NSE: AKI · BSE: 542020
AKI INDIA LIMITED
Makes and sells leather, leather chemicals, saddlery goods and footwear, serving both export and domestic customers. The leather line is the core business, accounting for 74.5% of segment revenue, with finished leather sold to overseas buyers and Indian customers. The chemical line, which is domestic-only, contributed 10.7% of segment revenue and posted the highest segment EBIT margin at 12.9%. Saddlery goods (7.7%) and footwear (7.2%) make up the smaller product lines, with saddlery running at a loss. Group operations include a UK subsidiary (AKI UK Limited) and an associate in castil shoes (AKI Castil Shoes LLP), giving the business a presence beyond India. FY26 consolidated revenue stood at Rs 107.33 crore, up 32.6% year-on-year, while net profit was Rs 1.93 crore. Raw materials are the dominant cost, taking up 52.8% of revenue, followed by other operating expenses at 15.0% and employee costs at 5.8%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Leather: Export & Domestic Sales (75%), Chemical: Domestic Sales (11%), Saddlery Goods: Export & Domestic Sales (8%), Footwear: Export & Domestic Sales (7%). Small, export-oriented leather and leather products maker with a chemicals adjunct.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 70 | 71 | 81 | 107 |
| EBITDA (ex other income) | 3 | 2 | (0) | (4) |
| margin % | 4.1 | 3.3 | (0.2) | (3.8) |
| Owners' profit | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.73 | 0.16 | 0.19 | 0.19 |
| ROE % · ROCE % | 8.4 · 14.3 | 2.3 · 6.1 | 2.6 · 6.7 | 1.9 · 4.6 |
| Debt / equity (x) | 1.72 | 0.30 | 0.30 | 0.21 |
| Cash from operations | 4 | (18) | (3) | (16) |
| Capex | (2) | (2) | (1) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 23 | 24 | 18 | 28 | 26 | 37 | 29 |
| Profit before tax | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 |
| Net profit | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 1 |
| EPS (₹) | 0.06 | 0.16 | 0.02 | 0.02 | 0.06 | 0.11 | 0.07 | 0.05 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAYUR UNIQUOTERS LTD | 3,355 | 16.2 | 2.96 | 11.3 | 16.9 | 22.5 | 13.5 | 30.4 |
| KOTHARI INDUSTRIAL CORP L | 1,748 | 50.0 | 7.56 | — | (31.2) | (12.9) | 71.9 | (11.6) |
| BHARTIYA INTERNATIONAL | 1,396 | 54.0 | 2.86 | 15.5 | 2.8 | 7.7 | 19.9 | 10.2 |
| MIRZA INTERNATIONAL LIMIT | 382 | — | 0.68 | 9.4 | (0.1) | (0.0) | (12.9) | 2.9 |
| SUPERHOUSE LIMITED | 167 | 20.4 | 0.34 | 6.9 | 0.8 | 1.4 | 4.7 | 8.1 |
| ZENITH EXPORTS LTD | 98 | 214.1 | 1.17 | — | 2.7 | 3.7 | — | (4.0) |
| ANKA INDIA LTD. | 95 | 141.8 | 3.60 | 57.6 | (1.8) | (0.9) | — | (0.2) |
| SUPER TANNERY LTD. | 91 | 13.6 | 0.79 | 7.9 | 5.8 | 7.2 | 5.3 | 12.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.8 | 27.9 | 5 of 10 | 56% |
| P/B | 0.6 | 1.2 | 3 of 11 | 80% |
| ROCE | 2.6 | 2.6 | 6 of 11 | 50% |
| ROE | 1.9 | 1.9 | 6 of 11 | 50% |
| Debt / Equity | 0.2 | 0.3 | 5 of 11 | 60% |
| EBITDA margin | 5.9 | 8.1 | 7 of 11 | 40% |
| Revenue growth | 64.4 | 12.4 | 3 of 10 | 78% |
| Profit growth | 121.7 | (11.0) | 3 of 12 | 82% |
| Market cap | 62 | 95 | 9 of 13 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · Trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · AKI India AGM 2026: All 7 resolutions passed with near-unanimous support | compliance | minimal | — | — |
| 25 Sept 2026 · AKI India submits Scrutinizer Report for 2026 AGM; all 7 resolutions passed | compliance | minimal | — | — |
| 23 Sept 2026 · 32nd AGM held; 7 resolutions moved to e-vote including RPT with AKI UK | board shareholder meetings | low | — | — |
| 9 Sept 2026 · AKI India responds to NSE query on price movement | regulatory legal | medium | — | — |
| 7 Sept 2026 · AKI India clarifies no price-sensitive info behind stock movement | compliance | low | — | — |
| 7 Sept 2026 · BSE seeks clarification from AKI India on price movement | regulatory legal | medium | — | — |
| 4 Sept 2026 · Promoter Asad Kamal Iraqi buys 1 lakh shares in AKI India via off-market transfer | ownership changes | medium | — | — |
| 3 Sept 2026 · AKI India informs about AGM newspaper notice publication | compliance | minimal | — | — |
| 2 Sept 2026 · Book closure from 16 to 23 Sept 2026 for 32nd AGM | corporate actions | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.