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>Terex Corporation reported a strong start to 2026, with first-quarter sales increasing by 41% year-over-year on a reported basis to $1.7 billion, primarily driven by the recent acquisition of REV and growth across all legacy business segments.</li><li>On a pro forma basis, which adjusts for the merger and excludes divested businesses, sales grew approximately 11%, with Specialty Vehicles leading at 20% growth, complemented by robust increases in Materials Processing (MP) and Terex Utilities.</li><li>The company’s earnings per share (EPS) rose 18% compared to the prior year to $0.98, boosted by a one-time favorable tax event of $0.10 per share and despite tariff pressures impacting some segments.</li></ul>

Terex Corporation reported a strong start to 2026, with first-quarter sales increasing by 41% year-over-year on a reported basis to $1.7 billion, primarily driven by the recent acquisition of REV and growth across all legacy business segments.On a pro forma basis, which adjusts for the merger and excludes divested businesses, sales grew approximately 11%, with Specialty Vehicles leading at 20% growth, complemented by robust increases in Materials Processing (MP) and Terex Utilities.The company’s earnings per share (EPS) rose 18% compared to the prior year to $0.98, boosted by a one-time favorable tax event of $0.10 per share and despite tariff pressures impacting some segments.

Terex: The Journey From REV Group Integration to Margin Gains—Inside the Specialty Vehicles Transformation!