Findi Limited (ASX:FND) Announces SBI Contract Upgrade and FY25 Outlook
SBI Contract Upgrade
Findi Limited (ASX: FND) has secured a 54% upgrade to its 10-year contract with State Bank of India (SBI), increasing the number of Brown Label ATMs (BLA) from 4,219 to 6,512. This enhancement boosts total contract revenue to between $800 million and $890 million and EBITDA to $375 million—$415 million. The additional BLAs will be rolled out from October 2025 and completed by March 2026, with funding sourced from Findi’s free cash flow and new bank facilities.
Financial Performance
For the fiscal year 2025, Findi expects revenue to range between $68 million and $70 million and EBITDA to be between $30 million and $32 million, remaining within previous guidance despite delays in obtaining the White Label ATM licence and RBI approval for the TCPSL acquisition. The second half of FY25 forecasts revenue of $37.3 million—$39.3 million, marking over a 21% increase from the first half, and EBITDA of $16.1 million—$19.1 million, representing approximately a 25% increase.
Future Outlook
Findi anticipates more than doubling its revenue in FY26 compared to FY25, driven by organic growth in its TSI business, expansion of its WLA business through the TCPSL acquisition, and additional BANKIT acquisitions. The company expects a revenue growth rate of over 140% in FY26 and plans to deliver full FY26 guidance at the end of Q1FY26 in July.
TCPSL Acquisition Update
The acquisition of Tata Communications Payment Solutions Limited (TCPSL or Indicash) has received regulatory approval from the Reserve Bank of India (RBI) and is expected to be completed by the end of February 2025. This acquisition will enhance Findi’s payment solutions platform and support the expansion of its WLA business.
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