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>Darling Ingredients Inc. reported significantly improved financial results for the second quarter of 2026, reflecting a more favorable operating environment than initially projected.</li><li>Key drivers of the performance included strengthened finished product markets, rising fat and protein prices, and positive trade developments.</li><li>The company recorded combined adjusted EBITDA of approximately $742 million, nearly tripling from the $250 million reported in the same prior-year quarter.</li></ul>

Darling Ingredients Inc. reported significantly improved financial results for the second quarter of 2026, reflecting a more favorable operating environment than initially projected.Key drivers of the performance included strengthened finished product markets, rising fat and protein prices, and positive trade developments.The company recorded combined adjusted EBITDA of approximately $742 million, nearly tripling from the $250 million reported in the same prior-year quarter.

Darling Ingredients' $389 Million Renewable Diesel Powerhouse — Diamond Green Diesel Delivers!

<ul><li>Darling Ingredients Inc. reported first quarter 2026 results that indicate a notably improved operating environment compared to prior years marked by policy uncertainty and commodity market volatility.</li><li>The company achieved combined adjusted EBITDA of $406.8 million, significantly up from $196 million in the same quarter a year earlier and $336 million in the preceding quarter.</li><li>This improvement was driven by steady volumes and margin expansion in its core ingredients business, along with stronger performance from its renewable diesel joint venture, Diamond Green Diesel (DGD).</li></ul>

Darling Ingredients Inc. reported first quarter 2026 results that indicate a notably improved operating environment compared to prior years marked by policy uncertainty and commodity market volatility.The company achieved combined adjusted EBITDA of $406.8 million, significantly up from $196 million in the same quarter a year earlier and $336 million in the preceding quarter.This improvement was driven by steady volumes and margin expansion in its core ingredients business, along with stronger performance from its renewable diesel joint venture, Diamond Green Diesel (DGD).

Darling Ingredients Faces Commodity Volatility Despite $406.8 Million EBITDA Recovery; What's Next?

<ul><li>Darling Ingredients Inc. reported its financial results for the fourth quarter and fiscal year 2025, reflecting a year marked by challenges including changes in renewables public policy and volatility in global trade tariffs.</li><li>Despite these headwinds, the company demonstrated improvements in several key financial metrics and operational performance.</li><li>For the quarter, combined adjusted EBITDA increased to $336.1 million from $289 million in the same period the prior year, driven largely by growth in the Global Ingredients segment, which posted $278.2 million in EBITDA.</li></ul>

Darling Ingredients Inc. reported its financial results for the fourth quarter and fiscal year 2025, reflecting a year marked by challenges including changes in renewables public policy and volatility in global trade tariffs.Despite these headwinds, the company demonstrated improvements in several key financial metrics and operational performance.For the quarter, combined adjusted EBITDA increased to $336.1 million from $289 million in the same period the prior year, driven largely by growth in the Global Ingredients segment, which posted $278.2 million in EBITDA.

Darling Ingredients Is Expanding Globally In Biofuels—Why Demand From Europe And Canada Matters!

<ul><li>Darling Ingredients has announced a definitive agreement to merge its Rousselot collagen and gelatin business with Tessenderlo Group’s PB Leiner unit, forming a new joint venture expected to close in 2026.</li><li>This deal—structured with no upfront cash or investment—will see Darling holding an 85% stake and Tessenderlo the remaining 15%.</li><li>The combined entity will command approximately $1.5 billion in annual revenue and boast a 200,000 metric ton capacity across 22 facilities worldwide.</li></ul>

Darling Ingredients has announced a definitive agreement to merge its Rousselot collagen and gelatin business with Tessenderlo Group’s PB Leiner unit, forming a new joint venture expected to close in 2026.This deal—structured with no upfront cash or investment—will see Darling holding an 85% stake and Tessenderlo the remaining 15%.The combined entity will command approximately $1.5 billion in annual revenue and boast a 200,000 metric ton capacity across 22 facilities worldwide.

Darling Ingredients Ditches Diesel Drama for Collagen Control—Smart Move?

<ul><li>Darling Ingredients Inc. recently shared its third-quarter results for 2025, presenting a mixed picture of its financial and operational performance.</li><li>The company's Global Ingredients business showed resilience with solid demand driving its strongest performance in over 18 months.</li><li>The core ingredients segment, consisting of Feed, Food, and the Global Ingredients division, exhibited improved year-over-year performance, but operational challenges in the renewables sector, especially in the Diamond Green Diesel (DGD) joint venture, weighed down the overall picture.</li></ul>

Darling Ingredients Inc. recently shared its third-quarter results for 2025, presenting a mixed picture of its financial and operational performance.The company's Global Ingredients business showed resilience with solid demand driving its strongest performance in over 18 months.The core ingredients segment, consisting of Feed, Food, and the Global Ingredients division, exhibited improved year-over-year performance, but operational challenges in the renewables sector, especially in the Diamond Green Diesel (DGD) joint venture, weighed down the overall picture.

Darling Ingredients: Is a Tightening RIN Market About to Rewrite the Company’s Future?

United States

Darling Ingredients Inc. collects and recycles animal processing by-products and used restaurant cooking oil.  The Company also provides grease trap collection services to restaurants.  Darling processes such raw materials into finished products such as tallow, meat and bone meal, and yellow grease for sale in the United States and overseas.

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Darling Ingredients (DAR US)

Darling Ingredients' $389 Million Renewable Diesel Powerhouse — Diamond Green Diesel Delivers!

Darling Ingredients Inc. reported significantly improved financial results for the second quarter of 2026, reflecting a more favorable operating...

Baptista Research

Darling Ingredients Faces Commodity Volatility Despite $406.8 Million EBITDA Recovery; What's Next?

Darling Ingredients Inc. reported first quarter 2026 results that indicate a notably improved operating environment compared to prior years marked...

Baptista Research

Darling Ingredients Is Expanding Globally In Biofuels—Why Demand From Europe And Canada Matters!

Darling Ingredients Inc. reported its financial results for the fourth quarter and fiscal year 2025, reflecting a year marked by challenges...

Baptista Research

Darling Ingredients Ditches Diesel Drama for Collagen Control—Smart Move?

Darling Ingredients has announced a definitive agreement to merge its Rousselot collagen and gelatin business with Tessenderlo Group’s PB Leiner...

Baptista Research

Darling Ingredients: Is a Tightening RIN Market About to Rewrite the Company’s Future?

Darling Ingredients Inc. recently shared its third-quarter results for 2025, presenting a mixed picture of its financial and operational...

Baptista Research

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