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Highlights
- ATM Expansion: Findi Ltd (ASX:FND) secures an additional 2,293 ATMs with the State Bank of India, increasing its network by 54%.
- Indian IPO Plans: The company appoints Rothschild & Co to facilitate its planned 2026 IPO in India.
- Guidance Revision: FY25 revenue guidance lowered to $68-$70 million, with EBITDA guidance revised to $30-$32 million due to delays in White Label ATM Licence revenue.
Findi Strengthens ATM Presence While Adjusting Financial Projections
Findi Ltd (ASX:FND) has announced a significant expansion in its ATM operations, securing an additional 2,293 ATMs with the State Bank of India. The deal, secured through its subsidiary Transaction Solutions International (India) Pvt Ltd, is expected to generate revenue between $250 million and $270 million over a 10-year period. EBITDA from the agreement is projected at $125 million to $135 million.
This latest contract increases Findi’s ATM count in India by 54%, building on the 4,219 ATMs secured in October 2023. The deployment of these new ATMs is scheduled to commence in October and is expected to be completed within five months.
Findi’s Executive Chairman, Nicholas Smedley, emphasized the competitive advantage achieved through the company’s rapid execution and operational efficiency. The pace of ATM deployment has reportedly outperformed industry peers, reinforcing Findi’s position as a key provider for major Indian banks.
IPO Plans in India
Findi has appointed global investment banking firm Rothschild & Co to support its planned initial public offering (IPO) in India, targeted for 2026. The company aims to achieve a billion-dollar listing, aligning with its broader goal of expanding financial inclusion across India.
The strategic move underscores Findi’s long-term growth ambitions, positioning it to leverage the expanding digital payments and ATM infrastructure landscape in one of the world’s fastest-growing economies.
FY25 Guidance Adjustment
Despite the positive operational developments, Findi has revised its FY25 revenue and EBITDA guidance. Revenue expectations have been lowered to $68 million to $70 million, down from the previous range of $80 million to $90 million. The EBITDA forecast has also been adjusted, now projected between $30 million and $32 million, aligning with the lower end of the previously estimated range of $30 million to $35 million.
The revision is attributed to the delayed commencement of White Label ATM Licence (WLA) revenue, which defers approximately $15 million in anticipated revenue. The delay stems from the extended timeline for completing the Indicash acquisition, impacting the revenue outlook for the current financial year.
Despite the revision, Findi remains focused on driving EBITDA performance through a combination of operational efficiency, strategic growth initiatives, and cost management. The company anticipates continued contributions from organic expansion and acquisitions, reinforcing its long-term strategic direction ahead of the planned IPO in India.
Strategic Growth Outlook
Findi’s latest developments highlight its commitment to scaling its ATM infrastructure while navigating short-term revenue adjustments. The expanded ATM network and upcoming IPO align with broader efforts to strengthen its market presence in India. As the company advances towards its listing milestone, its ability to execute large-scale contracts and maintain financial discipline will remain key factors in shaping its future growth trajectory.
