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>nCino, Inc. reported its second quarter fiscal year 2027 results with total revenues reaching $161 million, reflecting an 8% year-over-year increase.</li><li>Subscription revenues grew 10% year-over-year to $143.5 million, with a 12% growth rate when excluding the U.S. mortgage segment, which faced a slight decline of 1%.</li><li>Non-U.S. revenues accounted for $36.4 million, up 9% year-over-year, supported by a 13% growth in non-U.S. subscription revenues despite minor foreign exchange headwinds.</li></ul>

nCino, Inc. reported its second quarter fiscal year 2027 results with total revenues reaching $161 million, reflecting an 8% year-over-year increase.Subscription revenues grew 10% year-over-year to $143.5 million, with a 12% growth rate when excluding the U.S. mortgage segment, which faced a slight decline of 1%.Non-U.S. revenues accounted for $36.4 million, up 9% year-over-year, supported by a 13% growth in non-U.S. subscription revenues despite minor foreign exchange headwinds.

nCino’s AI Adoption Doubles — Can 230+ Customers Turn Into A Real Revenue Engine?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/ncino-inc">nCino</a> is a leading cloud-based banking software provider, offering a unified platform that helps financial institutions modernize and streamline operations, from customer onboarding and loan origination to deposit account opening.</li>
  <li>The company is demonstrating a successful transition from a high-growth, loss-making entity to a more disciplined, profitable enterprise, as evidenced by recent GAAP profitability and strong operating cash flow generation.</li>
  <li>Future growth is expected to be driven by international expansion, deeper penetration into existing enterprise clients with a 'land-and-expand' strategy, and continued innovation, particularly in AI-powered solutions to enhance efficiency and risk management for banks.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
nCino is a leading cloud-based banking software provider, offering a unified platform that helps financial institutions modernize and streamline operations, from customer onboarding and loan origination to deposit account opening.
  The company is demonstrating a successful transition from a high-growth, loss-making entity to a more disciplined, profitable enterprise, as evidenced by recent GAAP profitability and strong operating cash flow generation.
  Future growth is expected to be driven by international expansion, deeper penetration into existing enterprise clients with a 'land-and-expand' strategy, and continued innovation, particularly in AI-powered solutions to enhance efficiency and risk management for banks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>The report from nCino, Inc. for the first quarter of fiscal year 2027 highlights its ongoing transition toward AI-powered banking solutions, alongside steady revenue growth and operational efficiencies.</li><li>The company reported total revenues of $159.4 million, marking an 11% increase year-over-year, with subscription revenues up 12%, supported in part by a favorable foreign currency impact and mortgage business growth.</li><li>Notably, non-U.S. subscription revenues grew 21% year-over-year, reflecting expanding international adoption.</li></ul>

The report from nCino, Inc. for the first quarter of fiscal year 2027 highlights its ongoing transition toward AI-powered banking solutions, alongside steady revenue growth and operational efficiencies.The company reported total revenues of $159.4 million, marking an 11% increase year-over-year, with subscription revenues up 12%, supported in part by a favorable foreign currency impact and mortgage business growth.Notably, non-U.S. subscription revenues grew 21% year-over-year, reflecting expanding international adoption.

nCino’s $159.4 Million Quarter: AI Momentum Meets Mortgage Pressure!

<ul><li>nCino, Inc., a company focused on providing cloud banking solutions to financial institutions, reported its financial results for the third quarter of the fiscal year 2026.</li><li>The company, under the leadership of CEO Sean Desmond and CFO Greg Orenstein, highlighted both achievements and challenges in the quarter, with a focus on their strategic initiatives and financial performance.</li><li>nCino reported total revenues of $152.2 million for Q3, representing a year-over-year increase of 10%.</li></ul>

nCino, Inc., a company focused on providing cloud banking solutions to financial institutions, reported its financial results for the third quarter of the fiscal year 2026.The company, under the leadership of CEO Sean Desmond and CFO Greg Orenstein, highlighted both achievements and challenges in the quarter, with a focus on their strategic initiatives and financial performance.nCino reported total revenues of $152.2 million for Q3, representing a year-over-year increase of 10%.

nCino’s Global Expansion Playbook: Platform Standardization, AI Agents, & Scalable Growth!

