Fund Manager Summary
The fund managers believe that Findi Ltd presents a compelling investment opportunity following a well-timed $45m capital raise and subsequent positive developments. In their opinion, the confirmation of FY25 EBITDA and revenue guidance, along with the renegotiation of convertible notes that will save approximately $6m annually in interest expenses, positions FND favorably. They highlight the increase in Indian ATM interchange fees as a catalyst for projected EBITDA improvements exceeding $5.5m in FY26 and $10m in FY27. The managers anticipate substantial upgrades to profit expectations, with FND on track to generate $50m+ free cash flow in FY27. They see significant upside if FND successfully positions its Indian subsidiary for a $1b+ IPO in 2026.
Source: Trading View
Commentary From The Managers
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DMX Asset Management
31 Oct 2025
$1.87
Summary
- DMX Asset Management sold their investment in Findi (ASX:FND) due to a weak FY26 forecast, marking the third consecutive earnings disappointment.
- Despite recognizing the potential for Findi to expand its ATM services across India, recent execution challenges have raised concerns.
- They had already substantially reduced their position at higher levels prior to the latest guidance update.
- Further selling has resulted in their exposure to Findi now being well under 1% of the portfolio.
- While Findi has the potential to achieve EBITDA margins north of 30% with over $100m in revenue, recent disappointments have diminished their conviction.
- Findi's earnings update showed a significant decline of 44% over the month, adding to their concerns.
- There are doubts about Findi's ability to execute a local market IPO in 2026 at the indicated valuation range.
- Recent comparisons with local market peers indicate a de-rating of valuations, further complicating the outlook.
- DMX Asset Management will continue to monitor progress as they have trimmed their position following the downgrade.
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Commentary From The Managers
DMX Asset Management
31 Oct 2025
$1.87
- DMX Asset Management sold their investment in Findi (ASX:FND) due to a weak FY26 forecast, marking the third consecutive earnings disappointment.
- Despite recognizing the potential for Findi to expand its ATM services across India, recent execution challenges have raised concerns.
- They had already substantially reduced their position at higher levels prior to the latest guidance update.
- Further selling has resulted in their exposure to Findi now being well under 1% of the portfolio.
- While Findi has the potential to achieve EBITDA margins north of 30% with over $100m in revenue, recent disappointments have diminished their conviction.
- Findi's earnings update showed a significant decline of 44% over the month, adding to their concerns.
- There are doubts about Findi's ability to execute a local market IPO in 2026 at the indicated valuation range.
- Recent comparisons with local market peers indicate a de-rating of valuations, further complicating the outlook.
- DMX Asset Management will continue to monitor progress as they have trimmed their position following the downgrade.
Summary
Paradice Investment Management
30 Sept 2025
$3.36
- Findi’s shares declined over the quarter.
- Management reaffirmed confidence in sustained momentum into 2026.
- Expectations for more newsflow regarding business operations and integration.
- Recent acquisitions and their contributions remain a focus.
- Progress around the Indian IPO is seen as a key potential value unlock for shareholders.
- The lack of updates has disappointed investors.
Summary
Monash Investors
30 Sept 2025
$3.36
- Findi Ltd is an ASX-listed holding company with a majority stake in an Indian ATM and payments company.
- Strong growth and development have been observed over the past few years.
- The company is targeting a local market IPO of its Indian subsidiary in the upcoming year.
- Multiples achieved for similar businesses suggest material upside potential for Findi’s shares.
- Following a capital raise in March, shares have been under pressure as the market adopts a wait-and-see approach.
- Current share performance is affected by a public dispute involving a former executive and the company.
- Monash Investors continues to hold due to anticipation of positive newsflow regarding the company’s roll-out and balance sheet position.
- Progress towards a potential 2026 local market IPO is also a key focus for the fund manager.
Summary
DMX Asset Management
30 Sept 2025
$3.36
- Findi Ltd. is an ASX-listed holding company with a majority stake in an Indian ATM and payments company.
