India, June 25 -- In most businesses, winning a customer is only half the battle. Keeping them is the other half, and often the harder one. But a handful of companies operate in spaces where the second half barely feels like a battle at all. Their customers don't leave not because of aggressive retention strategies or loyalty programs, but because the cost, complexity, or regulatory friction of switching is so high that staying is simply the rational choice. These are businesses built on structural stickiness, and they tend to generate compounding value over very long cycles.'

1. CDSL Central Depository Services Limited is one of the two depositories in India which maintains electronic records of securities on behalf of millions of inve...