1. At a Glance
Akiko Global Services Ltd is what happens when tele-calling, feet-on-street sales, and algorithmic buzzwords decide to wear a fintech hoodie. As of early Feb 2026, the company sits at a market cap of ~₹224 Cr, trading near ₹208, after doing a wild 160% return over one year and then promptly confusing everyone with a –23% return over the last three months. Classic SME behaviour — adrenaline first, digestion later.
The latest Q3 FY26 results show quarterly revenue of ₹50.52 Cr, up a monstrous 175% YoY, while PAT jumped 259% YoY to ₹5.71 Cr. Operating margins expanded to 16%, which is impressive for a business that essentially survives on convincing people to swipe credit cards they didn’t know they wanted. ROE stands at ~16.7%, debt is a polite ₹2.36 Cr, and promoter holding is a confident 67.3% with zero pledge.
But here’s the twist: debtor days are ~191 days. That’s not a typo. That’s half a year of “Sir payment kal aayega.” Curious already? Good. Let’s dig.
2. Introduction
Akiko Global Services Ltd was incorporated in 2018 and operates as a DSA (Direct Selling Agent) for banks and NBFCs. In simple English: Akiko doesn’t lend money. It introduces you to people who will. And then takes a commission.
The company markets itself as a financial services + tech platform, armed with an algorithm-driven product called Money Fair, which analyses customer data to judge creditworthiness. Add a custom CRM, tele-callers, digital marketing, and field agents, and you have a full-blown sales army chasing loan and credit card leads across India.
FY24 was a bit of a mood swing — revenue was ~19% lower than FY23, reminding investors that DSAs are not SaaS companies with linear growth. But FY26 has come in hot, with explosive quarterly numbers, aggressive branch expansion, ESOP issuance, preferential warrants, and management guidance that sounds like it drank three Red Bulls before the analyst call.
Is this a scalable fintech distribution story — or just a very efficient commission machine? Let’s break it down slowly, like an auditor with trust issues.
3. Business Model – WTF Do They Even Do?
Akiko’s core business is distribution, not lending, not underwriting, not balance-sheet risk-taking. The company acts as a channel partner for banks and NBFCs like ICICI Bank, IndusInd Bank, Bajaj Finserv, Tata Capital, Hero FinCorp, Fullerton India, PaySense, Faircent, and others.
Here’s how the money flows:
- Akiko generates leads via tele-calling, digital marketing, corporate tie-ups, and feet-on-street agents.
- These leads are processed through the Money Fair platform, which uses internal algorithms + bureau data (CRIF, Experian tie-ups).
- Approved customers are routed to partner banks/NBFCs.
- Akiko earns a commission per disbursement / card issuance.
That’s it. No balance-sheet lending risk. No NPAs. No RBI nightmares. But also — no pricing power.
The entire model depends on:
- Volume growth
- Partner relationships
- Operational efficiency
- And collections discipline (hello, 190-day debtors 👀)
This is a distribution hustle, not a deep-tech moat. The tech helps, but the real engine is sales execution.
4. Financials Overview
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 50.52 | 18.38 | 34.96 | 174.9% | 44.6% |
| EBITDA | 8.09 | 1.72 | 4.98 | 370% | 62.4% |
| PAT | 5.71 | 1.41 | 4.17 | 258.9% | 36.9% |
| EPS (₹) | 4.30 | 1.20 | 3.59 | 258% | 19.8% |
Commentary:
This quarter didn’t just improve — it showed off. Revenue