- Strong growth and development have been observed over the past few years.
- The company is working towards a local market IPO of its Indian subsidiary in the coming year.
- Multiples achieved for similar businesses suggest material upside potential for Findi’s shares.
- Recent challenges include a capital raise in March and a delay in their FY26 forecast.
- Findi’s shares are currently under pressure due to a public dispute involving a former executive.
- DMX Asset Management continues to hold because they eagerly await newsflow on the company’s roll-out and balance sheet position.
- They are also monitoring progress toward a potential 2026 local market IPO.
Summary
DMX Asset Management
31 July 2025
$3.71
- DMX Asset Management acknowledges a 13% decline in Findi's stock despite positive developments.
- Successful completion of a pilot program for the 'BC Max' banking centres co-branded with the Central Bank of India (CBI).
- Findi is initiating a national rollout of 76 BC Max centres, aiming for an additional 500 locations over the next two years.
- The BC Max centres will integrate FindiPay merchant services with CBI banking products, enhancing banking accessibility.
- These centres are staffed by CBI personnel and supported by Findi-owned ATMs, providing extended-hours services.
- While the initiative is expected to be highly profitable, it requires additional capital which Findi has secured through a loan note issue in August.
- DMX Asset Management continues to hold its position in Findi due to the potential of the BC Max initiative.
Summary
DMX Asset Management
30 June 2025
$4.25
- DMX Asset Management continues to hold Findi (ASX:FND) due to its recent appointment of lead managers for the IPO of its Indian ATM/banking subsidiary.
- The indicated IPO valuation range is between $727m and $926m pre-money.
- DMX Asset Management supported the recapitalisation of Findi in 2022 when its market cap was under $10m.
- Findi has since re-rated to a market cap of over $250m.
- Despite this increase, Findi still trades at a substantial discount compared to the value implied by an Indian listing.
Summary
DMX Asset Management
31 Mar 2025
$4.00
- DMX Asset Management notes a strong execution period and positive share price movement for Findi Ltd (FND).
- The company undertook a $45m capital raise that has been deemed well-timed after market declines.
- DMX Asset Management was supportive of the raise, modestly increasing their position.
- The raise was accompanied by three significant positive announcements for FND:
- Confirmation of FY25 EBITDA and revenue guidance.
- Renegotiation of existing convertible notes resulting in ~$6m annual interest savings.
- Increased Indian ATM interchange fees, expected to contribute >$5.5m/>$10m in EBITDA improvements for FY26/FY27.
- These developments led to substantial upgrades in FND’s profitability expectations for FY26 and FY27.
- FND is expected to generate over $50m free cash flow by FY27, presenting significant upside potential.
- FND finalized its TATA acquisition and extended its agreement with Union Bank of India.
- The company confirmed it is on track to meet its FY25 EBITDA guidance.
- Revenue is projected to grow 140% in FY26 through organic growth and acquisitions.
- This revenue growth supports the expectation of a $1b+ IPO for its Indian subsidiary.
Summary
DMX Asset Management
28 Feb 2025
$5.08
- Findi had a positive month, with continued good news on the ground in India.
- The shares remain volatile, understandably so, having risen strongly over the past year.
- For the month, the shares were up 17%, and Findi remains DMX Asset Management's largest holding at 6% of the Fund.
- FND had a particularly eventful month, finalizing its recent TATA acquisition.
- Extended agreement with Union Bank of India was also achieved.
- Confirmed it was on track to meet FY25 EBITDA guidance.
- FND expects revenue to grow 140% in FY26, driven by organic growth, white label business expansion, and acquisitions.
- This revenue growth is anticipated to drive a substantial uplift in EBITDA.
- FND expects a $1b+ IPO value from its Indian subsidiary, of which FND’s share is approximately 70%.
- This represents a substantial uplift on FND’s current EV.
Summary
DMX Asset Management
30 Nov 2024
$4.91
- DMX Asset Management notes that FND has performed well recently, contributing significantly to the portfolio.
