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>Polaris reported its third-quarter 2025 results, highlighting a mixture of strong sales performance and strategic initiatives as well as challenges related to external factors such as tariffs and supply chain constraints.</li>
<li>For the quarter, Polaris achieved sales of $1.8 billion, a 7% increase compared to the previous year, driven by strong demand particularly in its Off-Road Vehicles (ORV) segment and the Marine segment.</li>
<li>Notably, the RANGER side-by-sides led the gains in ORV, contributing to a 9% growth in North American retail and a 3-point market share increase within the segment.</li>
</ul>


Polaris reported its third-quarter 2025 results, highlighting a mixture of strong sales performance and strategic initiatives as well as challenges related to external factors such as tariffs and supply chain constraints.
For the quarter, Polaris achieved sales of $1.8 billion, a 7% increase compared to the previous year, driven by strong demand particularly in its Off-Road Vehicles (ORV) segment and the Marine segment.
Notably, the RANGER side-by-sides led the gains in ORV, contributing to a 9% growth in North American retail and a 3-point market share increase within the segment.


Polaris Industries Inc. Revs Up Retail Strength with XD 1500 – A Trailblazer in ORVs!

<ul>
<li>Polaris Inc. has announced the sale of its iconic Indian Motorcycle business to private-equity firm Carolwood LP, a move expected to reshape the powersports manufacturer’s strategic focus.</li>
<li>The divestiture, expected to close in Q1 2026, will result in a $1.00 uplift to Polaris’s annualized adjusted earnings per share (EPS), according to company statements.</li>
<li>Indian contributed roughly $478 million, or 7% of revenues over the trailing 12 months ending June 30, 2025.</li>
</ul>


Polaris Inc. has announced the sale of its iconic Indian Motorcycle business to private-equity firm Carolwood LP, a move expected to reshape the powersports manufacturer’s strategic focus.
The divestiture, expected to close in Q1 2026, will result in a $1.00 uplift to Polaris’s annualized adjusted earnings per share (EPS), according to company statements.
Indian contributed roughly $478 million, or 7% of revenues over the trailing 12 months ending June 30, 2025.


Polaris Just Sold Its Indian Motorcycle Business— A $478 Million Shift In Strategy!

<ul>
<li>Polaris delivered its first-quarter results for 2025 amidst a challenging macroeconomic environment, characterized by a downturn in the powersports industry and complexities from tariff policies.</li>
<li>The company reported a 12% decline in sales due to strategic decisions to reduce shipments and manage dealer inventory levels.</li>
<li>Polaris is navigating elevated promotional pressures, which have slightly undermined margins, while tariffs have not yet materially impacted results due to deferral strategies.</li>
</ul>


Polaris delivered its first-quarter results for 2025 amidst a challenging macroeconomic environment, characterized by a downturn in the powersports industry and complexities from tariff policies.
The company reported a 12% decline in sales due to strategic decisions to reduce shipments and manage dealer inventory levels.
Polaris is navigating elevated promotional pressures, which have slightly undermined margins, while tariffs have not yet materially impacted results due to deferral strategies.


Polaris Industries Resilience: $1.4 Billion Liquidity Fortress Fuels Growth Plans!

<ul>
<li>Polaris reported a decrease in both sales and adjusted EPS for the second quarter of 2024, an outcome attributed to various macroeconomic headwinds and a more challenging market environment than initially anticipated.</li>
<li>The company's sales declined by 12% compared to the previous year, influenced by elevated interest rates, persistent inflation, and weakened consumer confidence, particularly in bigger discretionary purchases.</li>
<li>Polaris has adjusted its strategies in response to these challenges by revising its full-year guidance for 2024 downwards and focusing on dealer inventory management and cost controls.</li>
</ul>


Polaris reported a decrease in both sales and adjusted EPS for the second quarter of 2024, an outcome attributed to various macroeconomic headwinds and a more challenging market environment than initially anticipated.
The company's sales declined by 12% compared to the previous year, influenced by elevated interest rates, persistent inflation, and weakened consumer confidence, particularly in bigger discretionary purchases.
Polaris has adjusted its strategies in response to these challenges by revising its full-year guidance for 2024 downwards and focusing on dealer inventory management and cost controls.


Polaris Inc.: How Is It Dealing With Market Competition & Consumer Preferences? - Major Drivers

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>E Ink and Hanshow collaborate to introduce full-color e-paper technology for retail industry, offering a new innovative solution.</li><li>Taiwan's energy shift faces grid challenges as the world moves towards net-zero goals, highlighting the need for sustainable energy solutions.</li><li>Foxconn introduces new electric vehicle models and aims to capitalize on industry challenges, showing a shift towards the growing EV market.</li></ul>

E Ink and Hanshow collaborate to introduce full-color e-paper technology for retail industry, offering a new innovative solution.Taiwan's energy shift faces grid challenges as the world moves towards net-zero goals, highlighting the need for sustainable energy solutions.Foxconn introduces new electric vehicle models and aims to capitalize on industry challenges, showing a shift towards the growing EV market.

Tech Supply Chain Tracker (04-Oct-2024): E Ink, Hanshow bring color e-paper to retail.

United States

Polaris Inc. designs, engineers, and manufactures off-road and on-road vehicles. The Company produces vehicles including snowmobiles, terrain vehicles, and motorcycles. Polaris Industries markets its products and related replacement parts and accessories through dealers and distributors located in the United States, Canada, and Europe.

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Polaris Industries (PII US)

Polaris Industries Inc. Revs Up Retail Strength with XD 1500 – A Trailblazer in ORVs!

Notably, the RANGER side-by-sides led the gains in ORV, contributing to a 9% growth in North American retail and a 3-point market share increase...

Baptista Research

Polaris Just Sold Its Indian Motorcycle Business— A $478 Million Shift In Strategy!

Polaris Inc. has announced the sale of its iconic Indian Motorcycle business to private-equity firm Carolwood LP, a move expected to reshape the...

Baptista Research

Polaris Industries Resilience: $1.4 Billion Liquidity Fortress Fuels Growth Plans!

Polaris is navigating elevated promotional pressures, which have slightly undermined margins, while tariffs have not yet materially impacted...

Baptista Research

Polaris Inc.: How Is It Dealing With Market Competition & Consumer Preferences? - Major Drivers

Polaris reported a decrease in both sales and adjusted EPS for the second quarter of 2024, an outcome attributed to various macroeconomic headwinds...

Baptista Research

Tech Supply Chain Tracker (04-Oct-2024): E Ink, Hanshow bring color e-paper to retail.

E Ink and Hanshow collaborate on full-color e-paper for retail, Taiwan grid challenges, Foxconn's new EV models, India's supercomputers, Czech IC...

Tech Supply Chain Tracker

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