Findi Reports A$46.4m Revenue in 1H26, Eyes FY27 IPO
Findi Limited reports a robust 51% increase in first-half revenue driven by strategic acquisitions and digital expansion, while securing a new $30 million funding facility to fuel further growth ahead of its planned FY27 IPO.
- 51% revenue growth to A$46.4 million in 1H26
- Underlying EBITDA of A$8.2 million excluding non-recurring costs
- Expanded ATM network to 175,000 locations across India
- Secured scalable A$30 million note facility with potential to reach A$100 million
- Acquisition of Sphere enhances loyalty, rewards, and ESG technology
Strong Revenue Growth Amid Integration Challenges
Findi Limited (ASX – FND) has delivered an impressive 51% increase in revenue for the first half of FY26, reaching A$46.4 million, up from A$30.7 million in the prior corresponding period. This growth was largely driven by the successful integration of two major acquisitions, BankIT and TPCSL, which have expanded Findi’s footprint and digital capabilities across India.
Despite reporting an operating EBITDA loss of A$1.0 million, this figure was heavily impacted by A$9.2 million in non-recurring costs related to delays in ATM deployments, additional cost provisions, and one-off termination and legal expenses. When these are excluded, Findi’s underlying EBITDA stood at a healthy A$8.2 million, signaling operational strength beneath the surface disruptions.
Expanding Network and Digital Transformation
The company now manages a network of 175,000 ATM and payment locations across all Indian states and territories, positioning it as one of the country’s largest hybrid financial service providers. The integration of TPCSL added over 4,500 ATMs under management, with thousands more warehoused and ready for monetisation.
Findi’s digital business, accelerated by the BankIT acquisition, now accounts for roughly one-third of total revenue. This shift towards a “phygital” banking model; combining physical and digital services; reflects the company’s strategic focus on scalable, capital-light growth, particularly through its White Label ATM (WLA) portfolio. Recent momentum includes over 1,100 new WLA sales in just 45 days and commitments from channel partners to deploy thousands more ATMs, with transaction volumes exceeding 80 per day on initial deployments.
Strengthened Balance Sheet and Strategic Acquisitions
Post-period, Findi secured non-binding commitments for a new A$30 million note facility, replacing an existing A$9.5 million facility and providing scalable funding capacity up to A$100 million. This enhanced financial flexibility will enable Findi to unlock up to A$40 million of restricted cash from its Indian subsidiary, TSI India, to accelerate growth initiatives.
Additionally, the acquisition of Sphere brings bank-grade loyalty, rewards, and ESG (environmental, social, and governance) technology into Findi’s ecosystem. This move is expected to enhance monetisation opportunities across Findi’s digital platforms, including FindiPay, BankIT, and BC Maxx Centres.
Outlook and IPO Ambitions
Findi reaffirmed its FY26 guidance, targeting revenue between A$100 million and A$105 million, representing a 60% increase over FY25, and operating EBITDA of A$10 million to A$12 million (or A$18 million to A$20 million underlying). The company anticipates a strong second half as integration challenges recede and operational momentum builds.
Looking ahead, Findi is focused on completing its Brown Label ATM rollout, resetting the White Label portfolio, and driving digital transaction growth. These efforts are designed to maximise quarterly revenue and EBITDA run rates as the company prepares for a planned IPO on the Bombay Stock Exchange in FY27, marking a significant milestone in its evolution.
Bottom Line?
Findi’s strong growth and funding boost set the stage for a pivotal FY27 IPO, but execution risks remain in ATM deployment and market timing.
Questions in the middle?
- How quickly will Findi’s ATM deployment delays resolve to sustain growth?
- What impact will the Sphere acquisition have on customer engagement and revenue streams?
- How will the planned IPO on the Bombay Stock Exchange influence Findi’s valuation and capital strategy?
