Asian Paints is India’s largest decorative paints company with a 65% market share in the segment compared with 15% for its closest competitor Kansai Nerolac, reflecting its unassailable position. The 75-year-old company’s moat is its strong relationship with distributors and a powerful brand association nurtured over decades.
Kotak Mahindra Bank has all the trappings that define a high quality bank – a strong management, durable fee business, and pristine asset quality owing to a well-defined loan-book construct. It’s a trusted consumer brand with all financial product offerings.
HDFC Bank has an impeccable record of consistent growth in earnings – 25% over the past 10 years – while maintaining its asset quality. Its retail loans constitute more than 50% of its total book, and even within its wholesale loans it has maintained a low proportion of corporate advances, which has time and again been a source of stress for Indian banks. Low cost deposits (current and savings accounts) account for 48% which is the highest in the industry.
If a mechanic were to ask a car owner the make of his four-wheeler battery, without even checking, 99% would say it’s Exide. That’s the recall it has. Automotive batteries in India is a duopoly and Exide’s moat is being tested by rival Amara Raja, which has