Independent Research · Established 2026 · Noida
Swapnil's Research Lab
Exploring the ideas, systems, and decisions behind companies.
Every exceptional company leaves behind clues. Swapnil's Research Lab is my attempt to collect them, connect them, and understand what they reveal about building and running businesses.
Latest
What makes exceptional companies exceptional?
Each dossier and field note is another attempt to answer one enduring question. Newest first.
Notes on Durable Advantage
Why so much of what looks like a moat is really just momentum.
Ultraviolette
How premium Indian hardware brands get built.
Wirecard
The accounting signals everyone ignored.
Microsoft
Why capital allocation compounds better than revenue growth.
Finance as a Product
Rethinking the operating system of the modern finance function.
An Investment Memo, Annotated
What a good private-market memo actually argues.
Nvidia
How a graphics company became infrastructure.
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