- Throughout November, FND maintained strong momentum until a 24% drop on the last day after half-year results were reported.
- The overall decline for the month was 8%, attributed to results priced for perfection with minimal growth.
- Management cites disruption from Indian general elections as a reason for softness in performance.
- Transaction volumes are believed to have returned to trend post-elections.
- FND remains committed to FY25 guidance, but a strong second half is crucial.
- FY25 is marked as a year of investment with expectations for FY26 and FY27 to benefit from growth initiatives and an acquisition from Tata Industries.
- EBITDA is projected to exceed $50m, compared to the current run-rate of approximately $30m.
- Current investment in FND is at a moderate level of around 5%, reduced from previous holdings.
- DMX believes there is significant upside potential if FND can execute its plans and position its Indian subsidiary for a $1b+ IPO in 2026.
- The market sentiment is likely to be more cautious, focusing on delivery rather than potential.
Summary
DMX Asset Management
30 Sept 2024
$4.84
- DMX Asset Management notes the strong performance of Findi (ASX:FND), with shares reaching $5.00.
- Initial Position: Acquired in late 2021 at 60c during FND’s recapitalization.
- Strategic Move: Funding was sought to buy-out its majority partner in the Indian ATM/financial services business.
- Pleasing Journey: The investment has performed well, highlighting significant upside potential.
- Investment Thesis: Emphasis on identifying and investing in fundamentally attractive low market capitalisation companies that are undervalued and under-the-radar.
Summary
DMX Asset Management
1 June 2024
$3.67
- DMX Asset Management has updated its investment thesis on Findi Ltd following a trip to India and significant share price appreciation.
- Findi Ltd owns approximately 80% of Transaction Solutions International (TSI), a key player in ATM and digital payments in India.
- Fndi's share price has more than tripled since December 2023, making it a material holding in DMX’s portfolios.
- Strong operational insights were gained through visits to TSI locations and discussions with TSI management.
- TSI has successfully managed ATMs for both the Central Bank of India (CBI) and the State Bank of India (SBI).
- India's economy is projected to grow close to 7% annually, driven by infrastructure projects and a young workforce.
- Despite concerns about the decline of cash, the demand for cash is still growing across India, especially in rural areas.
- TSI's competitive edge lies in its low outage rates and customer trust in ATM accessibility.
- The focus of TSI's strategy is evolving towards White Label ATMs and the Findipay platform.
- Achievements of the White Label license will allow TSI to operate under its own branding, expected by October 2024.
- Findi aims to onboard 60,000 merchants on its Findipay platform by FY25 to enhance digital banking access.
- TSI is targeting an IPO on the Bombay Stock Exchange in 2026, aiming to provide liquidity for Findi shareholders.
- DMX Asset Management believes FND could generate $50m+ in EBITDA by 2026 if growth targets are met.
- Future catalysts include updates on EBITDA guidance and potential acquisitions in FY25.
- Overall, there is a strong sense of excitement about the growth opportunities and the anticipated listing of TSI in 2026.
Summary
DMX Asset Management
31 May 2024
$3.39
- DMX Asset Management participated in an investor road show in India, covering Delhi, Pune, and Mumbai.
- The event was hosted by the FND board and management, showcasing the interest of existing and potential investors.
- This trip provided valuable insights into the FND opportunity.
- Further details about the trip can be found in the article: Findi – A research trip to India – DMXAM.
Summary
DMX Asset Management
31 Mar 2024
$3.13
- DMX Asset Management notes a significant re-rate in FND, with share prices moving from ~50c to above $3 since October.
- Initial investment in FND occurred in early 2022, with a market cap of less than $5m aimed at funding a buyout of its Indian ATM and fintech business.
- The stock was previously under the radar and seen as fundamentally mispriced, offering substantial upside potential.
- As of March, FND’s market cap reached $150m, with daily trading liquidity increasing to $1m+.
- Sales were made into increased liquidity as DMX Asset Management's price targets were met.
