Blogs

Titan Biotech's FY25 board paid ₹4.56 Cr across 5 directors — on zero raises during a down year. We decode Section 197, the CEO-to-median ratio (20.84:1), and the four-point forensic checklist every Indian value investor must apply to small-cap governance.

Michael Porter's Five Forces framework decodes industry structure before stock selection. Rivalry, entry barriers, supplier and buyer power, and substitutes determine whether industries create or destroy capital — the upstream reason moats like switching costs and pricing power even exist.

Switching costs are the silent, stubborn moat that locks Indian customers into quality suppliers — a regulatory, procedural, or behavioural friction that makes leaving a supplier more expensive than staying. Here is the complete 6-type framework, 5-signal checklist, and real-world Indian case files every value investor must master.