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>Lucid Group reported significant operational and financial progress in 2025 amid challenging macroeconomic conditions impacting the electric vehicle (EV) industry, including increased tariffs, federal incentive roll-offs, shifting demand, and supply chain disruptions.</li><li>The company nearly doubled its annual vehicle production to 7,840 units and achieved a 55% year-over-year increase in deliveries, reaching 15,841 vehicles, with the Lucid Gravity SUV constituting the majority of fourth-quarter deliveries.</li><li>Lucid Air remained the top-selling EV in its segment within the U.S. and ranked third in the large luxury car segment overall.</li></ul>

Lucid Group reported significant operational and financial progress in 2025 amid challenging macroeconomic conditions impacting the electric vehicle (EV) industry, including increased tariffs, federal incentive roll-offs, shifting demand, and supply chain disruptions.The company nearly doubled its annual vehicle production to 7,840 units and achieved a 55% year-over-year increase in deliveries, reaching 15,841 vehicles, with the Lucid Gravity SUV constituting the majority of fourth-quarter deliveries.Lucid Air remained the top-selling EV in its segment within the U.S. and ranked third in the large luxury car segment overall.

Lucid Motors’ Game-Changing Robotaxi Deal With Uber Signals a Powerful New Revenue Path!