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>Toast, a technology platform serving primarily the restaurant industry, reported results for the second quarter of 2026 highlighting growth across its core software, payments, fintech solutions, and expansion into new markets.</li><li>Annualized recurring revenue (ARR) grew 25% year-over-year, supported by a record net addition of 9,500 locations, bringing total locations to approximately 180,000—a 22% increase from the prior year.</li><li>Recurring gross profit streams increased 28%, with adjusted EBITDA rising 38% to $221 million, equivalent to a 37% margin, and GAAP operating income of $152 million (a 26% margin).</li></ul>

Toast, a technology platform serving primarily the restaurant industry, reported results for the second quarter of 2026 highlighting growth across its core software, payments, fintech solutions, and expansion into new markets.Annualized recurring revenue (ARR) grew 25% year-over-year, supported by a record net addition of 9,500 locations, bringing total locations to approximately 180,000—a 22% increase from the prior year.Recurring gross profit streams increased 28%, with adjusted EBITDA rising 38% to $221 million, equivalent to a 37% margin, and GAAP operating income of $152 million (a 26% margin).

Toast’s Record 9,500 Location Adds: Can The Growth Flywheel Keep Accelerating?