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>Procore Technologies, Inc. reported solid financial and operational results for its second quarter of fiscal 2026, marked by a 15.8% year-over-year revenue increase to $375 million and a significant expansion in non-GAAP operating margin to 21.5%, an 800 basis point improvement compared to the prior year.</li><li>This quarter also represented the company’s first GAAP operating profitability quarter, supported by strong free cash flow growth of 507% year-over-year to $65 million.</li><li>International revenue grew 23% year-over-year, led by large agreements such as a nearly $7 million contract with a major European hyperscale AI data center operator and participation in one of the world's largest infrastructure projects, the King Salman International Airport in Saudi Arabia.</li></ul>

Procore Technologies, Inc. reported solid financial and operational results for its second quarter of fiscal 2026, marked by a 15.8% year-over-year revenue increase to $375 million and a significant expansion in non-GAAP operating margin to 21.5%, an 800 basis point improvement compared to the prior year.This quarter also represented the company’s first GAAP operating profitability quarter, supported by strong free cash flow growth of 507% year-over-year to $65 million.International revenue grew 23% year-over-year, led by large agreements such as a nearly $7 million contract with a major European hyperscale AI data center operator and participation in one of the world's largest infrastructure projects, the King Salman International Airport in Saudi Arabia.

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