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>First Solar, Inc. reported a robust start to 2026, marked by record first-quarter revenue of $1 billion, a 24% year-over-year increase driven primarily by a 31% rise in module volume.</li><li>The company achieved meaningful margin expansion with a gross margin of 47%, up approximately 6 percentage points from Q1 2025, driven by higher volumes qualifying for Section 45X tax benefits and lower sales freight costs.</li><li>Adjusted EBITDA reached $520 million, exceeding the high end of the company’s forecast, and net income rose 65% year-over-year to $347 million, translating to diluted earnings per share of $3.22.</li></ul>

First Solar, Inc. reported a robust start to 2026, marked by record first-quarter revenue of $1 billion, a 24% year-over-year increase driven primarily by a 31% rise in module volume.The company achieved meaningful margin expansion with a gross margin of 47%, up approximately 6 percentage points from Q1 2025, driven by higher volumes qualifying for Section 45X tax benefits and lower sales freight costs.Adjusted EBITDA reached $520 million, exceeding the high end of the company’s forecast, and net income rose 65% year-over-year to $347 million, translating to diluted earnings per share of $3.22.

First Solar’s Next Big Inflection: Backlog Execution

First Solar Inc

First Solar’s Next Big Inflection: Backlog Execution