnostics Scale 22% 32% 26% YES 18% 15% 0.

Minda Cyclica
Industries 8575 TOP Auto Anc Switching Cost 9% 12% 10% l 25% 19% 0.

Honeywell Industrial Switching Cost+Tech

Auto 272694 TOP Goods know-how 25% 34% 24% YES 29% 6% 0.

Britannia
Inds. 93290 TOP FMCG Distribution+Brand 32% 37% 53% YES YES 20% 8% 0.

VST Distribution+Brand+Licen
Industries 5331 TOP 3 FMCG ce 41% 57% 100% YES 15% 8% 0.

Titan
Company 101953 TOP Retail Brand+Distribution 23% 24% 16% YES 12% 12% 0.

Suven
Pharma 8615 Not Comparable CRAMS/CDMO Switching cost 44% 50% 61% YES N/A N/A N/
Page
Industries 21096 TOP Apparel Brand+Distribution 43% 53% 40% YES 11% 13% 0.

IRCTC 21788 TOP Internet License+Platform 44% 63% 39% YES 32% 16% 0.

Narayana Cyclica
Hrudaya 7106 NONE Hospital None 11% 13% 9% l 58% 18% 0.

Distribution+Economies
Asian Paints 189875 TOP Paints of scale+Brand 27% 33% 30% YES 14% 8% 0.

Technical Know
Fine Organic 6989 TOP Chemicals How+Switching Cost 29% 33% 28% YES N/A N/A 0.

Neogen
Chemicals 1584 TOP Chemicals Switching cost 24% 22% 19% YES 41% 29% 0.

Transpek
Inds. 853 NOT COMPARABLE Chemicals Switching Cost 22% 25% 27% YES 33% 14% 1.

Sh. Digvijay
Cem 721 NOT COMPARABLE Cement None 22% 29% 22% YES 69% 2% 0.

Shree
Cement 79670 TOP 2 Cement Low Cost+Scale 13% 15% 19% YES 13% 17% 0.

Navin
Fluo.Intl. 10028 TOP 2 Chemicals Switching cost 32% 23% 20% YES 53% 12% 0.

Gujarat Gas 20947 TOP 3 Gas Regulatory+Distribution 43% 29% 26% YES 21% 2% 0.
J B Chem & Pharmaceutica
Pharm 6164 TOP IN SOME BRANDS ls Brand+Distribution 19% 24% 20% YES 24% 9% 0.

Apollo
Tricoat 1793 TOP Steel Tubes None 26% 27% 15% YES 171% 61% 2.

Hatsun
AgroProd. 12444 TOP 3 Dairy Brand+Distribution 13% 13% 14% YES 24% 12% 0.

Sudarshan Technical Know

Chem. 3026 TOP Chemicals How+Switching Cost 22% 17% 13% YES 19% 7% 0.

Axtel Cyclica
Industries 421 Capital Goods None 20% 26% 22% l 28% 20% 0.

CARE Ratings 1192 TOP 3 Ratings Licence 15% 20% 38% YES -6% -1% 0.

V-Mart Retail 3261 Market too big Retail Scale 11% 17% 10% YES 5% 18% 0.

Mishra Dhatu
Nig 3986 TOP Speciality Steel Licence+Know How YES 0.

Fairchem
Speci. 2680 TOP 3 Chemicals Know how 22% 19% 18% YES N/A N/A 0.

Mahindra Cyclica
Logis. 2253 Fragmented Logistics Platform 10% 17% 13% l 7% 12% 0.

Aarti Drugs 5616 TOP IN SOME PRODUCTS Pharmaceutica Economies of scale 23% 20% 14% Cyclica 12% 10% 0.
 ls l

Balaji Amines 2724 TOP 2 Amines Switching cost 17% 17% 13% YES 25% 8% 0.

Cyclica
HLE Glascoat 1777 TOP 2 Capital Goods Technical know how 57% 55% 41% l 53% 24% 0.

Pharmceutical Economies of scale+Low

Ipca Labs. 25215 TOP 2 IN SOME PRODUCTS s cost 17% 19% 16% YES 19% 7% 0.

Bajaj Holdin
Holdings 29299 HOLDING CO Holding Holding co 10% 12% 10% g -3% 8% 0.

Cyclica
TCI Express 3137 TOP 3 Logistics Scale 29% 38% 30% l N/A N/A 0.

Laurus Labs 11396 TOP IN SOME PRODUCTS CRAMS/CDMO SCALE+Lowest Cost 15% 14% 12% YES 30% 16% 0.

Paushak 1275 TOP Chemicals Licence 15% 20% 45% YES 21% 14% 0.

Cyclica
Sirca Paints 630 TOP 2 Paints Brand 14% 19% 14% l 32% 15% 0.

Cyclica
Polycab India 13510 TOP 2 Wires Distribution 22% 29% 22% l 35% 15% 0.

Licence+Preferential Cyclica
Rites 6442 TOP Consultancy access 24% 34% 24% l 14% 19% 0.
Grindwell Cyclica
Norton 6074 TOP Abrasives Scale 14% 20% 28% l 11% 6% 0.

Deepak Cyclica
Nitrite 8387 TOP Chemicals Scale 46% 37% 27% l 63% 26% 0.

Ratnamani Cyclica
Metals 5454 TOP Metal Approvals+scale 19% 24% 22% l 12% 8% 0.

Syngene Intl. 19380 NOT APPLICABLE CRAMS/CDMO Switching cost 17% 16% 18% Yes 15% 18% 0.

Marico 48221 TOP 2 FMCG Brand+Distribution 34% 43% 44% Yes 13% 4% 0.

Orient Industrial Cyclica

Refrac. 2537 TOP Goods Switching cost 21% 29% 21% l 10% 9% 0.

