White label delay has impacted expected revenue, but a banger contract signed akin to the SBI contract signed a year ago which lead to the huge rerating. In my opinion this update is a net positive by far. Noting that EBITDA has held within the original guidance range despite not getting the expected white label revenue in on time as well also shows how profitable this year has been.
Now what has caught my attention is the flagging of revenue to increase at a rate of GREATER than 140% for FY26. We will have by June the guidance for the following year and now that all white label drama is behind us it's likely the last time to get on the train before a hopefully 1B valuation is clearly demonstrated as we get closer to the IPO in India. Respecting 20% shares that management own I believe that would put Findi's holding at a share price of ~$16 ballpark
FND Price at posting:
$4.56 Sentiment: Buy Disclosure: Held
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