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>Colgate-Palmolive Company exited 2025 with results that reflected resilience in a volatile operating environment, supported by brand strength, geographic diversification, and disciplined execution, while also highlighting several structural and cyclical challenges that continue to shape the investment outlook.</li><li>The company delivered growth in organic sales, net sales, gross profit, base business earnings per share, and free cash flow despite slower category growth, higher raw material inflation, and tariff-related pressures.</li><li>Sequential improvement in organic sales across most divisions in the fourth quarter and modest underlying volume growth indicated improved momentum heading into 2026, although performance remained uneven by region and category.</li></ul>

Colgate-Palmolive Company exited 2025 with results that reflected resilience in a volatile operating environment, supported by brand strength, geographic diversification, and disciplined execution, while also highlighting several structural and cyclical challenges that continue to shape the investment outlook.The company delivered growth in organic sales, net sales, gross profit, base business earnings per share, and free cash flow despite slower category growth, higher raw material inflation, and tariff-related pressures.Sequential improvement in organic sales across most divisions in the fourth quarter and modest underlying volume growth indicated improved momentum heading into 2026, although performance remained uneven by region and category.

Colgate-Palmolive’s 2030 Reset—Can Execution Deliver Durable Growth and Margin Resilience?

<ul><li>Colgate-Palmolive's third-quarter results provide a mixed picture of the company's current position in the consumer goods industry.</li><li>The operating environment remains challenging, with pressures such as consumer uncertainty, inflation, tariffs, and geopolitical factors impacting both sales and profit growth for Colgate-Palmolive and the broader sector.</li><li>Despite these headwinds, the company remains focused on its long-term strategic goals outlined in their 2030 strategy, which builds upon the progress achieved during the 2025 plan.</li></ul>

Colgate-Palmolive's third-quarter results provide a mixed picture of the company's current position in the consumer goods industry.The operating environment remains challenging, with pressures such as consumer uncertainty, inflation, tariffs, and geopolitical factors impacting both sales and profit growth for Colgate-Palmolive and the broader sector.Despite these headwinds, the company remains focused on its long-term strategic goals outlined in their 2030 strategy, which builds upon the progress achieved during the 2025 plan.

Colgate-Palmolive: The Hill’s Pivot—Why Exiting Private Label Could Lift Margins & Refocus the Pet Nutrition Engine!

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

<ul>
<li>Eighteen S&amp;P 500 giants earned 20%-plus ROE through the 1990s; fourteen then trailed the index into 2026, the median by about 2.7 points a year.</li>
<li>Rich starting multiples, maturing runways, eroding moats and costly deals did the damage, while leverage and buybacks had flattered some of the returns on capital.</li>
<li>Microsoft renewed its runway and Altria started cheap; today's high-return screens should ask whether returns are still rising and whether the price still allows low-teens returns.</li>
</ul>


Eighteen S&amp;P 500 giants earned 20%-plus ROE through the 1990s; fourteen then trailed the index into 2026, the median by about 2.7 points a year.
Rich starting multiples, maturing runways, eroding moats and costly deals did the damage, while leverage and buybacks had flattered some of the returns on capital.
Microsoft renewed its runway and Altria started cheap; today's high-return screens should ask whether returns are still rising and whether the price still allows low-teens returns.


After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The FMCG sector stands at the cusp of a structural reset as the GST Council rolls out GST 2.0.</li><li>The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and luxury goods.</li><li>Effective 22nd September, 2025, the timing ahead of the festive season is expected to spur affordability and lift consumption.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The FMCG sector stands at the cusp of a structural reset as the GST Council rolls out GST 2.0.The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and luxury goods.Effective 22nd September, 2025, the timing ahead of the festive season is expected to spur affordability and lift consumption.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumption Sector - GST 2.0: Powers the Next Leg of Growth and Reshapes the FMCG Landscape

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen in Q3FY24</li><li>While urban markets continue to outgrow rural markets, price rollbacks on softening commodity inflation have aided the narrowing of the gap</li><li>Nonetheless, we expect a gradual recovery in CY2024, led by (1) moderating inflation, (2) government spending, (3) a positive outlook for rabi crop harvest, (4) conducive consumer pricing across categories, and (5) expectation of normal monsoon</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen in Q3FY24While urban markets continue to outgrow rural markets, price rollbacks on softening commodity inflation have aided the narrowing of the gapNonetheless, we expect a gradual recovery in CY2024, led by (1) moderating inflation, (2) government spending, (3) a positive outlook for rabi crop harvest, (4) conducive consumer pricing across categories, and (5) expectation of normal monsoonContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG/Alco Bev & QSR - Challenging Demand Environment

United States

Colgate-Palmolive Company is a consumer products company that markets its products throughout the world.  The Company's products include toothpaste, toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid, and laundry products, as well as pet nutrition products for cats and dogs.

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Colgate Palmolive Co (CL US)

Colgate-Palmolive’s 2030 Reset—Can Execution Deliver Durable Growth and Margin Resilience?

Colgate-Palmolive Company exited 2025 with results that reflected resilience in a volatile operating environment, supported by brand strength,...

Baptista Research

Colgate-Palmolive: The Hill’s Pivot—Why Exiting Private Label Could Lift Margins & Refocus the Pet Nutrition Engine!

Colgate-Palmolive's third-quarter results provide a mixed picture of the company's current position in the consumer goods industry. The operating...

Baptista Research

After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

In 2000, America's highest-return giants looked like the safest quality stocks. Most then lagged the market for 25 years. Several warning signs...

Urbem Capital

Consumption Sector - GST 2.0: Powers the Next Leg of Growth and Reshapes the FMCG Landscape

The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and...

Axis Direct

FMCG/Alco Bev & QSR - Challenging Demand Environment

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen...

HDFC Securities

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