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>Ondas Holdings is moving deeper into defense systems as it shifts from being primarily an autonomous technology developer to a broader operating platform across air, ground, sensing, and communications.</li><li>Recent company commentary already showed that transition taking shape: Ondas reported record third-quarter 2025 revenue of $10.1 million, backlog of $23.3 million, a higher full-year 2025 revenue target of at least $36 million, and a 2026 revenue goal of at least $110 million, while also highlighting a fast-growing acquisition program.</li><li>In that context, the announced acquisition of INDO Earth Moving adds a more immediate military equipment and support opportunity to the portfolio, anchored by a $140 million tender to deliver heavy-tracked engineering vehicles and related services to a major defense customer.</li></ul>

Ondas Holdings is moving deeper into defense systems as it shifts from being primarily an autonomous technology developer to a broader operating platform across air, ground, sensing, and communications.Recent company commentary already showed that transition taking shape: Ondas reported record third-quarter 2025 revenue of $10.1 million, backlog of $23.3 million, a higher full-year 2025 revenue target of at least $36 million, and a 2026 revenue goal of at least $110 million, while also highlighting a fast-growing acquisition program.In that context, the announced acquisition of INDO Earth Moving adds a more immediate military equipment and support opportunity to the portfolio, anchored by a $140 million tender to deliver heavy-tracked engineering vehicles and related services to a major defense customer.

Ondas’ $140M INDO Acquisition Could Change Everything!

Ondas Holdings Inc

Ondas’ $140M INDO Acquisition Could Change Everything!