How Will Findi Navigate $24.65M Loss Amid 51% Revenue Surge in India?
Findi Limited reported a 51% surge in revenue to $49.26 million for the half year ended 30 September 2025, driven by key acquisitions in India. However, the company posted a significant operating loss of $24.65 million amid integration costs and faces material uncertainty over its going concern status.
- 51% revenue growth to $49.26 million driven by Tata Communications and BankIT acquisitions
- Operating loss after tax of $24.65 million includes $9.2 million in non-recurring costs
- Expanded footprint to ~175,000 touchpoints across India with new banking and payment centers
- Net assets declined to $42.6 million from $64.5 million at March 2025
- Material uncertainty on going concern due to losses and net current liabilities; funding initiatives underway
Strong Revenue Growth Amid Strategic Acquisitions
Findi Limited, the ASX-listed fintech company focused on payment solutions in India, has reported a robust 51% increase in revenue for the half year ended 30 September 2025, reaching $49.26 million compared to $33.9 million in the prior corresponding period. This growth was largely fueled by the acquisitions and integration of Tata Communications Payment Services Ltd (TCPSL) and BankIT Services Pvt Ltd, which expanded Findi’s operational footprint significantly across India.
The company now boasts approximately 175,000 touchpoints, including white label and brown label ATMs as well as merchant payment terminals, spanning over 12,000 postcodes. This expansion deepens Findi’s presence in previously underserved markets and supports its vision of connecting people through smarter payment systems.
Heavy Integration Costs Lead to Substantial Losses
Despite the impressive top-line growth, Findi recorded an operating loss after tax of $24.65 million for the period, a sharp increase from a $3.2 million loss in the prior year. This loss includes approximately $9.2 million in non-recurring costs related to the acquisitions and integration activities. The company is in a transitional phase, consolidating operations, migrating merchants onto unified platforms, and redeploying sales teams to leverage cross-selling opportunities.
Net tangible assets per security fell markedly from 61.7 cents to 19.0 cents, reflecting the financial strain of the expansion and integration efforts. The balance sheet shows net assets of $42.6 million as at 30 September 2025, down from $64.5 million at 31 March 2025.
Funding and Going Concern Uncertainty
The company’s financial statements highlight a material uncertainty regarding its ability to continue as a going concern, driven by the losses incurred and net current liabilities of $75.4 million. However, Findi’s board remains cautiously optimistic, citing ongoing funding initiatives including new term debt facilities in India and a proposed A$30 million note facility to replace existing loan notes.
Additionally, Findi plans to list its Indian subsidiary, Transaction Solutions International (TSI), on the Bombay Stock Exchange by March 2027, aiming to raise between A$87 million and A$111 million through primary and secondary offerings. These capital-raising efforts are critical to supporting the company’s growth strategy and operational cash flow needs.
Strategic Moves Post-Reporting Period
Following the reporting period, Findi announced the acquisition of Sphere and its subsidiaries for up to A$6 million, payable in shares. This move is accompanied by planned board changes, including the appointment of two new non-executive directors with deep payments industry experience and the retirement of a current director. These leadership adjustments signal a strategic pivot to strengthen governance and industry expertise as Findi scales.
The company also secured non-binding commitments for a larger A$50 million loan note facility, exceeding initial expectations, which will accelerate rollout of its BC MAXX branch program in partnership with the Central Bank of India and support expansion of its Brown Label ATM network.
Outlook and Market Position
Findi’s aggressive expansion into India’s vast and fast-growing payments market positions it well to capture long-term growth opportunities. However, the current financial strain and reliance on successful funding rounds introduce risks that investors will be watching closely. The company’s ability to integrate acquisitions efficiently, return to profitability, and execute its capital strategy will be key determinants of its future trajectory.
Bottom Line?
Findi’s bold expansion in India comes with financial strain and funding risks that will test its resilience in the coming year.
Questions in the middle?
- Will Findi successfully complete the Sphere acquisition and integrate it smoothly?
- How will the planned BSE listing of TSI impact Findi’s capital structure and shareholder value?
- Can Findi return to profitability and positive cash flow amid ongoing integration and expansion costs?