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>Freshworks delivered its second quarter of 2026 results reporting revenue of $237.4 million, representing a 16% increase year-over-year, and achieved positive GAAP net income of $3.2 million, ahead of prior expectations.</li><li>The company sustained a non-GAAP operating margin of 24%, maintaining a Rule of 40 status for eight consecutive quarters, highlighting a balance between growth and profitability.</li><li>Adjusted free cash flow totaled $57.7 million, with a corresponding margin of approximately 24%, and the firm remains on track to meet or exceed its full-year adjusted free cash flow per share target.</li></ul>

Freshworks delivered its second quarter of 2026 results reporting revenue of $237.4 million, representing a 16% increase year-over-year, and achieved positive GAAP net income of $3.2 million, ahead of prior expectations.The company sustained a non-GAAP operating margin of 24%, maintaining a Rule of 40 status for eight consecutive quarters, highlighting a balance between growth and profitability.Adjusted free cash flow totaled $57.7 million, with a corresponding margin of approximately 24%, and the firm remains on track to meet or exceed its full-year adjusted free cash flow per share target.

Freshworks’ Freddy AI Momentum — Copilot Attach Rates Top 70% In Larger Deals!

<ul><li>Freshworks Inc. concluded the fourth quarter and full financial year of 2025 with notable achievements and challenges.</li><li>On the positive side, the company achieved profitability for the first time in its history and recorded a significant increase in free cash flow.</li><li>This financial milestone underlines Freshworks' disciplined execution, product innovation, and improved operational efficiency, which were central to its strategic goals.</li></ul>

Freshworks Inc. concluded the fourth quarter and full financial year of 2025 with notable achievements and challenges.On the positive side, the company achieved profitability for the first time in its history and recorded a significant increase in free cash flow.This financial milestone underlines Freshworks' disciplined execution, product innovation, and improved operational efficiency, which were central to its strategic goals.

Freshworks: Inside Freddy AI—What 8,000 Paying Customers Signal for Revenue Upside!

<ul><li>Freshworks' third-quarter 2025 results highlight a blend of strong revenue growth and strategic advancements in product offerings, particularly in AI and enterprise service management (ESM).</li><li>Positively, the company achieved a 15% year-over-year revenue increase, reaching $215.1 million, surpassing initial estimates.</li><li>This growth exhibits Freshworks' capacity to expand both as-reported and on a constant currency basis, coupled with a notable non-GAAP operating margin expansion to 21%.</li></ul>

Freshworks' third-quarter 2025 results highlight a blend of strong revenue growth and strategic advancements in product offerings, particularly in AI and enterprise service management (ESM).Positively, the company achieved a 15% year-over-year revenue increase, reaching $215.1 million, surpassing initial estimates.This growth exhibits Freshworks' capacity to expand both as-reported and on a constant currency basis, coupled with a notable non-GAAP operating margin expansion to 21%.

Freshworks: Freddy AI—How Agents, Copilots, & New Agentic AI Verticals Could Drive Adoption!

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<p>Headline Developments SpaceX (private) has completed the world’s first all-civilian mission to space, sending four passengers into Earth’s orbit without any professionally trained astronauts.  The mission lasted 72-hours, setting off on Wednesday last week and landing (below) on Saturday, 30 miles (48 km) east of the Kennedy Space Center in Florida (from where they launched).</p>

Headline Developments SpaceX (private) has completed the world’s first all-civilian mission to space, sending four passengers into Earth’s orbit without any professionally trained astronauts.  The mission lasted 72-hours, setting off on Wednesday last week and landing (below) on Saturday, 30 miles (48 km) east of the Kennedy Space Center in Florida (from where they launched).

<ul><li>Freshworks Inc. delivered a robust performance in its first quarter of 2025, marked by strong financial metrics that exceeded expectations.</li><li>The company's revenue rose by 19% year-over-year to $196.3 million, underpinned by both its Employee Experience (EX) and Customer Experience (CX) businesses.</li><li>The EX business was particularly notable, with Annual Recurring Revenue (ARR) surpassing $420 million, reflecting growth of 33% year-over-year.</li></ul>

Freshworks Inc. delivered a robust performance in its first quarter of 2025, marked by strong financial metrics that exceeded expectations.The company's revenue rose by 19% year-over-year to $196.3 million, underpinned by both its Employee Experience (EX) and Customer Experience (CX) businesses.The EX business was particularly notable, with Annual Recurring Revenue (ARR) surpassing $420 million, reflecting growth of 33% year-over-year.

Freshworks Inc.: Expansion in AI Utilization & Offerings Along With Evolution of Global Partner Program Driving Our Optimism!

United States

Freshworks Inc. provides software as a service platform that enables small and medium-sized businesses to support customers through e-mail, phone, website, and social networks. The Company offers multi-product support, a knowledge base, self-service portal, community forums, and tools to leverage mainstream social media for customer support. Freshworks serves customers worldwide.

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Freshworks (FRSH US)

Freshworks’ Freddy AI Momentum — Copilot Attach Rates Top 70% In Larger Deals!

Freshworks delivered its second quarter of 2026 results reporting revenue of $237.4 million, representing a 16% increase year-over-year, and...

Baptista Research

Freshworks: Inside Freddy AI—What 8,000 Paying Customers Signal for Revenue Upside!

Freshworks Inc. concluded the fourth quarter and full financial year of 2025 with notable achievements and challenges. On the positive side, the...

Baptista Research

Freshworks: Freddy AI—How Agents, Copilots, & New Agentic AI Verticals Could Drive Adoption!

Freshworks' third-quarter 2025 results highlight a blend of strong revenue growth and strategic advancements in product offerings, particularly in...

Baptista Research

Weekly Innovation Review (WIRE) #50

SpaceX (private) has completed the world’s first all-civilian mission to space, sending four passengers into Earth’s orbit without any...

Granite Bay Capital

Freshworks Inc.: Expansion in AI Utilization & Offerings Along With Evolution of Global Partner Program Driving Our Optimism!

Freshworks Inc. delivered a robust performance in its first quarter of 2025, marked by strong financial metrics that exceeded expectations. The...

Baptista Research

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