Findi Posts $75.5M Revenue and 14% EBITDA Rise in FY25

Strong Financial Performance Amid Strategic Expansion

Findi Limited (ASX: FND) has delivered a robust financial performance for the full year ended 31 March 2025, reporting record total revenue of $75.5 million, a significant increase from $66.5 million in FY24. This growth was underpinned by the strong performance of its core ATM business and the rapid expansion of its FindiPay merchant network across India.

EBITDA rose 14.4% to $31.4 million, comfortably within the guidance range provided earlier this year. Underlying net profit before tax (NPBT) surged 54.5% to $6.0 million, reflecting operational efficiencies and strategic investments, although statutory results were impacted by finance costs related to the restructuring of convertible debentures.

Transformational Acquisitions Accelerate Growth

Central to Findi’s momentum were two landmark acquisitions completed during FY25. The purchase of Tata Communications’ White Label ATM business (TCPSL) for $75.7 million added over 4,200 ATMs and a payments switch platform, significantly scaling Findi’s ATM footprint. Shortly after, the acquisition of BankIT for $30 million expanded Findi’s digital payments reach by adding approximately 130,000 merchants, bringing the total to nearly 190,000 across India.

These acquisitions not only broaden Findi’s physical and digital presence but also fast-tracked its growth strategy by two years, positioning the company as the only Pan-Indian ATM operator with a nationwide digital business. This sets a strong foundation for Findi’s ambition to become a fully-fledged payments bank in India.

Securing Major Contracts and Strengthening Market Position

Findi’s operational progress was further validated by significant contract wins and extensions with leading Indian banks. Agreements with the Central Bank of India, Union Bank of India, and State Bank of India will see the deployment of thousands of additional ATMs over multi-year terms, reinforcing Findi’s role as a trusted partner in India’s financial infrastructure.

In addition, Findi has begun rolling out co-branded banking correspondent locations (‘BC Max’ centres) with the Central Bank of India, aiming to expand financial services access in underbanked regions. This initiative complements Findi’s broader vision of financial inclusion and digital transformation across India’s youthful population.

Capital Raising and IPO Preparations

Findi strengthened its balance sheet through a $45 million capital raising and a $36.3 million reinvestment by Piramal Alternatives, resulting in a net cash position of $30.2 million at 31 March 2025. These funds support ongoing growth initiatives, including the accelerated rollout of White Label ATMs and further acquisitions.

The company’s majority-owned subsidiary, Transaction Solutions International (TSI), is on track for an initial public offering on the Bombay Stock Exchange in 2026, with Rothschild & Co appointed as financial adviser. This IPO is expected to unlock additional value and capital for Findi’s ambitious expansion plans.

Looking Ahead to FY26

Findi’s outlook for FY26 is focused on consolidating recent acquisitions, accelerating the White Label ATM rollout, and pursuing new contract opportunities. The recent increase in interchange fees by the Reserve Bank of India is anticipated to positively impact Findi’s White Label business profitability.

With India’s rapidly growing digital economy and youthful demographic, Findi is well-positioned to capitalize on the country’s financial transformation. The company’s strategic initiatives and solid financial footing suggest a promising trajectory as it prepares for the next phase of growth and the upcoming IPO.