India, May 2 -- In Indian markets, large companies often attract the most attention because of scale, visibility, and liquidity. But some of the strongest business models operate quietly in specialised corners of the economy where market leadership is built not through size, but through capability.

These companies may be smaller in market capitalisation, but they often operate in segments where competition is limited, customer relationships are sticky, and technical expertise creates natural barriers to entry. That is where true moats begin to form.

A moat is not just a brand name. It is a durable advantage that makes it difficult for competitors to replicate the business. It could come from complex manufacturing know-how, regulatory a...