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India's small finance banks are projected to … India's small finance banks (SFBs) are expected to … banks, Equitas Small Finance Bank and Ujjivan Small Finance Bank are expected … profitability metrics. Meanwhile, Jana Small Finance Bank's estimates …

… India's small finance banks (SFBs) are expected to … banks, Equitas Small Finance Bank and Ujjivan Small Finance Bank are expected … profitability metrics. Meanwhile, Jana Small Finance Bank's estimates …

In this briefing: Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Axis Top Picks - April 2026 SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability The Rupee at 95/$: Sectoral Winners and Losers Primer: Jana Small Finance Bank (3667144Z IN) - Apr 2026 1. Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Unlike FY25 and most of FY26 wherein SSSG/growth remained constrained by persistent staples deflation and inadequate store expansion, we suspect FY27 is likely to be a recovery year underpinned by recent macro-driven inflationary conditions (SSSG-friendly) and pick-up in store expansion (48 out of the 85 stores added in FY26 were in the month of Mar-26 itself, FY25 store additions were 50) Note: DMART’s 9MFY26 revenue/SSSG growth stood at 14.9/~6.5% YoY The complexion of expansion is even more interesting. ~24% of incremental store additions in FY26 (vs 8% in FY23) has come in relatively underpenetrated North Indian markets, with Punjab, UP, and Haryana emerging as promising markets Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Plaid At $546M ARR Growing 40% YoY Arbuthnot Banking Group (ARBB): 2025 lower margins, 2026 profit stability KRI: Drill Results Confirm Continuity Across Three Zones Primer: Magellan Financial (MFG AU) - Apr 2026 Primer: Jana Small Finance Bank (3667144Z IN) - Apr 2026 1. Plaid At $546M ARR Growing 40% YoY Many of Plaid’s biggest consumer fintech customers contracted or decelerated circa 2021 to 2023—from Robinhood ($1.82B to $1.36B revenue, down 25%) to Coinbase ($7.84B to $3.11B, down 60%) to Affirm (71% YoY growth to 18% YoY growth)—which combined with competition from data aggregators like Finicity, MX, and Stripe (Financial Connections) & from banks launching direct APIs—directly impacted Plaid’s usage-based model and drove its revenue deceleration from 56% YoY growth (2020) to 12% YoY (2023). Plaid’s reacceleration over the last two years, with Sacra estimating that the company hit $546M in ARR in 2025, up 40% YoY from $390M in 2024 (up 27% YoY), has come as Plaid has layered on enterprise accounts (Carvana, Rocket Mortgage, H&R Block), which drive more reliable, higher-volume usage while also being more likely to adopt 2+ products from across Plaid’s suite of new SaaS products for fraud detection (Plaid Protect), credit underwriting (Plaid Check), predicting return risk (Plaid Signal), KYC (Plaid Identity), and instant onboarding (Plaid Layer), with these new products crossing 20% of ARR in 2024 and growing ~90% annually, helping flip Plaid from a ~$50M operating loss in 2024 to full-year adjusted EBITDA profitability in 2025 on ~80% gross margins.

In this briefing: Arbuthnot Banking Group (ARBB): 2025 lower margins, 2026 profit stability KRI: Drill Results Confirm Continuity Across Three Zones Primer: Magellan Financial (MFG AU) - Apr 2026 Primer: Jana Small Finance Bank (3667144Z IN) - Apr 2026 S&U — FCA redress proposals give certainty 1. Arbuthnot Banking Group (ARBB): 2025 lower margins, 2026 profit stability 2. KRI: Drill Results Confirm Continuity Across Three Zones What you need to know: • Kobo reported drill results from 10 holes across the Jagger, Road Cut and Kadie Zones at its Kossou Gold Project in Côte d’Ivoire. • The headline intercept, KDD0151, returned 5.06 g/t Au over 7.0m on the main Road Cut Zone shear, including 20.00 g/t Au over 1.0m. • The Kadie Zone returned mineralization in all three holes, establishing the zone as a meaningful MRE contributor. 3. Primer: Magellan Financial (MFG AU) - Apr 2026 Magellan Financial Group is at a pivotal juncture, navigating a transformative period characterized by strategic initiatives to stabilize and diversify its business after a period of significant funds under management (FUM) outflows and leadership changes.

