Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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

British American Tobacco / Equity Bottom-Up

<ul><li>British American Tobacco plc reported interim results for the first half of 2026 that were broadly in line with management expectations on a constant currency basis.</li><li>Group revenue increased by 2.9%, supported by strong growth in new categories and multi-category delivery, particularly in the U.S. Adjusted profit from operations grew 3.5%, and adjusted diluted earnings per share rose 7.9%.</li><li>The company highlighted that smokeless products now accounted for nearly 20% of group revenue, up 160 basis points year-over-year, with the Modern Oral segment driving 66% revenue growth and adding 4.1 million new consumers globally.</li></ul>

British American Tobacco plc reported interim results for the first half of 2026 that were broadly in line with management expectations on a constant currency basis.Group revenue increased by 2.9%, supported by strong growth in new categories and multi-category delivery, particularly in the U.S. Adjusted profit from operations grew 3.5%, and adjusted diluted earnings per share rose 7.9%.The company highlighted that smokeless products now accounted for nearly 20% of group revenue, up 160 basis points year-over-year, with the Modern Oral segment driving 66% revenue growth and adding 4.1 million new consumers globally.

British American Tobacco’s 4.1 Million New Consumers — Can Modern Oral Reshape The Business?