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

Philip Morris International / Equity Bottom-Up

<ul><li>Philip Morris International Inc. reported financial results for 2025 that reflect continued structural shifts in the tobacco industry, with sustained growth in smoke-free products alongside a stable combustible tobacco business.</li><li>The company's smoke-free portfolio grew volumes by 12.8%, led primarily by IQOS heat-not-burn products, which increased shipments and in-market sales by approximately 11%, including strong double-digit growth in key markets such as Italy and Taiwan.</li><li>Other smoke-free categories including nicotine pouches under the ZYN brand and the e-vapor segment with VEEV also showed significant volume growth, with ZYN shipments rising 36% and VEEV more than doubling internationally.</li></ul>

Philip Morris International Inc. reported financial results for 2025 that reflect continued structural shifts in the tobacco industry, with sustained growth in smoke-free products alongside a stable combustible tobacco business.The company's smoke-free portfolio grew volumes by 12.8%, led primarily by IQOS heat-not-burn products, which increased shipments and in-market sales by approximately 11%, including strong double-digit growth in key markets such as Italy and Taiwan.Other smoke-free categories including nicotine pouches under the ZYN brand and the e-vapor segment with VEEV also showed significant volume growth, with ZYN shipments rising 36% and VEEV more than doubling internationally.

Philip Morris: IQOS ILUMA U.S. Launch Could Be A Game-Changer—But How Big Is The Opportunity?