Findi Revises FY26 Revenue and EBITDA Guidance Lower Amid Integration Costs
Findi Limited lowers its FY26 operating revenue and EBITDA guidance, citing integration costs and funding delays, but reports operational improvements following a $25 million equity raise and appoints a new Chief Commercial Officer.
- FY26 operating revenue now expected at A$83.0–91.6 million, below prior guidance
- Operating EBITDA forecast reduced to A$8–10 million after one-off costs
- Completed A$25 million equity raise to strengthen working capital in India
- New Chief Commercial Officer appointed to drive platform commercialisation
- Company remains on track for 2027 Indian IPO and Payments Bank status
FY26 Revenue and EBITDA Guidance Revised Downwards
Findi Limited (ASX:FND) has trimmed its FY26 operating revenue guidance to between A$83.0 million and A$91.6 million, falling short of the A$100–105 million band it set just seven months ago. This still represents a healthy 35% increase over FY25’s A$61.6 million, but the shortfall reflects integration challenges and funding delays that have hampered the company’s India operations.
The company also expects Operating EBITDA to come in below the previously forecast A$10–12 million range, now adjusting to A$8–10 million after accounting for one-off non-recurring costs. These include termination and restructuring expenses related to the integration of its acquisitions, TCPSL, BankIT, and Sphere, alongside working capital constraints in its Indian subsidiary, Transaction Solutions International (TSI India), prior to a recent capital infusion.
Operating EBITDA figures remain preliminary pending the completion of the FY26 audit, with full details due in the Appendix 4E filing scheduled before 29 May 2026.
$25 Million Equity Raise Bolsters Working Capital
To address these constraints, Findi completed a A$25 million equity raise in May 2026, primarily to inject working capital into TSI India. This capital has enabled the company to stabilise operations and restart key growth initiatives, including the Brown Label ATM (BLA) rollout, optimisation of the White Label ATM (WLA) fleet, and onboarding of BC Max/Unnati merchants in partnership with the Central Bank of India.
The equity raise builds on earlier funding rounds, including the first tranche of $9 million secured in March 2026, which helped refinance TSI’s balance sheet and restart rollout programs with major Indian banks, alongside Findi increasing its stake in TSI restart rollout programs.
Operational Momentum Accelerates Into FY27
Post-period operational data from April and May 2026 shows marked improvements across Findi’s India business units. BankIT, for instance, recorded a month-on-month growth exceeding 45% in gross transaction value (GTV) and revenue from March to April, with 1,100 new locations activated in April alone. WLA daily transaction volumes also increased by approximately 10% month-on-month in April, while BC Max/Unnati centres onboarded 68 new merchants across April and May.
These gains come alongside realised synergies from the integration of the three business units, cutting annualised costs by A$4.9 million. However, Findi cautions these figures are unaudited management accounts and do not constitute guidance for FY27.
Leadership Changes to Drive Commercialisation
Findi has appointed Shaun Lordan as Chief Commercial Officer effective 1 June 2026. Lordan, formerly CEO of Sphere, the bank-grade loyalty and ESG technology business acquired during the year, will spearhead the commercialisation of Findi’s integrated platform. This includes deploying Sphere’s rewards technology across BankIT merchants and the WLA network, aligning with the strategic rationale outlined during the Sphere acquisition announcement in October 2025.
This leadership move underscores Findi’s focus on leveraging its acquisitions to accelerate growth and cross-sell opportunities across its diversified payments portfolio.
Strategic Ambitions Remain Intact Despite Near-Term Challenges
Executive Chairman Nicholas Smedley acknowledged the FY26 shortfall but emphasised the significant structural work undertaken, including acquisitions integration and working capital rebuilding in India. He highlighted the encouraging operational trajectory seen in April and May, driven by the recent capital injection and leadership enhancements.
Findi remains committed to its strategic roadmap targeting a 2027 Indian IPO and Payments Bank status, capitalising on India’s rapidly growing economy, projected to become the world’s third-largest by 2030. The company plans to provide quarterly operating updates starting July 2026 to keep shareholders informed of progress.
The upcoming audited FY26 results and FY27 objectives will offer further clarity on Findi’s financial position and growth prospects, following a period of significant transition and investment in its core Indian operations $25 million equity raise.
Bottom Line?
Findi’s FY26 results reflect the costs of integration and funding delays, but recent capital infusion and leadership appointments suggest a pivot toward stabilisation and growth ahead of its planned Indian IPO.
Questions in the middle?
- How will Findi’s operational momentum in India translate into FY27 revenue and profitability?
- What impact will Shaun Lordan’s commercial leadership have on monetising the integrated platform?
- How sensitive is Findi’s IPO timeline to ongoing funding and execution risks in its Indian subsidiaries?