NGL Fine Lowest Cost + Tech

Chem 384 TOP Chemicals knowhow 12% 15% 12% Yes 11% 11% 0.

Pharmaceutica
Divi's Lab. 83877 TOP ls Switching cost 19% 25% 21% Yes 9% 11% 0.

Solar Cyclica
Industries 9533 TOP Explosives Switching cost 20% 20% 22% l 11% 11% 0.

Balkrishna Speciality Cyclica

Inds 26378 TOP Tyres Lowest cost+scale 17% 16% 19% l 11% 4% 0.

Atul 16609 TOP IN SOME PRODUCTS Chemicals Scale+Know how 22% 27% 36% Yes 22% 9% 0.
Maithan Industrial Cyclica
Alloys 1524 TOP Goods Lowest cost+scale 18% 23% 18% l 32% 10% 0.

Technical Know Cyclica

SRF 24688 TOP 2 IN CHEM DIVISION Chemicals how+scale 22% 14% 16% l 29% 9% 0.

The Ramco Cyclica

Cement 16525 TOP 3 IN ITS REGION Cement Scale+Low cost 13% 12% 10% l 19% 8% 0.

Guj. Ambuja Starch Cyclica

Exp 2149 TOP Processing lowest cost+scale 12% 14% 11% l 13% 8% 0.

Building Cyclica
Cera Sanitary. 3141 TOP 5 Material Distribution 16% 19% 16% l 11% 8% 0.

Coffee
CCL Products 3622 TOP Processing Switching cost+Scale 18% 19% 14% Yes 12% 5% 0.

P I Industries 29772 TOP 2 Ag Chem Switching cost 19% 23% 17% Yes 12% 11% 0.

Cyclica
Delta Corp 3201 TOP Casino Licence 8% 12% 12% l 58% 20% 0.

Info Edg.
(India) 3294 TOP Internet Network effects Yes - 12% N/

AIA Industrial
Engineering 15939 TOP 2 Goods lowest cost+scale+scale 16% 19% 16% Yes 6% 6% 0.
Aarti
Industries 18620 TOP Chemicals Switching cost 19% 16% 25% Yes 21% 7% 0.

Tasty Bite Contract

Eat. 3278 TOP Manufacturing Brand+Distribution 27% 28% 30% Yes 30% 20% 0.

Morganite Switching cost+Technical Cyclica

Crucib 514 TOP Capital Goods Know how 13% 17% 16% l 16% 7% 0.

GMM Technical Know Cyclica

Pfaudler 8703 TOP 2 Capital Goods how+scale 23% 30% 21% l 30% 13% 0.

Alkyl Amines 5867 TOP 2 Amines Switching cost 42% 41% 33% Yes 33% 15% 0.

Sundram Technical Know Cyclica

Fasten. 9827 TOP IN SOME PRODUCTS Auto Anc how+scale 17% 16% 14% l 19% 3% 0.

Technical Know Cyclica

Hester Bios 1274 TOP 3 Vaccines how+scale+Lowest cost 15% 16% 14% l 19% 15% 0.

Vinati Technical Know

Organics 10263 TOP Chemicals how+scale+Lowest cost 28% 36% 26% Yes 23% 5% 0.

Amrutanjan Pharmaceutica
Healt 1411 TOP 2 IN ITS REGION ls Brand+Distribution 16% 23% 22% Yes 7% 11% 0.

APL Apollo Building

Tubes 5621 TOP Material SCALE+Lowest Cost 21% 21% 18% Yes 30% 20% 0.
Mayur Cyclica
Uniquoters 1210 TOP Auto Anc Switching cost 14% 18% 20% l 3% 0.54% 0.

Pharmaceutica
Abbott India 35841 TOP ls Brand+Distribution 26% 35% 23% Yes 21% 12% 0.

Jamna Auto Know how+Switching Cyclica

Inds. 1727 TOP Auto Anc cost 9% 15% 14% l 10% 0.61% 0.

Garware Technical
Tech. 4115 TOP Textiles Technical Know How 20% 23% 29% Yes 26% 4% 0.

Distribution+Brand+Low
ITC 244187 TOP FMCG est cost 25% 35% 47% Yes 10% 4% 0.

Astral Building Distribution+Low

PolyTechnic 16972 TOP 2 Material cost+Brand 18% 21% 16% Yes 26% 12% 0.

Indraprastha
Gas LTD 27650 TOP 2 Gas Distribution+Licence 25% 32% 29% Yes 22% 11% 0.

Mahanagar
Gas Limited 9573 TOP 3 Gas Distribution+Licence 29% 36% 30% Yes 21% 7% 0.

Hindustan
Uniliver
Limited 515379 TOP FMCG Brand+Distribution 85% 117% 96% Yes Yes 13% 4% 0.

Galaxy
Surfucatants 6612 TOP 2 Chemicals Scale 23% 23% 18% Yes 27% 6% 0.
DMCC 402 Emerging Chemicals Emerging 23% 18% 18% Yes 15% 9% 0.

Pharmaceutica
Alkem Labs 34008 NOT APPLICABLE ls Cost+Brand 19% 19% 18% Yes 25% 17%

TCS 843761 TOP IT Switching cost 37% 48% 57% Yes 10% 10%

Infosys 404130 TOP IT Switching cost 24% 33% 31% Yes 10% 11%

Sequent Only Listed Player- Animal Distribution+FMCG

Scientific Regulated Pharma Economics

Larsen&Toubr
o Infotech IT Switching Cost

Switching cost+Techical
Solara Top in some products API Know How

Technical Know
Neuland Labs Top in some products API How+Switching Cost

Dynemic
Products TOP 2 Chemicals None-working

Building
Prince Pipes Material Distribution

Lux Industries Apparel None-working