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

<ul><li>BorgWarner's second quarter 2026 results reflected steady performance amid a challenging automotive market environment marked by declining industry production.</li><li>The company reported sales of approximately $3.6 billion, essentially flat year-over-year, with a modest organic sales increase of 0.5% excluding the Battery Energy Systems (BES) segment.</li><li>This organic growth was slightly ahead of the weighted decline in light vehicle production attributable to BorgWarner’s geographic exposure, with transfer case volumes in North America contributing notably.</li></ul>

BorgWarner's second quarter 2026 results reflected steady performance amid a challenging automotive market environment marked by declining industry production.The company reported sales of approximately $3.6 billion, essentially flat year-over-year, with a modest organic sales increase of 0.5% excluding the Battery Energy Systems (BES) segment.This organic growth was slightly ahead of the weighted decline in light vehicle production attributable to BorgWarner’s geographic exposure, with transfer case volumes in North America contributing notably.

BorgWarner’s $650 Million Buyback Supercharges EPS Growth Amid Auto Market Weakness!

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>For this report we datamined autonomous driving technology (ADT) innovations.</li>
<li>Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener"><strong>Aptiv PLC (APTV US)</strong></a>, with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  </li>
</ul>


For this report we datamined autonomous driving technology (ADT) innovations.
Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.

Aptiv PLC (APTV US), with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  


<ul><li>BorgWarner Inc. reported first quarter 2026 sales of approximately $3.5 billion, with organic net sales—excluding declines in the Battery Energy Systems (BES) segment—down about 3% year-over-year, largely in line with decreases in global light vehicle production.</li><li>Adjusted operating income rose to $372 million, corresponding to a 10.5% adjusted operating margin, an improvement of 50 basis points compared to the previous year.</li><li>Adjusted earnings per share (EPS) increased by 12% to $1.13, benefiting from higher operating income and share repurchases exceeding $650 million over the last four quarters.</li></ul>

BorgWarner Inc. reported first quarter 2026 sales of approximately $3.5 billion, with organic net sales—excluding declines in the Battery Energy Systems (BES) segment—down about 3% year-over-year, largely in line with decreases in global light vehicle production.Adjusted operating income rose to $372 million, corresponding to a 10.5% adjusted operating margin, an improvement of 50 basis points compared to the previous year.Adjusted earnings per share (EPS) increased by 12% to $1.13, benefiting from higher operating income and share repurchases exceeding $650 million over the last four quarters.

BorgWarner’s $14.3 Billion Sales Outlook — Can New Awards Stabilize Growth?

<ul><li>BorgWarner delivered a mixed but structurally resilient performance in 2025, combining modest top-line growth with meaningful margin expansion, strong cash generation, and visible portfolio diversification efforts.</li><li>Net sales reached approximately $14.3 billion, supported by a notable increase in light vehicle electrified product sales, even as overall organic growth remained constrained by continued weakness in the battery business.</li><li>Excluding Battery and Charging Systems, organic sales growth was positive, highlighting underlying stability in the Foundational and light vehicle portfolios.</li></ul>

BorgWarner delivered a mixed but structurally resilient performance in 2025, combining modest top-line growth with meaningful margin expansion, strong cash generation, and visible portfolio diversification efforts.Net sales reached approximately $14.3 billion, supported by a notable increase in light vehicle electrified product sales, even as overall organic growth remained constrained by continued weakness in the battery business.Excluding Battery and Charging Systems, organic sales growth was positive, highlighting underlying stability in the Foundational and light vehicle portfolios.

BorgWarner: Reinventing Its Growth Model Through Electrification and Power Solutions!

<ul><li>BorgWarner's third-quarter results for 2025 reveal a mixed performance, characterized by both encouraging indicators and some ongoing challenges.</li><li>The company's organic sales growth of just over 2% indicates resilience despite external pressures, including downtime at a major European customer due to a cyber-related issue, which slightly dampened performance.</li><li>Excluding declines in the Commercial Vehicle (CV) battery and Charging Systems segment, organic sales grew approximately 4% year-over-year.</li></ul>

BorgWarner's third-quarter results for 2025 reveal a mixed performance, characterized by both encouraging indicators and some ongoing challenges.The company's organic sales growth of just over 2% indicates resilience despite external pressures, including downtime at a major European customer due to a cyber-related issue, which slightly dampened performance.Excluding declines in the Commercial Vehicle (CV) battery and Charging Systems segment, organic sales grew approximately 4% year-over-year.

BorgWarner’s Growth Engine Is Revving—But Can It Sustain Momentum Amid Industry Shifts?

United States

BorgWarner, Inc. supplies engineered systems and components, primarily for automotive powertrain applications. The Company's products are manufactured and sold worldwide, primarily to original equipment manufacturers of passenger cars, sport utility vehicles, and light trucks. BorgWarner operates manufacturing facilities in North America, Europe, and Asia.

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Borgwarner Inc (BWA US)

BorgWarner’s $650 Million Buyback Supercharges EPS Growth Amid Auto Market Weakness!

BorgWarner's second quarter 2026 results reflected steady performance amid a challenging automotive market environment marked by declining...

Baptista Research

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

BorgWarner’s $14.3 Billion Sales Outlook — Can New Awards Stabilize Growth?

BorgWarner Inc. reported first quarter 2026 sales of approximately $3.5 billion, with organic net sales—excluding declines in the Battery Energy...

Baptista Research

BorgWarner: Reinventing Its Growth Model Through Electrification and Power Solutions!

BorgWarner delivered a mixed but structurally resilient performance in 2025, combining modest top-line growth with meaningful margin expansion,...

Baptista Research

BorgWarner’s Growth Engine Is Revving—But Can It Sustain Momentum Amid Industry Shifts?

BorgWarner's third-quarter results for 2025 reveal a mixed performance, characterized by both encouraging indicators and some ongoing...

Baptista Research

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