Findi Cuts FY26 Guidance but Still Grows 35% as India Momentum Builds
Revenue growth of ~35% year-on-year despite FY26 guidance revision
Findi Limited (ASX: FND) has provided its FY26 guidance and operational update ahead of its Appendix 4E lodgement, revealing Operating Revenue expected at A$83.0 – A$91.6 million, below the prior guidance band of A$100 – A$105 million issued on 21 October 2025. Despite the revision, the result still represents approximately 35% growth over FY25A Operating Revenue of A$61.6 million, with post-period momentum across the India business signalling a stronger FY27 trajectory.
FY26 Adjusted Operating EBITDA (after one-off non-recurring items) is expected at A$8 – A$10 million, below the prior guidance band of A$10 – A$12 million. The precise Operating EBITDA figure remains subject to audit, with the Appendix 4E scheduled for lodgement on or before 29 May 2026. The lower end of the revenue range converts the preliminary unaudited result at an INR/AUD rate of 58.5189, while the upper end uses 55.00 to depict comparable underlying year-on-year performance excluding foreign exchange movements.
What drove the variance?
The FY26 shortfall against prior guidance reflects several non-recurring and timing-related factors identified in the second half:
- Additional non-recurring direct cost provisions identified in H2
- One-off termination, restructuring, and legal costs from the integration of TCPSL, BankIT, and Sphere
- Delayed Brown Label ATM (BLA) roll-out funding during the period
- Working capital constraints in TSI India prior to the May 2026 capital infusion
When big ASX news breaks, our subscribers know first
A$25m equity raise completes working capital infusion into India operations
In May 2026, Findi completed a A$25 million equity raise (less fees), with the primary purpose of infusing working capital into its India operating subsidiary, Transaction Solutions International (India) Pvt. Ltd. (TSI India). The proceeds are being deployed across three specific activities: recommencement of the BLA roll-out, WLA fleet optimisation, and BC Max merchant onboarding in partnership with the Central Bank of India.
The capital infusion directly addresses the H2 headwind that weighed on the FY26 result, and management has identified it as the catalyst for the operational improvements reported in the weeks following the close of the financial year.
Executive Chairman Nicholas Smedley
“The working capital infusion completed earlier this month has removed a constraint that had been holding the business back.”
Post-period momentum signals FY27 acceleration
The company has reported material sequential improvements across its India payments portfolio since the close of FY26. These indicators are presented on an unaudited management account basis and are not guidance for FY27.
Key post-period metrics include:
- BankIT: approximately 45%+ month-on-month uplift in GTV and Revenue from March 2026 to April 2026; 1,100 new BankIT locations activated in April 2026
- WLA: daily transaction volume up approximately 10% month-on-month in April 2026 versus March 2026
- BC Max/Unnati centres: 68 centres onboarded in April and May 2026
- May 2026 run-rate tracking ahead of the April 2026 base
- Annualised cost synergies realised: A$4.9 million (compared to TSI Group pre-acquisition overhead structure, converted at INR/AUD 58.5189)
| Business Unit | April 2026 Metric | Trend |
|---|---|---|
| BankIT | ~45%+ month-on-month uplift in GTV and Revenue (March to April 2026); 1,100 new locations activated | Accelerating |
| WLA | Daily transaction volume up ~10% month-on-month (April vs March 2026) | Improving |
| BC Max/Unnati | 68 centres onboarded in April and May 2026 | Ongoing |
New CCO to drive commercial execution
Findi has confirmed the appointment of Shaun Lordan as Chief Commercial Officer (CCO), effective 1 June 2026. Mr Lordan most recently served as CEO of Sphere (For Good) Holdings Pty Ltd, the bank-grade loyalty, rewards, and ESG technology business acquired by Findi during the period. In his new role, Mr Lordan will lead the commercialisation of the integrated Findi platform, including the deployment of Sphere’s rewards platform across BankIT merchants and the WLA business.
The next major ASX story will hit our subscribers first
Strategic trajectory unchanged as Indian IPO pathway and Payments Bank status remain on course
India’s economy is forecast to grow at four times the rate of Australia’s and is projected to become the third-largest economy globally by 2030. For a payments infrastructure business operating at scale in India, this creates a structural tailwind: as more transactions move through digital channels, the volume flowing across Findi’s WLA, BLA, and BankIT networks has the potential to expand alongside broader economic activity.
Against that backdrop, Findi’s strategic milestones remain intact. The company continues to target a planned 2027 Indian IPO and is progressing toward Payments Bank status, both of which were confirmed as unchanged in the 21 May 2026 announcement. Management has characterised FY26 as a structural integration year, one in which two major acquisitions were absorbed, the WLA portfolio was repositioned, and the working capital base in India was rebuilt.
The next near-term catalyst for shareholders is the Appendix 4E lodgement, scheduled on or before 29 May 2026, which will include the preliminary Operating EBITDA outcome and supporting commentary. From July 2026, the company intends to provide quarterly operating updates to keep shareholders regularly informed of operating progress.
Stay Ahead on ASX Tech and Fintech News
Get FREE breaking ASX announcements delivered to your inbox within minutes of release, complete with in-depth analysis already done for you. Join 20,000+ subscribers who never miss a market-moving update. Click the “Free Alerts” button at Big News Blast to start receiving alerts the moment news breaks.