Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Honeywell completed the spin-off of Solstice Advanced Materials Inc. on October 30, 2025.</li>
<li>Both the parent and the spin-off commenced regular-way trading from October 30, 2025. On the first day of trading, parent lost 0.84%, while spin-off gained 0.29%.</li>
<li>On an overall basis, HON (consolidated) gained 2.6% since the spin-off announcement on October 8, 2024, underperforming the S&amp;P 500’s which gained 18.6% gain over the same period.</li>
</ul>


Honeywell completed the spin-off of Solstice Advanced Materials Inc. on October 30, 2025.
Both the parent and the spin-off commenced regular-way trading from October 30, 2025. On the first day of trading, parent lost 0.84%, while spin-off gained 0.29%.
On an overall basis, HON (consolidated) gained 2.6% since the spin-off announcement on October 8, 2024, underperforming the S&amp;P 500’s which gained 18.6% gain over the same period.


Update - Honeywell Completes the Spin-Off of Solstice; Regular-Way Trading Commences

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>HD Fire Protect is entering the public market through an entirely secondary offer  worth Rs. 712.31 crore at the upper price band. Subscription is scheduled for 13–15 October 2026. </li>
<li>A specialised maker of sprinklers, valves, foam systems and engineered fire-protection equipment, the company combines broad international product approvals with exports to more than 90 countries. </li>
<li>FY26 operating EBITDA margin of 30.75% and RoCE of approximately 40.3% indicate a comparatively profitable, capital-efficient franchise; nevertheless, FY26 PAT increased only 6.4%, and margin pressure continued in Q1 FY27.</li>
</ul>


HD Fire Protect is entering the public market through an entirely secondary offer  worth Rs. 712.31 crore at the upper price band. Subscription is scheduled for 13–15 October 2026. 
A specialised maker of sprinklers, valves, foam systems and engineered fire-protection equipment, the company combines broad international product approvals with exports to more than 90 countries. 
FY26 operating EBITDA margin of 30.75% and RoCE of approximately 40.3% indicate a comparatively profitable, capital-efficient franchise; nevertheless, FY26 PAT increased only 6.4%, and margin pressure continued in Q1 FY27.


HD Fire Protect IPO: A High-Margin Export Franchise

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.</li><li>Honeywell (HON)  spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.</li><li><p>Solstice was added to the S&amp;P 500 and performed well on its first day of trading before selling off on Friday.</p><figure class="editor-figure mceNonEditable"></figure></li></ul>

This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.Honeywell (HON)  spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.Solstice was added to the S&amp;P 500 and performed well on its first day of trading before selling off on Friday.

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.

Honeywell International / Equity Bottom-Up

<ul><li>Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.</li><li>Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.</li><li>Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.</li></ul>

Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!

<ul>
<li>Honeywell will complete the tax-free spin-off of its Advanced Materials division as Solstice Advanced Materials Inc. (Nasdaq: SOLS) on October 30, 2025.</li>
<li>We value HON(ex-SOLS) at $228/share on a SOTP basis. We value Solstice at $60/share based on 10.9× FY2026E EBITDA of $1.0B, implying ~31% upside to the when-issued price of $45.75</li>
<li>SOLS has greater upside potential at current levels. Given its smaller market capitalization, index rebalancing flows post-listing could trigger near-term technical selling pressure, which may provide even better entry point.</li>
</ul>


Honeywell will complete the tax-free spin-off of its Advanced Materials division as Solstice Advanced Materials Inc. (Nasdaq: SOLS) on October 30, 2025.
We value HON(ex-SOLS) at $228/share on a SOTP basis. We value Solstice at $60/share based on 10.9× FY2026E EBITDA of $1.0B, implying ~31% upside to the when-issued price of $45.75
SOLS has greater upside potential at current levels. Given its smaller market capitalization, index rebalancing flows post-listing could trigger near-term technical selling pressure, which may provide even better entry point.


Honeywell International (Nasdaq: HON) To Spin-Off Solstice on October 30

United States

Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

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Honeywell International (HON US)

Update - Honeywell Completes the Spin-Off of Solstice; Regular-Way Trading Commences

The initial analysis on Solstice Advanced Materials has played out as expected, with the stock reaching our stated target price. With the initial...

GSBR Research

HD Fire Protect IPO: A High-Margin Export Franchise

HD Fire protect IPO: A Specialised, niche and India's 2nd Largest Fire Protect Equipment manufacturer with moat of certification and Product...

Sudarshan Bhandari

Weekly Update (WDC, AAF, LBTYA, LEN)

This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week. Honeywell (HON) spun off 100% of its Advanced Materials...

Richard Howe

Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!

Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic...

Baptista Research

Honeywell International (Nasdaq: HON) To Spin-Off Solstice on October 30

Honeywell to spin off Advanced Materials division as Solstice Advanced Materials Inc. on October 30, 2025. We values Solstice at $60/share with...

GSBR Research

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52-week Range

Market Cap (USDm)

P/E

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Update - Honeywell Completes the Spin-Off of Solstice; Regular-Way Trading Commences

The initial analysis on Solstice Advanced Materials has played out as expected, with the stock reaching our stated target price. With the initial...

GSBR Research

HD Fire Protect IPO: A High-Margin Export Franchise

HD Fire protect IPO: A Specialised, niche and India's 2nd Largest Fire Protect Equipment manufacturer with moat of certification and Product...

Sudarshan Bhandari

Weekly Update (WDC, AAF, LBTYA, LEN)

This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week. Honeywell (HON) spun off 100% of its Advanced Materials...

Richard Howe

Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!

Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic...

Baptista Research

Honeywell International (Nasdaq: HON) To Spin-Off Solstice on October 30

​Honeywell to spin off Advanced Materials division as Solstice Advanced Materials Inc. on October 30, 2025. We values Solstice at $60/share with...

GSBR Research

Honeywell to spin off Advanced Materials division as Solstice Advanced Materials Inc. on October 30, 2025. We values Solstice at $60/share with...