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>Xcel Energy’s latest discussion reflects a company operating with a clear growth runway supported by rising electricity demand, large-scale capital deployment, and continued regulatory engagement, while also navigating financing pressures, regulatory execution risk, and liability overhangs.</li><li>The company delivered ongoing earnings of $3.80 per share for 2025, supported by higher electric and natural gas revenues driven by rate case outcomes, nonfuel riders, and modest sales growth, partially offset by higher fuel costs, operating expenses, depreciation, and increased financing costs tied to its expanding investment program.</li><li>Weather-adjusted sales growth of 2.2% and a projected 3% increase in 2026 indicate steady underlying demand, with incremental upside expected from commercial and industrial load, particularly linked to data center activity.</li></ul>

Xcel Energy’s latest discussion reflects a company operating with a clear growth runway supported by rising electricity demand, large-scale capital deployment, and continued regulatory engagement, while also navigating financing pressures, regulatory execution risk, and liability overhangs.The company delivered ongoing earnings of $3.80 per share for 2025, supported by higher electric and natural gas revenues driven by rate case outcomes, nonfuel riders, and modest sales growth, partially offset by higher fuel costs, operating expenses, depreciation, and increased financing costs tied to its expanding investment program.Weather-adjusted sales growth of 2.2% and a projected 3% increase in 2026 indicate steady underlying demand, with incremental upside expected from commercial and industrial load, particularly linked to data center activity.

Xcel Energy Inc

Xcel Energy: Transmission Expansion