AKI India Limited reported QQ4 2025 results with a notable top-line momentum and margin expansion driven by higher operating income, despite a substantial non-operating expense tail that compressed the bottom line. Revenue rose 19.4% year-over-year to INR 240.2 million and grew 6.3% quarter-over-quarter, reflecting durable demand for AKI’s leather goods portfolio and ongoing export activity. Operating income stood at INR 32.22 million, delivering an operating margin of roughly 13.41%, while EBITDA reached INR 23.52 million (margin ≈ 9.79%), underscoring improving operating leverage. However, net income was modest at INR 1.34 million with a net margin of ~0.56%, hampered by a sizable other income/expense impact of INR -27.82 million in the quarter. The balance sheet shows a solid asset base and a moderate liquidity stance (current ratio of 1.77) but a meaningful net debt position (approx. INR 214.3 million). The company carries a significant accumulated other comprehensive income balance (INR 474.3 million) that supports equity resilience, though valuation and cash-flow indicators warrant closer monitoring. The absence of a disclosed earnings call transcript constrains management-voice integration, so quantitative signals take center stage in this assessment.