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>UiPath Incorporated reported its second quarter fiscal 2027 results with a 12% year-over-year increase in annual recurring revenue (ARR) reaching $1.938 billion and 13% revenue growth to $410 million.</li><li>Normalizing for foreign exchange (FX) impacts, revenue growth was approximately 16%.</li><li>The company continued its trend of GAAP profitability for the fourth consecutive quarter, with GAAP operating income improving to $32 million from a prior year operating loss, and achieved a non-GAAP operating margin of 22%, up over 400 basis points year-over-year, driven by operational efficiencies and disciplined execution.</li></ul>

UiPath Incorporated reported its second quarter fiscal 2027 results with a 12% year-over-year increase in annual recurring revenue (ARR) reaching $1.938 billion and 13% revenue growth to $410 million.Normalizing for foreign exchange (FX) impacts, revenue growth was approximately 16%.The company continued its trend of GAAP profitability for the fourth consecutive quarter, with GAAP operating income improving to $32 million from a prior year operating loss, and achieved a non-GAAP operating margin of 22%, up over 400 basis points year-over-year, driven by operational efficiencies and disciplined execution.

UiPath’s Million-Dollar Customers Surge 21% As Enterprise Adoption Deepens!

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>The Token Tax Haven; AI Still a “Show Me” Story. 2QFY27 delivered a beat on revenue, operating income, and net new ARR, and management raised full-year revenue and operating income guidance again.</li><li>However, the FY27 ARR guide implies 2H net new ARR that is roughly flat Y/Y, with modest growth on a constant currency basis.</li><li>Founder, Executive Chairman, and CEO Daniel Dines made a credible case for deterministic, “tokenless” automation alongside probabilistic AI, but we view PATH as increasingly a “show me” story on AI monetization.</li></ul>

The Token Tax Haven; AI Still a “Show Me” Story. 2QFY27 delivered a beat on revenue, operating income, and net new ARR, and management raised full-year revenue and operating income guidance again.However, the FY27 ARR guide implies 2H net new ARR that is roughly flat Y/Y, with modest growth on a constant currency basis.Founder, Executive Chairman, and CEO Daniel Dines made a credible case for deterministic, “tokenless” automation alongside probabilistic AI, but we view PATH as increasingly a “show me” story on AI monetization.

PATH: 2QFY27 Results; The Token Tax Haven; AI Still A "Show Me" Story

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>UiPath is a market leader in the Robotic Process Automation (RPA) sector, expanding its offerings to a comprehensive business automation platform that includes process mining, AI, and cloud-based services.</li>
  <li>The company has demonstrated a strong growth trajectory and a recent shift to profitability, with significant improvements in operating and net margins. However, it faces challenges related to customer attrition among smaller clients and missed expectations on billings.</li>
  <li>The integration of Artificial Intelligence, particularly agentic AI, into its platform represents a significant future growth catalyst, but also a key risk area as competition from major technology players like Microsoft intensifies.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  UiPath is a market leader in the Robotic Process Automation (RPA) sector, expanding its offerings to a comprehensive business automation platform that includes process mining, AI, and cloud-based services.
  The company has demonstrated a strong growth trajectory and a recent shift to profitability, with significant improvements in operating and net margins. However, it faces challenges related to customer attrition among smaller clients and missed expectations on billings.
  The integration of Artificial Intelligence, particularly agentic AI, into its platform represents a significant future growth catalyst, but also a key risk area as competition from major technology players like Microsoft intensifies.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>UiPath, a leader in enterprise automation software, reported its first quarter of fiscal 2027 results with mixed signals that highlight both operational strengths and areas of potential challenge.</li><li>The company achieved $418 million in revenue—a 17% year-over-year increase—with annual recurring revenue (ARR) reaching $1.901 billion, representing a 12% increase.</li><li>Net new ARR added $49 million.</li></ul>

UiPath, a leader in enterprise automation software, reported its first quarter of fiscal 2027 results with mixed signals that highlight both operational strengths and areas of potential challenge.The company achieved $418 million in revenue—a 17% year-over-year increase—with annual recurring revenue (ARR) reaching $1.901 billion, representing a 12% increase.Net new ARR added $49 million.

UiPath’s $418 Million Quarter: Automation Growth Meets Customer Attrition Risk!

<ul><li>1QFY27 results delivered a beat on revenue, operating income, and net new ARR, with management raising full-year guidance for both revenue and operating income. </li><li>Agentic and orchestration products that hit GA last May are moving from pilot to production and DevCon’s UiPath for Coding Agents broadens the story to “build, orchestrate, and self-heal.” </li><li>The wrinkle in an otherwise strong print: billings and long-term deferred revenue missed Street estimates by wide margins, which management framed as ASC 606 timing and deal mix rather than a demand signal.</li></ul>

1QFY27 results delivered a beat on revenue, operating income, and net new ARR, with management raising full-year guidance for both revenue and operating income. Agentic and orchestration products that hit GA last May are moving from pilot to production and DevCon’s UiPath for Coding Agents broadens the story to “build, orchestrate, and self-heal.” The wrinkle in an otherwise strong print: billings and long-term deferred revenue missed Street estimates by wide margins, which management framed as ASC 606 timing and deal mix rather than a demand signal.

PATH: 1QFY27 Results; Strong Revenue and Net New ARR; Can Billings and Deferred Self-Heal?

United States

UiPath, Inc. provides software solutions. The Company designs and develops robotic process automation software to build, manage, run, engage, measure, and govern automations across departments within an organization. UiPath serves customers worldwide.

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UiPath Inc (PATH US)

UiPath’s Million-Dollar Customers Surge 21% As Enterprise Adoption Deepens!

UiPath Incorporated reported its second quarter fiscal 2027 results with a 12% year-over-year increase in annual recurring revenue (ARR) reaching...

Baptista Research

PATH: 2QFY27 Results; The Token Tax Haven; AI Still A "Show Me" Story

2QFY27 delivered a beat on revenue, operating income, and net new ARR, and management raised full-year revenue and operating income guidance again.

Water Tower Research

Primer: UiPath Inc (PATH US) - Aug 2026

UiPath is a market leader in the Robotic Process Automation (RPA) sector, expanding its offerings to a comprehensive business automation...

αSK Primers

UiPath’s $418 Million Quarter: Automation Growth Meets Customer Attrition Risk!

UiPath, a leader in enterprise automation software, reported its first quarter of fiscal 2027 results with mixed signals that highlight both...

Baptista Research

PATH: 1QFY27 Results; Strong Revenue and Net New ARR; Can Billings and Deferred Self-Heal?

1QFY27 results delivered a beat on revenue, operating income, and net new ARR, with management raising full-year guidance for both revenue and...

Water Tower Research

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