In this briefing: Primer: Magellan Financial (MFG AU) - Apr 2026 Immix Biopharma — Momentum builds with NEXICART-2 progress Primer: Isuzu Motors (7202 JP) - Apr 2026 Primer: Dubai Electricity & Water Auth (DEWA UH) - Apr 2026 Primer: Jana Small Finance Bank (3667144Z IN) - Apr 2026 1. Primer: Magellan Financial (MFG AU) - Apr 2026 Magellan Financial Group is at a pivotal juncture, navigating a transformative period characterized by strategic initiatives to stabilize and diversify its business after a period of significant funds under management (FUM) outflows and leadership changes. The company's financial performance is showing early signs of stabilization, with recent increases in FUM and a strategic focus on diversifying revenue streams through partnerships and new product offerings. Key risks remain, including ongoing fee pressure within the asset management industry, the challenge of rebuilding investor confidence and sustaining positive fund flows, and the execution risk associated with its strategic initiatives, including the recent merger with Barrenjoey Capital Partners.

In this briefing: SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability The Rupee at 95/$: Sectoral Winners and Losers Primer: Jana Small Finance Bank (3667144Z IN) - Apr 2026 Exencial Industry Tidings - 01-04-2026 NIFTY Index Earning Revision (Mar): ICICI Bank, Axis Bank, Reliance Industries, Oil & Natural Gas 1. SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability On April 1, 2026, SEBI enforced a mandatory regulatory framework requiring unique algorithm identifiers, static IPs, and strict broker accountability for all automated trading. SEBI intervened because unregulated algorithmic vendors caused massive retail financial losses, lacked basic accountability mechanisms, and introduced severe systemic risks into the Indian markets. This new framework completely eliminates rogue vendors, mandates formally registered strategies, and elevates retail automated execution to institutional safety standards to protect investor capital. 2.

In this briefing: Immix Biopharma — Momentum builds with NEXICART-2 progress Primer: Isuzu Motors (7202 JP) - Apr 2026 Quartix Holdings plc - Hybridan Small Cap Feast: 25 March 2026 Primer: Dubai Electricity & Water Auth (DEWA UH) - Apr 2026 Primer: Jana Small Finance Bank (3667144Z IN) - Apr 2026 1. Immix Biopharma — Momentum builds with NEXICART-2 progress Immix Biopharma’s FY25 results reflect a year in which its investment case shifted from early clinical promise to clearer regulatory progress. Notably, the most recent NEXICART-2 data add confidence to NXC-201 as a potential solution to address unmet needs in relapsed/refractory amyloid light chain amyloidosis (r/r ALA). The company is now approaching a key inflection point, with a biologics licence application (BLA) submission to the FDA anticipated in H226, following the final NEXICART-2 readout expected in Q326. Importantly, the $100m capital raise materially strengthens the balance sheet, mitigating near-term execution risk. Given management’s internal cash runway expectations (c 12 months), we infer a growing likelihood of self-commercialisation for NXC-201.

In this briefing: Immix Biopharma — Momentum builds with NEXICART-2 progress Primer: Isuzu Motors (7202 JP) - Apr 2026 Primer: Dubai Electricity & Water Auth (DEWA UH) - Apr 2026 Primer: Jana Small Finance Bank (3667144Z IN) - Apr 2026 S&U — FCA redress proposals give certainty 1. Immix Biopharma — Momentum builds with NEXICART-2 progress Immix Biopharma’s FY25 results reflect a year in which its investment case shifted from early clinical promise to clearer regulatory progress. Notably, the most recent NEXICART-2 data add confidence to NXC-201 as a potential solution to address unmet needs in relapsed/refractory amyloid light chain amyloidosis (r/r ALA). The company is now approaching a key inflection point, with a biologics licence application (BLA) submission to the FDA anticipated in H226, following the final NEXICART-2 readout expected in Q326. Importantly, the $100m capital raise materially strengthens the balance sheet, mitigating near-term execution risk. Given management’s internal cash runway expectations (c 12 months), we infer a growing likelihood of self-commercialisation for NXC-201.