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

Air Products & Chemicals, Inc / Equity Bottom-Up

<ul><li>Air Products reported solid third-quarter fiscal 2026 results, navigating volatile market conditions to achieve a 9% increase in operating income year-over-year and delivering earnings per share of $3.47, a 12% increase that exceeded prior guidance.</li><li>Operating margins expanded to 25.6%, driven largely by volume growth, pricing improvements, and contributions from new assets coming online, particularly in Asia and the Americas, and the helium business performed better than expected.</li><li>Return on capital improved to 11.7%.</li></ul>

Air Products reported solid third-quarter fiscal 2026 results, navigating volatile market conditions to achieve a 9% increase in operating income year-over-year and delivering earnings per share of $3.47, a 12% increase that exceeded prior guidance.Operating margins expanded to 25.6%, driven largely by volume growth, pricing improvements, and contributions from new assets coming online, particularly in Asia and the Americas, and the helium business performed better than expected.Return on capital improved to 11.7%.

Air Products’ NEOM Bet Moves Forward — Can Renewable Ammonia Unlock The Next Growth Phase?

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Equity Derivatives

Air Products & Chemicals, Inc / Equity Derivatives

<ul><li>Options markets sent conflicting signals this week.</li><li>Defensive put-buying dominated earnings plays, yet a handful of names saw call positioning hit 52-week extremes.</li><li>The week of July 27 produced more than 60 high-severity options pulses, with earnings catalysts driving the bulk of the volatility in PCR readings.</li></ul>

Options markets sent conflicting signals this week.Defensive put-buying dominated earnings plays, yet a handful of names saw call positioning hit 52-week extremes.The week of July 27 produced more than 60 high-severity options pulses, with earnings catalysts driving the bulk of the volatility in PCR readings.

Options Weekly: Put Walls and Bull Bets: Options Markets Split on Earnings Week

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Inox Air, India's largest integrated gases company with a 22.4% share in FY26. Company has 31.0% market share in merchant Gases, 17.8% in on site Gas Supply.</li>
<li>It turns free air into a 51.3% EBITDA margin and also out earns Linde India.</li>
<li>The company has the highest margins and leadership among the peer group. Full IPO is OFS, nothing is added as new capex.</li>
</ul>


Inox Air, India's largest integrated gases company with a 22.4% share in FY26. Company has 31.0% market share in merchant Gases, 17.8% in on site Gas Supply.
It turns free air into a 51.3% EBITDA margin and also out earns Linde India.
The company has the highest margins and leadership among the peer group. Full IPO is OFS, nothing is added as new capex.


Selling Air: INOX Air Products Limited IPO

<ul><li>Air Products delivered second quarter fiscal 2026 results showing overall operating income growth across its segments, with earnings per share (EPS) increasing 19% year-over-year to $3.20.</li><li>This improvement was driven by higher volumes, productivity gains, favorable currency impacts, and better-than-anticipated helium volumes, particularly from aerospace activities.</li><li>The company’s operating margin expanded over 200 basis points to 23.7%, supported by strong on-site business volumes and cost efficiencies.</li></ul>

Air Products delivered second quarter fiscal 2026 results showing overall operating income growth across its segments, with earnings per share (EPS) increasing 19% year-over-year to $3.20.This improvement was driven by higher volumes, productivity gains, favorable currency impacts, and better-than-anticipated helium volumes, particularly from aerospace activities.The company’s operating margin expanded over 200 basis points to 23.7%, supported by strong on-site business volumes and cost efficiencies.

Air Products: Samsung, Semiconductors & Hydrogen—Can New Projects Offset The Darrow Uncertainty?

<ul><li>Air Products and Chemicals reported a first quarter of fiscal 2026 that reflected solid operational execution against a challenging macroeconomic backdrop, alongside ongoing portfolio repositioning and elevated project-related uncertainty.</li><li>The company delivered adjusted earnings per share of $3.16, up 10% year over year, supported by a 12% increase in adjusted operating income and margin expansion to 24.4%.</li><li>Performance was driven primarily by pricing actions, productivity initiatives, and favorable business mix, which more than offset weak volumes in certain end markets and continued headwinds in helium.</li></ul>

Air Products and Chemicals reported a first quarter of fiscal 2026 that reflected solid operational execution against a challenging macroeconomic backdrop, alongside ongoing portfolio repositioning and elevated project-related uncertainty.The company delivered adjusted earnings per share of $3.16, up 10% year over year, supported by a 12% increase in adjusted operating income and margin expansion to 24.4%.Performance was driven primarily by pricing actions, productivity initiatives, and favorable business mix, which more than offset weak volumes in certain end markets and continued headwinds in helium.

Air Products’ Pricing Power vs. Project Risk—The Quiet Battle Shaping Free Cash Flow!

United States

Air Products and Chemicals, Inc. produces industrial atmospheric and specialty gases, and performance materials and equipment. The Company's products include oxygen, nitrogen, argon, helium, specialty surfactants and amines, polyurethane, epoxy curatives and resins. Air Products and Chemicals, Inc. products are used in the beverage, health and semiconductors fields.

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Air Products & Chemicals, Inc (APD US)

Air Products’ NEOM Bet Moves Forward — Can Renewable Ammonia Unlock The Next Growth Phase?

Air Products reported solid third-quarter fiscal 2026 results, navigating volatile market conditions to achieve a 9% increase in operating income...

Baptista Research

Options Weekly: Put Walls and Bull Bets: Options Markets Split on Earnings Week

Options markets sent conflicting signals this week. Defensive put-buying dominated earnings plays, yet a handful of names saw call positioning hit...

ORTEX Market Intel

Selling Air: INOX Air Products Limited IPO

India's largest industrial gas firm, Inox Air Products held a 22.4% FY26 revenue share. Backed by 57 sites and massive infrastructure, it serves...

Sudarshan Bhandari

Air Products: Samsung, Semiconductors & Hydrogen—Can New Projects Offset The Darrow Uncertainty?

Air Products delivered second quarter fiscal 2026 results showing overall operating income growth across its segments, with earnings per share...

Baptista Research

Air Products’ Pricing Power vs. Project Risk—The Quiet Battle Shaping Free Cash Flow!

Air Products and Chemicals reported a first quarter of fiscal 2026 that reflected solid operational execution against a challenging macroeconomic...

Baptista Research

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