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>EPAM Systems, Inc.'s recent earnings call provides a comprehensive overview of its performance, highlighting both positives and challenges faced in the third quarter of 2025.</li><li>The company has reported strong financial results that exceeded its expectations, driven largely by a surge in demand for AI-native services and digital transformation initiatives.</li><li>This demand is underpinned by the company's strategic emphasis on modern cloud architecture and data platforms, essential components for AI deployment.</li></ul>

EPAM Systems, Inc.'s recent earnings call provides a comprehensive overview of its performance, highlighting both positives and challenges faced in the third quarter of 2025.The company has reported strong financial results that exceeded its expectations, driven largely by a surge in demand for AI-native services and digital transformation initiatives.This demand is underpinned by the company's strategic emphasis on modern cloud architecture and data platforms, essential components for AI deployment.

EPAM Emerges as a Major AI Transformation Leader With Cloud

<ul><li>EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions.</li><li>Key highlights of the report include a solid year-over-year revenue increase of 18% to $1.353 billion, with organic constant currency growth of 5.3%.</li><li>This marks the third consecutive quarter of positive organic growth amidst a challenging macroeconomic environment.</li></ul>

EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions.Key highlights of the report include a solid year-over-year revenue increase of 18% to $1.353 billion, with organic constant currency growth of 5.3%.This marks the third consecutive quarter of positive organic growth amidst a challenging macroeconomic environment.

EPAM Systems: Adaptation & Readiness for AI-Driven Transformation to Remain A Competitive Player In Delivering Cutting-Edge Solutions!

<ul><li>EPAM Systems reported its first-quarter 2025 financial performance, showing stronger-than-expected revenue growth despite a challenging economic environment.</li><li>Key highlights include the announcement of a planned leadership transition with Arkadiy Dobkin stepping down as CEO in favor of Balazs Fejes, who has been with the company for over two decades and played a crucial role in its expansion.</li><li>This transition is a strategic move, aimed at continuing the company's trajectory as a leader in AI-driven transformation.</li></ul>

EPAM Systems reported its first-quarter 2025 financial performance, showing stronger-than-expected revenue growth despite a challenging economic environment.Key highlights include the announcement of a planned leadership transition with Arkadiy Dobkin stepping down as CEO in favor of Balazs Fejes, who has been with the company for over two decades and played a crucial role in its expansion.This transition is a strategic move, aimed at continuing the company's trajectory as a leader in AI-driven transformation.

EPAM Systems Unleashes Dual Revenue Engine—Can Organic & Inorganic Strategies Deliver The Targeted 14.5% Growth?

<ul><li>EPAM Systems Inc. reported its fourth quarter and full-year 2024 performance showing mixed results, noting both achievements and challenges.</li><li>During the fourth quarter, the company experienced revenue growth of 7.9% on a reported basis, including the effects of recent acquisitions, NEORIS and First Derivative.</li><li>On an organic constant currency basis, revenue grew a modest 1% year-over-year, marking a return to organic growth for the first time since early 2023.</li></ul>

EPAM Systems Inc. reported its fourth quarter and full-year 2024 performance showing mixed results, noting both achievements and challenges.During the fourth quarter, the company experienced revenue growth of 7.9% on a reported basis, including the effects of recent acquisitions, NEORIS and First Derivative.On an organic constant currency basis, revenue grew a modest 1% year-over-year, marking a return to organic growth for the first time since early 2023.

EPAM Systems: AI, Cloud & Expansion—Is This the Next IT Powerhouse?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

United States

EPAM Systems, Inc. provides software development, outsourcing services, e-business, enterprise relationship management, and content management solutions.

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Epam Systems (EPAM US)

EPAM Emerges as a Major AI Transformation Leader With Cloud

EPAM Systems, Inc.'s recent earnings call provides a comprehensive overview of its performance, highlighting both positives and challenges faced...

Baptista Research

EPAM Systems: Adaptation & Readiness for AI-Driven Transformation to Remain A Competitive Player In Delivering Cutting-Edge Solutions!

EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions. Key...

Baptista Research

EPAM Systems Unleashes Dual Revenue Engine—Can Organic & Inorganic Strategies Deliver The Targeted 14.5% Growth?

EPAM Systems reported its first-quarter 2025 financial performance, showing stronger-than-expected revenue growth despite a challenging economic...

Baptista Research

EPAM Systems: AI, Cloud & Expansion—Is This the Next IT Powerhouse?

EPAM Systems Inc. reported its fourth quarter and full-year 2024 performance showing mixed results, noting both achievements and...

Baptista Research

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

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