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Amagi's unified cloud-based media infrastructure serves to digitise traditional media content and enable monetisation. Its two-way platform supports not just the content-owners but also distributors globally with varied content access</li>
<li>By attracting both media companies and distributors, Amagi benefits from a content-driven flywheel effect, creating structural stickiness with 120+% NRR and 35–50% cost savings for broadcasters.</li>
<li>Amagi has been a key enabler for broadcasting for live-events (FIFA, NFL) while its content library attracts small/new OTT platforms. Only concern is whether it can tap larger media/OTT platforms?</li>
</ul>


Amagi's unified cloud-based media infrastructure serves to digitise traditional media content and enable monetisation. Its two-way platform supports not just the content-owners but also distributors globally with varied content access
By attracting both media companies and distributors, Amagi benefits from a content-driven flywheel effect, creating structural stickiness with 120+% NRR and 35–50% cost savings for broadcasters.
Amagi has been a key enabler for broadcasting for live-events (FIFA, NFL) while its content library attracts small/new OTT platforms. Only concern is whether it can tap larger media/OTT platforms?


Amagi Media Labs: Taking Media Companies to the Cloud Universe

United States

nCino, Inc. provides cloud banking solutions. The Company offers solutions to improves employee efficiency while enhancing the customer experience for onboarding, loans, and deposits across all lines of business. nCino serves customers worldwide.

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nCino (NCNO US)

nCino’s AI Adoption Doubles — Can 230+ Customers Turn Into A Real Revenue Engine?

nCino, Inc. reported its second quarter fiscal year 2027 results with total revenues reaching $161 million, reflecting an 8% year-over-year...

Baptista Research

Primer: nCino (NCNO US) - Aug 2026

nCino is a leading cloud-based banking software provider, offering a unified platform that helps financial institutions modernize and...

αSK Primers

nCino’s $159.4 Million Quarter: AI Momentum Meets Mortgage Pressure!

The report from nCino, Inc. for the first quarter of fiscal year 2027 highlights its ongoing transition toward AI-powered banking solutions,...

Baptista Research

nCino’s Global Expansion Playbook: Platform Standardization, AI Agents, & Scalable Growth!

nCino, Inc., a company focused on providing cloud banking solutions to financial institutions, reported its financial results for the third...

Baptista Research

Amagi Media Labs: Taking Media Companies to the Cloud Universe

Amagi's media SaaS digitizes traditional content, supports global distributors. A Key player in live-event broadcasting and for small OTT...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

nCino’s AI Adoption Doubles — Can 230+ Customers Turn Into A Real Revenue Engine?

nCino, Inc. reported its second quarter fiscal year 2027 results with total revenues reaching $161 million, reflecting an 8% year-over-year...

Baptista Research

Primer: nCino (NCNO US) - Aug 2026

nCino is a leading cloud-based banking software provider, offering a unified platform that helps financial institutions modernize and...

αSK Primers

nCino’s $159.4 Million Quarter: AI Momentum Meets Mortgage Pressure!

The report from nCino, Inc. for the first quarter of fiscal year 2027 highlights its ongoing transition toward AI-powered banking solutions,...

Baptista Research

nCino’s Global Expansion Playbook: Platform Standardization, AI Agents, & Scalable Growth!

nCino, Inc., a company focused on providing cloud banking solutions to financial institutions, reported its financial results for the third...

Baptista Research

Amagi Media Labs: Taking Media Companies to the Cloud Universe

​Amagi's media SaaS digitizes traditional content, supports global distributors. A Key player in live-event broadcasting and for small OTT...

Himanshu Dugar

Amagi's media SaaS digitizes traditional content, supports global distributors. A Key player in live-event broadcasting and for small OTT...