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

Tractor Supply Company / Equity Bottom-Up

<ul><li>Tractor Supply Company reported second quarter 2026 results characterized by modest net sales growth of approximately 2% to $4.5 billion, primarily driven by new store expansion but partially offset by a 1.5% decline in comparable store sales.</li><li>The decline in comps was influenced chiefly by a sharp drop in transaction counts in May, which was adversely affected by elevated fuel prices—particularly impactful given the rural customer base's reliance on diesel-powered vehicles—and drought conditions in several key Southeastern markets, which curtailed seasonal lawn and outdoor maintenance activity.</li><li>Despite these headwinds, needs-based product categories such as consumables and edible goods performed well, while discretionary and project-oriented categories, including big-ticket items and hardlines spring goods, saw declines.</li></ul>

Tractor Supply Company reported second quarter 2026 results characterized by modest net sales growth of approximately 2% to $4.5 billion, primarily driven by new store expansion but partially offset by a 1.5% decline in comparable store sales.The decline in comps was influenced chiefly by a sharp drop in transaction counts in May, which was adversely affected by elevated fuel prices—particularly impactful given the rural customer base's reliance on diesel-powered vehicles—and drought conditions in several key Southeastern markets, which curtailed seasonal lawn and outdoor maintenance activity.Despite these headwinds, needs-based product categories such as consumables and edible goods performed well, while discretionary and project-oriented categories, including big-ticket items and hardlines spring goods, saw declines.

Tractor Supply Company Closes 75 Petsense Stores As VIP Petcare Takes Center Stage!