- Although valuation perspectives remain consistent, time has allowed for increased investor confidence in management and operations.
- FND reported ~20% revenue growth, with EBITDA growing from ~$6m to ~$24m over two years.
- FND’s balance sheet is projected to finish the financial year with ~$30m net cash after recent option conversions.
- DMX Asset Management highlights FND as a case study of supporting mispriced, under the radar companies with strong fundamentals.
- Despite a challenging environment and execution issues across portfolios, there is optimism for emerging opportunities with improving investor interest.
- Other portfolio companies exhibiting similar characteristics to FND are expected to have substantial upside as conditions improve.
Summary
DMX Asset Management
28 Feb 2024
$2.00
- DMX Asset Management provides an update on their investment thesis regarding Findi Ltd.
- Findi has seen a recent rally, increasing by 37%.
- The position in Findi has been maintained through this re-rate, now representing 11% of the portfolio as of 29th February.
- Currently, trimming of the position has begun, reducing it to 10% of the portfolio.
- Depending on market opportunities, further trimming may occur.
- The next largest positions are 5% of the portfolio, illustrating their sizing strategy.
- Investors are encouraged to be mindful of the outsized position size for the time being.
Summary
DMX Asset Management
4 Dec 2023
$1.05
- DMX Asset Management highlights India's increasing cash usage while other economies move away from it.
- The cultural significance of cash persists, especially with high rates of unbanked individuals.
- Over 50% of e-commerce transactions are cash on delivery, indicating strong demand for cash services.
- Findi Ltd (ASX: FND) owns 80% of Transaction Solutions International (TSI), focused on ATM operations in India.
- 90% of TSI's revenue is from managing 20,000 ATMs for major banks.
- Recent contract wins, such as a 10-year deal with the State Bank of India, enhance earnings certainty.
- Findi's half-year results show an 84% increase in EBITDA, significantly improving cash generation from $6 million to anticipated $23.6 million.
- TSI's liquidity position strengthened with $37 million raised through debt that converts to equity, valuing Findi's stake at $129 million if an IPO occurs.
- The potential for white-label ATM operations could lead to higher margins and improved earnings.
- dmc4>Management indicated imminent business acquisitions and further outsourcing opportunities.
- TSI's digital payment business is expanding rapidly, now reaching 16,000 merchants.
- A potential IPO on the Bombay Stock Exchange could target a $500 million valuation, contingent on growth execution.
- Possible risks include changes in cash usage trends, operational missteps, and management turnover.
- Despite risks, projections indicate healthy cash returns may validate Findi's position, with a fair value around $3.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a strategic capital raise and a flurry of operational wins, it seems Findi Ltd is not just weathering the storm but positioning itself for a potential $1B IPO. The path ahead appears ripe with opportunity, particularly in the booming Indian market."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Findi Ltd (ASX:FND)?
Fund managers including DMX Asset Management, Paradice Investment Management and Monash Investors have invested in Findi Ltd (ASX:FND).
Why do fund managers invest in Findi Ltd?
Fund managers are investing in Findi Ltd due to its strategic capital raise, which was timely despite market declines, and is expected to enhance financial performance. Key factors include confirmed FY25 EBITDA and revenue guidance, renegotiated convertible notes reducing interest expenses, and increased ATM interchange fees in India projected to boost EBITDA significantly. With substantial profit upgrades anticipated for FY26 and FY27, and a potential $1 billion IPO for its Indian subsidiary, fund managers see considerable upside in FND's growth trajectory.
What happened to Findi Ltd (ASX:FND)?
Fund managers have invested in Findi Ltd due to its strategic initiatives in the Indian market, particularly the rollout of BC Max banking centres in collaboration with the Central Bank of India, which aim to enhance banking accessibility. Despite recent share price declines and execution challenges, the company's strong growth potential, backed by a significant revenue base and the prospect of a local IPO for its Indian subsidiary, presents material upside. However, concerns over recent earnings disappointments and market pressures have led to cautious positions among investors.