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 Inc. reported its second quarter of 2026 financial results reflecting continued momentum across its business segments, driven notably by strong growth in its Off-Road Vehicles (ORV) and commercial divisions.</li>
<li>Total reported sales increased 9%, while excluding the Indian Motorcycle business, organic sales grew by 17%, supported by double-digit gains in the Powersports segment and a 16% increase in marine sales.</li>
<li>North American retail for ORV rose 5%, marking the fifth consecutive quarter of market share gains.</li>
</ul>


Polaris Inc. reported its second quarter of 2026 financial results reflecting continued momentum across its business segments, driven notably by strong growth in its Off-Road Vehicles (ORV) and commercial divisions.
Total reported sales increased 9%, while excluding the Indian Motorcycle business, organic sales grew by 17%, supported by double-digit gains in the Powersports segment and a 16% increase in marine sales.
North American retail for ORV rose 5%, marking the fifth consecutive quarter of market share gains.


Polaris Inc.’s $7.5 Billion Sales Target: Can Utility Growth Offset Consumer Weakness?

<ul>
<li>The company reported a challenging yet resilient 2025 fiscal year, characterized by significant headwinds from evolving tariff policies and a pressured consumer environment.</li>
<li>Despite these obstacles, Polaris demonstrated operational discipline and strategic execution, delivering share gains across its key segments including Off-Road Vehicles (ORV), snowmobiles, pontoons, and motorcycles.</li>
<li>This performance was supported by product innovation such as the RZR XP S and RANGER 500 launch, the introduction of the largest industry touchscreen on the RZR Pro R, and refreshed offshore lines like the Bennington QX and Godfrey Sanpan pontoons.</li>
</ul>


The company reported a challenging yet resilient 2025 fiscal year, characterized by significant headwinds from evolving tariff policies and a pressured consumer environment.
Despite these obstacles, Polaris demonstrated operational discipline and strategic execution, delivering share gains across its key segments including Off-Road Vehicles (ORV), snowmobiles, pontoons, and motorcycles.
This performance was supported by product innovation such as the RZR XP S and RANGER 500 launch, the introduction of the largest industry touchscreen on the RZR Pro R, and refreshed offshore lines like the Bennington QX and Godfrey Sanpan pontoons.


Polaris Inc Is Reshaping Its Product Portfolio

<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!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p style="text-align: justify;">In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our <span>Manufacturing, Transportation, M</span>aterials, Technology, &amp; Consumer Discretionary Sectors.</p>

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our Manufacturing, Transportation, Materials, Technology, &amp; Consumer Discretionary Sectors.

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 Inc.’s $7.5 Billion Sales Target: Can Utility Growth Offset Consumer Weakness?

Polaris Inc. reported its second quarter of 2026 financial results reflecting continued momentum across its business segments, driven notably by...

Baptista Research

Polaris Inc Is Reshaping Its Product Portfolio

The company reported a challenging yet resilient 2025 fiscal year, characterized by significant headwinds from evolving tariff policies and a...

Baptista Research

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

U.S. Equity Strategy: Remain Bullish

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight...

Vermilion Research

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