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

Raytheon Technologies  / Equity Bottom-Up

<ul><li>Raytheon Technologies Corporation reported a solid start to fiscal year 2026, with organic adjusted sales increasing 10% year-over-year to $22.1 billion, supported by growth across commercial original equipment (OE), commercial aftermarket, and defense segments.</li><li>Adjusted earnings per share rose 21% to $1.78, attributed to a 14% growth in segment operating profit and favorable tax impacts, while free cash flow improved by $500 million to $1.3 billion.</li><li>The company maintained a strong backlog of $271 billion, up 25% annually, driven by significant commercial wins such as additional GTF engine selections by Vietjet Air and Finnair, and substantial defense awards including over $3 billion for Pratt's F135 production and $6.6 billion of Raytheon defense contracts encompassing land, air, and missile defense systems.</li></ul>

Raytheon Technologies Corporation reported a solid start to fiscal year 2026, with organic adjusted sales increasing 10% year-over-year to $22.1 billion, supported by growth across commercial original equipment (OE), commercial aftermarket, and defense segments.Adjusted earnings per share rose 21% to $1.78, attributed to a 14% growth in segment operating profit and favorable tax impacts, while free cash flow improved by $500 million to $1.3 billion.The company maintained a strong backlog of $271 billion, up 25% annually, driven by significant commercial wins such as additional GTF engine selections by Vietjet Air and Finnair, and substantial defense awards including over $3 billion for Pratt's F135 production and $6.6 billion of Raytheon defense contracts encompassing land, air, and missile defense systems.

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