Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Donaldson Company, Inc. manufactures filtration systems and replacement parts. The Company's products include filters and emission control products for heavy duty mobile equipment, in-plant air cleaning systems, air intake systems for industrial gas turbines, and specialized filters for computer disk drives, aircraft cabins, and semiconductors. Donaldson operates around the world.

<ul><li>Donaldson Company delivered a solid first-quarter performance that reflected steady execution across most of its core businesses, while also highlighting areas where growth remains uneven.</li><li>Management emphasized that results were supported by the company’s long-standing filtration-focused business model, particularly the recurring aftermarket component, which continued to provide resilience despite mixed end-market conditions.</li><li>Sales reached a first-quarter record level, supported by growth in Mobile Solutions, Life Sciences, and select Industrial end markets, while operating margins expanded due to expense discipline and cost optimization initiatives.</li></ul>

Donaldson Company delivered a solid first-quarter performance that reflected steady execution across most of its core businesses, while also highlighting areas where growth remains uneven.Management emphasized that results were supported by the company’s long-standing filtration-focused business model, particularly the recurring aftermarket component, which continued to provide resilience despite mixed end-market conditions.Sales reached a first-quarter record level, supported by growth in Mobile Solutions, Life Sciences, and select Industrial end markets, while operating margins expanded due to expense discipline and cost optimization initiatives.

Donaldson Company: What’s Behind the Quiet Margin Expansion Story!

GE Vernova Inc is an electric power company. The Company designs, manufactures, and delivers electric power systems and services that generate, transfer, orchestrate, convert, and store electricity. GE Vernova serves customers globally.

<ul><li>GE Vernova has defied initial skepticism to become one of the best-performing large-cap stocks since its April 2024 debut.</li><li>The company, initially dismissed as a sluggish, low-margin power generation business, has rallied nearly 400% post-spinoff, eclipsing returns from high-flying tech names like Nvidia and even Bitcoin.</li><li>This surge came to a head in mid-December 2025, when Vernova's management issued blockbuster guidance, sending shares up 16% in a single session.</li></ul>

GE Vernova has defied initial skepticism to become one of the best-performing large-cap stocks since its April 2024 debut.The company, initially dismissed as a sluggish, low-margin power generation business, has rallied nearly 400% post-spinoff, eclipsing returns from high-flying tech names like Nvidia and even Bitcoin.This surge came to a head in mid-December 2025, when Vernova's management issued blockbuster guidance, sending shares up 16% in a single session.

GE Vernova’s Wild Ride: From Wall Street Doubt to 400% Gains!

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Kajaria Ceramics Limited manufactures glazed and unglazed ceramic tiles. The Company sells its products in India and it also exports them to other countries.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kajaria-ceramics-ltd" target="_blank" data-smartkarma-citation="entities:13916:1" rel="noopener">Kajaria Ceramics (KJC IN)</a> is in the limelight after it reported a fraudulent activity in its step-down subsidiary, KGPL. </li>
<li>The funds were embezzled and siphoned by CFO of its subsidiary over a period of two years. Amount involved was INR 200 mn, corresponding to 6-7% of consolidated FY25 PAT. </li>
<li>This raises questions on both internal controls and role of statutory auditors. Also, we note a very high gross PPE turnover ratio in KGPL which leads doubt on revenue recognition/capex.</li>
</ul>



Kajaria Ceramics (KJC IN) is in the limelight after it reported a fraudulent activity in its step-down subsidiary, KGPL. 
The funds were embezzled and siphoned by CFO of its subsidiary over a period of two years. Amount involved was INR 200 mn, corresponding to 6-7% of consolidated FY25 PAT. 
This raises questions on both internal controls and role of statutory auditors. Also, we note a very high gross PPE turnover ratio in KGPL which leads doubt on revenue recognition/capex.


Kajaria Ceramics Fraud- Capex and Control Failure

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>Over 200 drug samples fail quality checks in November 2025</li>
<li>Titan expects watch business' revenue to touch USD 1 billion in next 2 yrs</li>
<li>Indian Railways fails to recover Rs.40.9 bln from private siding owners: CAG report</li>
</ul>


Over 200 drug samples fail quality checks in November 2025
Titan expects watch business' revenue to touch USD 1 billion in next 2 yrs
Indian Railways fails to recover Rs.40.9 bln from private siding owners: CAG report


HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The appreciation of Rmb will bring benefits to some companies. With a lower USD rate and an inflow of funds to China, this trend is expected to continue into 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/h-world-group-ltd" target="_blank" data-smartkarma-citation="entities:33487:1" rel="noopener">H World Group (1179 HK)</a>, <a href="https://www.smartkarma.com/entities/china-everbright-environment-group-limited" target="_blank" data-smartkarma-citation="entities:15946:1" rel="noopener">China Everbright Environment (257 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a> are the most likely ones to gain the most.</li>
<li>The newly listed companies in Hong Kong are exposed due to the translation of massive HKD proceeds to Rmb, with the impact on <a href="https://www.smartkarma.com/entities/sicc-co-ltd-e5b2bacc-ed46-4d8e-bfb1-ff952e730eae" target="_blank" data-smartkarma-citation="entities:45752:1" rel="noopener">SICC (2631 HK)</a> being the heaviest. </li>
</ul>


The appreciation of Rmb will bring benefits to some companies. With a lower USD rate and an inflow of funds to China, this trend is expected to continue into 2026.

H World Group (1179 HK), China Everbright Environment (257 HK), and China National Building Material (3323 HK) are the most likely ones to gain the most.
The newly listed companies in Hong Kong are exposed due to the translation of massive HKD proceeds to Rmb, with the impact on SICC (2631 HK) being the heaviest. 


China Strategy: Revisiting the Rmb Appreciation Story