Summary
Akiko Global Services Limited - Q3 FY 2026 Earnings Call Summary Saturday, February 07, 2026 4:00 PM
Event Participants
Executives 1 Ankur Gaba (Founder and Promoter)
Analysts 4 Abhi Jain (A.J. Capital), Bhaskar Kanrar (3 Head Capital), Deepak Poddar (Sapphire Capital), Subhanu (3 Head Capital)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue (Quarterly) | ₹50.51 crores | +45% QoQ and +175% YoY; driven by distribution network scale-up and aggregation partnerships. |
| Revenue (9M FY26) | ₹115.00 crores | Significant increase compared to ₹77.5 crores for the full FY25. |
| Net Profit (PAT) | ₹5.72 crores | +37% QoQ and >3x YoY growth; reflects improved operating leverage. |
| PAT Margin | 11.3% | Stable performance; management aims for gradual improvement via digital cross-selling. |
| EBITDA Margin | 16.0% | Strong improvement attributed to cost discipline and system efficiencies. |
| Credit Card Volume | 16,000 cards/month | Current run-rate; management pivoted focus toward higher-margin loan segments recently. |
| EPS | ₹10.05 | Corrected from a typo of ₹7.2 in initial filings. |
Geographic & Segment Commentary
- Loan Distribution: Currently represents 70% of the distribution business, significantly up from previous years. The mix includes 90% unsecured (personal/business loans) and 10% secured (mortgages/home loans), benefiting from higher margins and lower investment costs.
- Credit Cards: Now comprises 30% of business volume, down from 65-70% a year ago. Management is shifting toward an organic, tech-led acquisition model via Akiko Pay to reach 20k-25k cards monthly.
- Akiko Pay (Digital Wallet): Launched Android version with 25,000 downloads in the first 10 days at a low acquisition cost of ₹15-₹20 per user. It serves as a “credit-led payment app” providing 1% flat cashback to drive ecosystem stickiness.
Company-Specific & Strategic Commentary
- Digital Pivot: Approximately 40% of business is now sourced via digital marketing and the company’s website, reducing reliance on traditional open-market DSA models.
- Akiko Pay Integration: Management is integrating travel bookings (hotels/flights) and discount vouchers by Feb 15, 2026. Future KYC integration will raise wallet limits from ₹10,000 to ₹2 lakhs.
- Product Expansion: Insurance distribution is scheduled to launch in April 2026, leveraging the existing large database for digital acquisition similar to the Policybazaar model.
- Internal Leadership: Founder Ankur Gaba announced he will transition into the Managing Director (MD) role starting next fiscal year to strengthen corporate governance.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| FY26 Revenue | ₹170 - ₹180 crores | Upgraded from previous guidance of ₹160 crores due to strong loan disbursement momentum. |
| FY27 Revenue | ₹300.00 crores | Management expressed high confidence in achieving this based on current scalability. |
| Customer Base | 1 Million (6 months) | Target for Akiko Pay downloads following the completion of all tech integrations. |
| Long-term Akiko Pay | 15 Mn Users / ₹50 Cr PAT | 3-year target for the digital wallet segment; 20-25% PAT margin expected for this vertical. |
Risks & Constraints
| Risk | Context |
|---|---|
| Regulatory Risk | RBI tightening on unsecured lending; Management mitigates this by acting as an aggregator (non-lender) and maintaining a “compliance-first” digital consent model. |
| Competition/Burn | High referral costs in the wallet space; Management plans to avoid cash burn by leveraging the core business for acquisition and keeping CAC between ₹15-₹20. |
| Execution Risk | Transition from human-heavy distribution to tech-led acquisition; Success depends on the full integration of Akiko Pay (iOS launch, KYC, and travel modules). |
Q&A Highlights
Business Mix and Strategy
- Question: Why has credit card volume not reached the 50k monthly target discussed during the IPO? (Subhanu)
- Answer: Regulatory tightening in credit cards six months ago led a strategic pivot toward the loan business, where margins are better. The goal is now to reach higher card volumes organically through Akiko Pay rather than heavy infrastructure spend. (Ankur Gaba)
Akiko Pay Economics
- Question: What is the customer acquisition cost (CAC) and how do you compete without burning cash? (Deepak Poddar/Bhaskar Kanrar)
- Answer: CAC is currently ₹15-₹20. We offer 1% flat cashback funded by the 1.5%-1.8% MDR we earn, which is possible because our marketing costs are negligible compared to larger players like Paytm. (Ankur Gaba)
Asset Quality and Regulation
- Question: Are lenders becoming more selective with DSA partners given RBI’s stance on unsecured loans? (Subhanu)
- Answer: We have diversified relationships with multiple banks/NBFCs. 40% of our business is digital with explicit customer consent, which removes the risk of “forced” selling or DND violations. (Ankur Gaba)
Key Takeaway
Akiko Global Services delivered a robust Q3 FY26, characterized by a 175% YoY revenue surge to ₹50.51 crores and a tripling of net profit. The company successfully shifted its product mix from being credit card-centric (now 30%) to loan-dominated (70%), capturing higher margins in unsecured lending. Strategically, the launch of Akiko Pay marks a transition toward a tech-led “credit plus payments” ecosystem, achieving 25,000 downloads in 10 days with a minimal CAC of ₹15-₹20. Management raised its FY26 revenue outlook to ₹170-₹180 crores and maintained a confident ₹300 crore target for FY27. While regulatory scrutiny on unsecured credit remains a macro watch-point, Akiko’s aggregator model and 11.3% PAT margin provide a solid buffer. The company remains focused on scaling its digital wallet to 1 million users by mid-2026 to drive organic cross-selling and long-term profitability.
Want more insights like this?
Subscribe to get deep dives delivered to your inbox.
More Earnings Summaries
Explore more Q3 FY26 earnings call analyses: