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

BioNTech SE provides biotechnological solutions. The Company develops various types of treatments for cancer patients' tumors. BioNTech serves customers worldwide.

<ul>
<li>BioNTech SE’s second quarter of 2026 results reflect a company in transition, moving from its origins as a pioneering mRNA vaccine developer toward a diversified multiproduct biopharmaceutical organization, with a strong focus on oncology.</li>
<li>Leadership changes were announced with Guido Oelkers set to assume the CEO role by early 2027, bringing experience in strategic scaling and global commercialization, signaling the company’s intent to accelerate expansion and operational efficiency.</li>
<li>Operationally, BioNTech reported revenues of €106 million for Q2 2026, a decline from €261 million the prior year, largely due to reduced demand for its COVID-19 vaccine, particularly in the U.S., and reduced milestone payments.</li>
</ul>


BioNTech SE’s second quarter of 2026 results reflect a company in transition, moving from its origins as a pioneering mRNA vaccine developer toward a diversified multiproduct biopharmaceutical organization, with a strong focus on oncology.
Leadership changes were announced with Guido Oelkers set to assume the CEO role by early 2027, bringing experience in strategic scaling and global commercialization, signaling the company’s intent to accelerate expansion and operational efficiency.
Operationally, BioNTech reported revenues of €106 million for Q2 2026, a decline from €261 million the prior year, largely due to reduced demand for its COVID-19 vaccine, particularly in the U.S., and reduced milestone payments.


BioNTech Is Moving Beyond COVID — Three Oncology Programs Could Define What Comes Next!

Moderna, Inc. operates as a biotechnology company. The Company focuses on the discovery and development of messenger RNA therapeutics and vaccines. Moderna develops mRNA medicines for infectious, immuno-oncology, and cardiovascular diseases.

<ul><li>Moderna, Inc. reported its second quarter 2026 financial results along with progress updates on its commercial profile and development pipeline.</li><li>The company generated $145 million in revenue for the quarter, slightly exceeding guidance and marking a 2% increase year-over-year.</li><li>The geographic revenue mix shifted towards 60% U.S. and 40% international in the quarter, with international revenues supported by strategic partnerships.</li></ul>

Moderna, Inc. reported its second quarter 2026 financial results along with progress updates on its commercial profile and development pipeline.The company generated $145 million in revenue for the quarter, slightly exceeding guidance and marking a 2% increase year-over-year.The geographic revenue mix shifted towards 60% U.S. and 40% international in the quarter, with international revenues supported by strategic partnerships.

Moderna’s Flu Vaccine Milestone Adds Another Catalyst Beyond COVID!

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Molbio Diagnostics Limited / Equity Capital Markets

Molbio Diagnostics Limited is looking to raise about US$229m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and Motilal.

Molbio Diagnostics is a healthcare technology company specializing in point-of-care molecular diagnostics. Its flagship product, the Truenat platform, is a portable, battery-operated PCR testing system used for the rapid detection of infectious and some non-communicable diseases. The company sells two main types of products: (1) hardware devices such as the Trueprep sample preparation unit and the Truelab PCR analyzers and (2) consumable test kits tailored to detect specific diseases. 

Truenat’s menu spans testing for more than 30 diseases, including tuberculosis, COVID-19, HIV, hepatitis B and C, HPV, malaria, and other infectious conditions. As of FY25, Molbio has deployed over 10,000 devices across more than 80 countries, though its revenue base remains primarily domestic, with ~80% of revenue from India and the remaining 20% from international markets such as Nigeria, Bangladesh, and Indonesia. The company operates five manufacturing facilities in India.

<ul>
<li>Molbio offers one of the only two WHO approved novel portable point-of-care (“POC”) molecular diagnostics platform 'Trunat' which covers In Vitro testing for 30 diseases today with 43 assays</li>
<li>After post-COVID dip, revenue trajectory improved in FY26 despite lower demand due from Global AID mandates. FY26 rev grew 45% with 22% opmargins. Molbio's acquisitions are now expected to ramp-up</li>
<li>IPO has been priced aggressively at 56x FY26 earnings at par with Indian diagnostics players. Valuations appear full and demand strong near term delivery</li>
</ul>


Molbio offers one of the only two WHO approved novel portable point-of-care (“POC”) molecular diagnostics platform 'Trunat' which covers In Vitro testing for 30 diseases today with 43 assays
After post-COVID dip, revenue trajectory improved in FY26 despite lower demand due from Global AID mandates. FY26 rev grew 45% with 22% opmargins. Molbio's acquisitions are now expected to ramp-up
IPO has been priced aggressively at 56x FY26 earnings at par with Indian diagnostics players. Valuations appear full and demand strong near term delivery


Molbio IPO Review: Point Of Care Medtech - Recovering from Post-COVID Blues

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

CORONA CORPORATION manufactures and sells air-conditioners, heaters, and household equipment.  The products include oil-heating units, air purifiers, humidifiers, and water heaters.

<ul>
 <li>
<a href="https://smartkarma.com/entities/corona-corp">Corona Corp</a> is a long-established Japanese manufacturer of heating appliances, air conditioners, and household equipment, with a strong brand reputation, particularly in the kerosene heater market.</li>
 <li>The company faces significant headwinds, including stagnant revenue, declining net income, and persistently negative operating and free cash flows over the last three years, indicating pressure on profitability and operational efficiency.</li>
 <li>While the company maintains a consistent dividend payout, its growth prospects appear limited due to its reliance on the mature Japanese domestic market and a lack of significant product innovation or market expansion.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Corona Corp is a long-established Japanese manufacturer of heating appliances, air conditioners, and household equipment, with a strong brand reputation, particularly in the kerosene heater market.
  The company faces significant headwinds, including stagnant revenue, declining net income, and persistently negative operating and free cash flows over the last three years, indicating pressure on profitability and operational efficiency.
  While the company maintains a consistent dividend payout, its growth prospects appear limited due to its reliance on the mature Japanese domestic market and a lack of significant product innovation or market expansion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Corona Remedies Limited is an Indian pharmaceutical company primarily focused on domestic formulations, with a high concentration in chronic and women's healthcare segments. The company develops, manufactures, and markets a diversified portfolio of prescription-based medicines across therapeutic areas including women's healthcare, cardiology, diabetology, pain management, and urology. Corona Remedies is headquartered in Ahmedabad, Gujarat, India, and was founded in 2004.

<ul>
 <li>
<a href="https://smartkarma.com/entities/corona-remedies-limited">Corona Remedies</a> is a rapidly growing, India-focused pharmaceutical company with a strong position in high-growth chronic and sub-chronic therapeutic areas like women's healthcare, cardio-diabetology, and pain management.</li>
 <li>The company has consistently outpaced the Indian Pharmaceutical Market (IPM) growth, driven by a successful strategy of building strong domestic brands and supplementing organic growth with strategic acquisitions of established brands from multinational corporations.</li>
 <li>While demonstrating robust financial performance with significant revenue growth and margin expansion, the company's stock trades at a premium valuation compared to peers, which may be a key consideration for investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Corona Remedies is a rapidly growing, India-focused pharmaceutical company with a strong position in high-growth chronic and sub-chronic therapeutic areas like women's healthcare, cardio-diabetology, and pain management.
  The company has consistently outpaced the Indian Pharmaceutical Market (IPM) growth, driven by a successful strategy of building strong domestic brands and supplementing organic growth with strategic acquisitions of established brands from multinational corporations.
  While demonstrating robust financial performance with significant revenue growth and margin expansion, the company's stock trades at a premium valuation compared to peers, which may be a key consideration for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Corona Remedies (CORONA IN) - Aug 2026

On the impact of Coronavirus and COVID-19