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>As Vertiv Holdings races ahead in the high-performance data center and AI infrastructure market, its latest move—agreeing to acquire Texas-based fluid management services provider Purge Rite Intermediate for $1 billion in cash, plus up to $250 million in potential earnouts—has sent ripples through the thermal management space.</li><li>The acquisition, announced in early November 2025, comes on the heels of Vertiv’s strong Q3 performance, with 28% organic sales growth and a $9.5 billion backlog.</li><li>Purge Rite, headquartered in Houston and backed by Milton Street Capital, specializes in thermal fluid services and is positioned to expand its service center network across North America.</li></ul>

As Vertiv Holdings races ahead in the high-performance data center and AI infrastructure market, its latest move—agreeing to acquire Texas-based fluid management services provider Purge Rite Intermediate for $1 billion in cash, plus up to $250 million in potential earnouts—has sent ripples through the thermal management space.The acquisition, announced in early November 2025, comes on the heels of Vertiv’s strong Q3 performance, with 28% organic sales growth and a $9.5 billion backlog.Purge Rite, headquartered in Houston and backed by Milton Street Capital, specializes in thermal fluid services and is positioned to expand its service center network across North America.

Vertiv Is Buying Purge Rite For $1B—Is This The Future Of AI Infrastructure?

<ul><li>Vertiv Corporation reported robust financial performance for the third quarter of 2025, indicating strong growth across several metrics.</li><li>The company reported an adjusted diluted earnings per share (EPS) of $1.24, a 63% increase year-over-year, largely driven by enhanced operating profit margins, which stood at 22.3%, up from the previous year.</li><li>Organic net sales grew 28%, with the Americas contributing a substantial 43%, and the AsiaPacific (APAC) region also showing a strong performance with a 21% increase.</li></ul>

Vertiv Corporation reported robust financial performance for the third quarter of 2025, indicating strong growth across several metrics.The company reported an adjusted diluted earnings per share (EPS) of $1.24, a 63% increase year-over-year, largely driven by enhanced operating profit margins, which stood at 22.3%, up from the previous year.Organic net sales grew 28%, with the Americas contributing a substantial 43%, and the AsiaPacific (APAC) region also showing a strong performance with a 21% increase.

Vertiv Is Powering the AI Revolution—Can Its NVIDIA Collaboration Change the Game?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.</li>
<li>The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period</li>
<li>The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.</li>
</ul>


In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.
The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period
The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.


THE AI GOLD RUSH: Hyperscalers and Enablers

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>India’s data centre theme has entered a new phase, with Reliance-Meta’s 168 MW Jamnagar deal, Adani’s 5 GW ambition, and Airtel Nxtra’s USD 1 billion fundraise.</li>
<li>India’s operational data centre capacity is now estimated around 1.5-1.7 GW, with AI, cloud, data localisation and hyperscaler demand driving large investment commitments.</li>
<li>A complete value-chain view covering land, power, cooling, backup systems, fibre, AI compute, EPC and colocation- and where listed Indian companies fit.</li>
</ul>


India’s data centre theme has entered a new phase, with Reliance-Meta’s 168 MW Jamnagar deal, Adani’s 5 GW ambition, and Airtel Nxtra’s USD 1 billion fundraise.
India’s operational data centre capacity is now estimated around 1.5-1.7 GW, with AI, cloud, data localisation and hyperscaler demand driving large investment commitments.
A complete value-chain view covering land, power, cooling, backup systems, fibre, AI compute, EPC and colocation- and where listed Indian companies fit.


India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.</li>
<li>India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.</li>
<li>The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.</li>
</ul>


Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.
India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.
The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.


True Cost of Running an AI Data Centre: A Unit Economics Breakdown

United States

Vertiv Holdings Co operates as a holding company. The Company, through its subsidiaries, provides electrical power equipment, thermal management, racks and enclosures, monitoring and management, tools, and other services. Vertiv Holdings serves data centers, communication networks, commercial, and industrial environments worldwide.

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Vertiv Holdings Co (VRT US)

Vertiv Is Buying Purge Rite For $1B—Is This The Future Of AI Infrastructure?

As Vertiv Holdings races ahead in the high-performance data center and AI infrastructure market, its latest move—agreeing to acquire Texas-based...

Baptista Research

Vertiv Is Powering the AI Revolution—Can Its NVIDIA Collaboration Change the Game?

Vertiv Corporation reported robust financial performance for the third quarter of 2025, indicating strong growth across several metrics. The...

Baptista Research

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

Sudarshan Bhandari

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vertiv Is Buying Purge Rite For $1B—Is This The Future Of AI Infrastructure?

As Vertiv Holdings races ahead in the high-performance data center and AI infrastructure market, its latest move—agreeing to acquire Texas-based...

Baptista Research

Vertiv Is Powering the AI Revolution—Can Its NVIDIA Collaboration Change the Game?

Vertiv Corporation reported robust financial performance for the third quarter of 2025, indicating strong growth across several metrics. The...

Baptista Research

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

​India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

Sudarshan Bhandari

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

​AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.