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>Enphase Energy reported second quarter 2026 revenue of $291.9 million, reflecting a 3% sequential increase driven mainly by strength in European markets offsetting softness in the U.S. The revenue included $84.3 million related to safe harbor sales, which are shipments to third-party owners with installations expected over multiple years.</li><li>While global sell-through remained roughly flat sequentially, U.S. sell-through declined approximately 7% quarter-over-quarter and about 34% year-over-year, primarily due to macroeconomic pressures, including higher interest rates and the expiration of the 25D tax credit.</li><li>Despite these challenges, third-party data suggest some stabilization in U.S. residential solar with modest growth in permits and upstream sales, particularly in storage and commercial solar sectors.</li></ul>

Enphase Energy reported second quarter 2026 revenue of $291.9 million, reflecting a 3% sequential increase driven mainly by strength in European markets offsetting softness in the U.S. The revenue included $84.3 million related to safe harbor sales, which are shipments to third-party owners with installations expected over multiple years.While global sell-through remained roughly flat sequentially, U.S. sell-through declined approximately 7% quarter-over-quarter and about 34% year-over-year, primarily due to macroeconomic pressures, including higher interest rates and the expiration of the 25D tax credit.Despite these challenges, third-party data suggest some stabilization in U.S. residential solar with modest growth in permits and upstream sales, particularly in storage and commercial solar sectors.

Enphase Energy’s 35% Europe Surge: Can It Offset A 34% U.S. Solar Slide?