• SBI contract upgraded by 54% to 6,512 ATMs, increasing revenue to $800M-$890M and EBITDA to $375M-$415M
• FY25 EBITDA expected in $30M-$32M range, revenue $68M-$70M despite WLA licence delay
• Expect >140% revenue growth in FY26 from organic growth, TCPSL and BANKIT acquisitions

Findi Ltd has announced an upgrade to its 10-year contract with India's largest bank, State Bank of India (SBI), to deliver and manage 6,512 Brown Label ATMs (BLA). This represents a 54% increase from the original 4,219 BLA contract signed in October 2023. The contract upgrade is expected to increase total revenue over the life of the contract to $800M-$890M and EBITDA to $375M-$415M. The first 4,219 BLA under the original contract were deployed from August 2024, with the additional 2,293 BLA to be rolled out from October 2025 to March 2026. Despite the delay in obtaining a White Label ATM (WLA) licence while securing RBI approval to acquire TCPSL (Indicash), Findi expects to record FY25 EBITDA in the range of $30M to $32M and revenue between $68M - $70M. This is in line with the previous EBITDA guidance of $30M-$35M, though revenue is below the prior $80M-$90M range due to the delayed WLA deployment. Findi sees a step change in revenue in FY26, forecasting more than doubling compared to FY25. This will be driven by organic growth in the traditional TSI business, rapid expansion of the WLA business leveraging the Indicash acquisition, and further growth in the BANKIT business. The company expects a revenue growth rate of over 140% in FY26 compared to FY25.The acquisition of TCPSL (Indicash) has received regulatory approval from the Reserve Bank of India and is expected to complete by the end of February 2025. Key strategic highlights include the WLA licence, a payments switch platform, control over the FY26 WLA roll-out, a capital-light franchisee model, and scale as the second-largest WLA business in India. Financially, Indicash is expected to contribute FY26 revenue of A$28m-$30m, EBITDA of A$5m-$7m, and NPAT of A$2m-$4m.

Findi expects FY25 EBITDA in the range of $30M to $32M and revenue between $68M - $70M.

Findi sees a step change in revenue in FY26, forecasting more than doubling compared to FY25. This will be driven by organic growth in the traditional TSI business, rapid expansion of the WLA business leveraging the Indicash acquisition, and further growth in the BANKIT business. The company expects a revenue growth rate of over 140% in FY26 compared to FY25.