Findi (ASX:FND) cuts FY26 revenue to A$83m as India squeeze finally breaks

April BankIT run-rate jumped 45% after the A$25m raise, reframing FY26 as IPO setup cost

Findi (ASX:FND) has done what no Indian payments company chasing an IPO ever wants to do. It has cut its FY26 guidance, and not by a trim either.

Operating Revenue is now expected to land between A$83.0m and A$91.6m, well below the A$100m to A$105m band the company put on the table back in October 2025. Adjusted Operating EBITDA will come in at A$8m to A$10m, below the prior A$10m to A$12m range. The audited figure lands with the Appendix 4E on or before 29 May 2026.

On the surface this looks like a textbook small-cap stumble. Two major acquisitions integrated in one year, working capital constraints in the Indian subsidiary, restructuring charges, and a delayed Brown Label ATM roll-out. The market does not usually forgive that combination.

But the more interesting story sits underneath. April 2026 BankIT GTV and revenue jumped roughly 45% month-on-month, 1,100 new BankIT locations went live in a single month, and the May run-rate is tracking ahead of April. The A$25m equity raise completed in May has done exactly what management said it would do, which is unblock the Indian subsidiary.

Why the downgrade happened, and what it actually signals

The variance is not a demand problem. Revenue is still growing roughly 35% over the A$61.6m FY25 base, which is hardly a business in trouble.

The miss reflects working capital constraints inside Transaction Solutions International (India), one-off termination and legal costs from integrating TCPSL, BankIT and Sphere, and ATM roll-out funding delays that have now been cleared. These are integration costs, not structural ones.

Our concern is more about credibility than economics. Management set guidance in October 2025 and missed by roughly 15% at the revenue line seven months later. Investors are entitled to ask whether the FY27 plan, which underpins the Indian IPO pathway, will hold up better.

The April run-rate is the number worth circling

Findi has effectively given the market a forward look without calling it FY27 guidance. BankIT month-on-month uplift of 45% in GTV and revenue is the standout. WLA daily transaction volume rose around 10% in April versus March, and 68 BC Max and Unnati centres came on in April and May.

Add A$4.9m of annualised cost synergies across the three business units and the operating leverage story starts to look real. The constraint was capital, not the underlying franchise.

Worth noting that this data is unaudited management accounts and explicitly not FY27 guidance. We would want to see the June quarterly confirm the trajectory before extrapolating, which is presumably why management has committed to quarterly operating updates from July.

The 2027 Indian IPO is still the prize

Strategic trajectory is unchanged. Findi is still pointing at a 2027 Indian IPO and Payments Bank status, and the appointment of Shaun Lordan as Chief Commercial Officer from 1 June 2026 puts a commercialisation specialist on the integrated platform.

Lordan came across with the Sphere acquisition and his job is to push Sphere’s bank-grade loyalty and rewards tech across the BankIT merchant base and the WLA fleet. That is the cross-sell layer that has to work for the IPO story to hold its valuation.

India remains the macro tailwind. A 1.4 billion population, digital payments forecast to hit roughly A$9.4 trillion equivalent by FY27, and an under-banked adult population continue to underwrite the opportunity. Findi is one of the very few ASX-listed ways to play it directly.

The Investors Takeaway for Findi

Today’s announcement is a credibility reset. FY26 is now the year of integration costs and a working capital squeeze, and the market will price that accordingly. The question is whether the April and May run-rates flagged today translate into FY27 numbers that justify the Indian IPO pathway.

We think the July and October quarterly updates are the most important data points that the company has produced since listing. Either BankIT’s 45% monthly uplift holds and the cross-sell with Sphere starts to show up, or the FY27 plan needs to be rebased. There is not much middle ground.

For readers who want the full backstory on how Findi got here, including the BankIT acquisition and the original India thesis, our earlier coverage walks through the build-up. Today’s downgrade does not break that thesis, but it does put the burden of proof squarely on the next two quarters.