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

<ul><li>CECO Environmental has entered a defining chapter in its industrial transformation story with the announcement of a $2.2 billion cash-and-stock agreement to acquire Thermon Group, a global leader in process heating and temperature management solutions.</li><li>The move comes on the heels of a record-breaking fourth quarter and fiscal 2025 performance, with CECO reporting $793 million in backlog, over $1.06 billion in annual bookings, and raising its 2026 revenue guidance to as high as $975 million on a standalone basis.</li><li>Against a backdrop of surging demand for power generation, natural gas infrastructure, semiconductor capacity, and industrial water treatment, management has positioned this transaction as a strategic combination of two complementary platforms rather than a defensive consolidation.</li></ul>

CECO Environmental has entered a defining chapter in its industrial transformation story with the announcement of a $2.2 billion cash-and-stock agreement to acquire Thermon Group, a global leader in process heating and temperature management solutions.The move comes on the heels of a record-breaking fourth quarter and fiscal 2025 performance, with CECO reporting $793 million in backlog, over $1.06 billion in annual bookings, and raising its 2026 revenue guidance to as high as $975 million on a standalone basis.Against a backdrop of surging demand for power generation, natural gas infrastructure, semiconductor capacity, and industrial water treatment, management has positioned this transaction as a strategic combination of two complementary platforms rather than a defensive consolidation.

CECO Environmental’s $2.2 Billion Thermon Acquisition: The Industrial Powerhouse In The Making?