This report is an updated version of the report published on 14 January 2026 at 12:36 PM AEDT.

Findi Limited (ASX: FND) is a digital payments and financial services provider in India. The company offers tailored and adaptable payment solutions that are crucial to the growth of India’s digital banking landscape.  It is a non-bank ATM operator across cash and digital transaction ecosystems.

Recommendation Rationale – SELL at AUD 1.280 

• Increase in Losses: The Group posted a loss of AUD 25.6 million in 1HFY26, up from a loss of AUD 3.5mn in 1HFY25. Continued losses could pressure resources, limit growth prospects, and may require further funding or capital raising to sustain operations.
• Deline in Operating EBITDA: Operating EBITDA was (AUD 1.0mn) in 1HFY26, or AUD 8.2mn on an underlying basis when excluding non-recurring items, compared with AUD 12.3mn Operating EBITDA in 1HFY25. The operating result was affected by several non-recurring factors, including delays in ATM deployments, higher direct cost provisions, and one-off termination and legal expenses.
• Market risks: Global and local economic shifts can impact the demand for FND's products and services, influencing its overall performance and growth potential. Additionally, changes in laws and regulations, such as environmental and safety standards, may lead to higher operational costs, while failure to secure or renew essential licenses could disrupt business operations.
• Technical Commentary: While undergoing a downtrend, FND’s stock price penetrated its previous trough, indicating a negative bias. Furthermore, the momentum oscillator RSI (14-period) is trading below its midpoint, adding more evidence to the previous observation. Price is trading below both trend-following indicators 21-day and 50-day SMAs, which might function as dynamic resistance levels for the stock; in contrast, the stock’s nearest low may act as a support level.

FND Daily Chart

Daily Technical Chart, Data Source: REFINITIV

Considering the macroeconomic uncertainty, current trading levels, limited visibility on FY26 performance, continuous losses in 1HFY26 and risks associated, a ‘Sell’ recommendation is given on the stock at the current price of AUD 1.280, as of 14 January 2026 at 12:10 PM AEDT.  

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 14 January 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.    

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.  

Technical Indicators Defined: - 

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.