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>Johnson Controls International plc reported a solid third-quarter performance in fiscal 2026, continuing the positive momentum from earlier in the year with broad-based growth, margin expansion, and improved earnings.</li><li>The company achieved a 10% organic revenue growth led by applied HVAC, systems, and services, accompanied by a 260 basis point expansion in adjusted EBIT margin to 17% and a 35% increase in adjusted EPS to $1.42.</li><li>Backlog rose over 30% to a record $21 billion, strengthening near-term visibility and enabling the company to raise its full-year guidance, now expecting approximately 8% organic revenue growth, adjusted EPS around $5.05 (35% growth), and adjusted free cash flow conversion near 100%.</li></ul>

Johnson Controls International plc reported a solid third-quarter performance in fiscal 2026, continuing the positive momentum from earlier in the year with broad-based growth, margin expansion, and improved earnings.The company achieved a 10% organic revenue growth led by applied HVAC, systems, and services, accompanied by a 260 basis point expansion in adjusted EBIT margin to 17% and a 35% increase in adjusted EPS to $1.42.Backlog rose over 30% to a record $21 billion, strengthening near-term visibility and enabling the company to raise its full-year guidance, now expecting approximately 8% organic revenue growth, adjusted EPS around $5.05 (35% growth), and adjusted free cash flow conversion near 100%.

Johnson Controls International’s $21 Billion Backlog: Can AI Cooling Sustain The Surge?

Next Generation Financial Data Tools, Calcbench

Calcbench

Next Generation Financial Data Tools

Founded in 2011, based in New York and Cambridge, MA, Calcbench is a financial data platform designed for detailed fundamental research. Created by former analysts and supported by a team of financial experts with serious credentials in Finance, Accounting, and Applied Mathematics, Calcbench helps analysts looking to go a level deeper become more productive and accurate in their financial analysis. With Calcbench, analysts can systematically access all the data (numbers and text) in financial statements, including the details hidden within the footnotes.

Forensic Accounting

<ul>
<li>So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls ($JCI) had filed its latest earnings report .</li>
<li>We started reading, and were immediately stopped short by this earnings adjustment, right there in the second bullet point: Fiscal Q4 GAAP EPS of $0.80; Q4 Adjusted EPS of $1.</li>
<li>Hold up — what cybersecurity incident? When did that happen, and what has Johnson Controls said about it so far? </li>
</ul>


So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls ($JCI) had filed its latest earnings report .
We started reading, and were immediately stopped short by this earnings adjustment, right there in the second bullet point: Fiscal Q4 GAAP EPS of $0.80; Q4 Adjusted EPS of $1.
Hold up — what cybersecurity incident? When did that happen, and what has Johnson Controls said about it so far? 


<ul><li>Johnson Controls International plc reported solid operational and financial progress in its fiscal second quarter 2026, reflecting continued demand strength notably in data centers, advanced manufacturing, and biologics sectors.</li><li>The company highlighted a 30% increase in orders following a 40% rise in the prior quarter, underscoring sustained customer interest particularly in high-performance cooling solutions.</li><li>Revenue grew 6% organically, supported by growth in Applied HVAC, service, and systems segments across key regions, with APAC sales up 13%, Americas 7%, and EMEA modestly increasing by 1%.</li></ul>

Johnson Controls International plc reported solid operational and financial progress in its fiscal second quarter 2026, reflecting continued demand strength notably in data centers, advanced manufacturing, and biologics sectors.The company highlighted a 30% increase in orders following a 40% rise in the prior quarter, underscoring sustained customer interest particularly in high-performance cooling solutions.Revenue grew 6% organically, supported by growth in Applied HVAC, service, and systems segments across key regions, with APAC sales up 13%, Americas 7%, and EMEA modestly increasing by 1%.

Johnson Controls International’s Big Break: Record Backlog, 30% Orders, And Margin Expansion!

<ul><li>Johnson Controls International is being discussed in the market because it is weighing a potential sale of its Access Control and Intrusion Detection businesses, a move that could fetch as much as $4.5 billion.</li><li>On the surface, that looks like another industrial divestiture story.</li><li>In practice, it points to something broader: the company is steadily redesigning itself around businesses that are easier to run, more tightly integrated, and more exposed to structurally attractive demand pockets.</li></ul>

Johnson Controls International is being discussed in the market because it is weighing a potential sale of its Access Control and Intrusion Detection businesses, a move that could fetch as much as $4.5 billion.On the surface, that looks like another industrial divestiture story.In practice, it points to something broader: the company is steadily redesigning itself around businesses that are easier to run, more tightly integrated, and more exposed to structurally attractive demand pockets.

Johnson Controls Isn’t Selling Assets—It’s Rebuilding For A Premium Future!

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

<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

United States

Johnson Controls, Inc. markets automotive systems and building controls.  The Company supplies seating systems, interior systems, and batteries.  Johnson Controls also provides building control systems and services, energy management, and integrated facility management, as well as provides batteries for automobiles and hybrid electric vehicles.

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Johnson Controls (JCI US)

Johnson Controls International’s $21 Billion Backlog: Can AI Cooling Sustain The Surge?

Johnson Controls International plc reported a solid third-quarter performance in fiscal 2026, continuing the positive momentum from earlier in the...

Baptista Research

Digging Into Cybersecurity Incidents

So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls...

Calcbench

Johnson Controls International’s Big Break: Record Backlog, 30% Orders, And Margin Expansion!

Johnson Controls International plc reported solid operational and financial progress in its fiscal second quarter 2026, reflecting continued...

Baptista Research

Johnson Controls Isn’t Selling Assets—It’s Rebuilding For A Premium Future!

Johnson Controls International is being discussed in the market because it is weighing a potential sale of its Access Control and Intrusion...

Baptista 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

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