Findi secures thousands more ATMs – but still lowers FY25 guidance

On the same day that Findi Ltd (ASX:FND) announced it had secured another 2,293 ATMs with the State Bank of India, it lowered expectations for FY25 performance.

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Through its subsidiary in India, Transaction Solutions International (India) Pvt Ltd, Findi has secured the ATM deal, which it expects to deliver revenue of $250-$270 million and EBITDA of $125 to $135 million over 10 years (seven plus three years).

The agreement bumps up its ATMs in India by 54% – adding to the 4,219 ATMs awarded in October 2023.

The roll-out of the additional ATMs will start in October and take about five months.

Findi Executive Chairman Mr Nicholas Smedley said the growth was four times faster than that of their closest competitor.

“The upgrade of this contract is the direct result of Findi’s operational excellence and our speed of deployment of new ATMs – more than four times faster than our closest competitor,” Mr Smedley explained.

“Our ability to seamlessly and consistently deliver on significant ATM contracts has seen Findi awarded approximately 3,831 ATMs from new contracts and extensions in the 2025 year to date, valued at approximately $360-392 million total contract value.

“Our proven track record of contract execution reinforces our market position as the provider of choice with India’s major banks and positions us well for future opportunities.”

IPO in India

And Findi’s appointed Rothschild & Co for its planned Indian IPO in 2026.

“The appointment of leading global investment bank Rothschild is a key milestone for our aspiration of delivering a billion-dollar listing as we continue to drive financial
inclusion for the unbanked across India,” Smedley said.

Guidance downgrade

However, FY25 revenue guidance has been revised down to $68 million to $70 million from previous guidance of $80-$90 million. FY25 EBITDA guidance of $30-$32 million is at the lower end, of the previously stated guidance range of $30-$35 million.

Mr Smedley said the revised guidance was impacted by the deferred commencement of White Label ATM Licence (WLA) revenue.

That delays the receipt of about $15 million in revenue.

“While we were on track to deliver against our previous guidance, the delayed completion of the Indicash acquisition will now impact FY25 revenue performance,” Smedley said.

“Nonetheless, we remain on track for solid EBITDA performance for FY25, driven by the strong operational and strategic momentum in our existing ATM business and our growing FindiPay offering, together with our stringent approach to cost control.

“We are anticipating strong contributions from organic growth and acquisitions as we work towards the IPO of Findi India in 2026.”

Findi last traded at $4.56 and has a market cap of nearly $225 million.

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