Affle 3i
Affle 3i
Information TechnologyKey Fundamentals
SmallcapIT Enabled ServicesInformation TechnologyTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 27.5% CAGR over last 5 years
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last 3 years: -4.98%
- Working capital days have increased from 42.1 days to 82.3 days
Growth Rate
AI Analysis — Bull vs Bear
Affle India Ltd trades at a market cap of ₹22,070 Cr with a PE of 47x and a price-to-book of 6.11x. The company has delivered 5-year compounded sales growth of 39% and profit growth of 28% CAGR, while remaining almost debt-free, though the stock has declined 24% over the past year and working capital days have nearly doubled.
- Strong 5-year compounded sales CAGR of 39%, indicating sustained top-line momentum in the ad-tech space
- Healthy 5-year compounded profit CAGR of 28%, demonstrating ability to scale profitably
- Almost debt-free balance sheet, reducing financial risk and interest burden
- TTM revenue growth of 20% shows continued business traction even on a larger base
- TTM profit growth of 19% indicates earnings continue to expand alongside revenue
- 3-year compounded sales CAGR of 24% and profit CAGR of 23% reflect consistent medium-term growth
- Company has actively reduced debt, strengthening its balance sheet position further
- 3-year stock CAGR of 13% suggests the market has rewarded the business over the medium term despite recent weakness
- PE ratio of 47x is significantly elevated, pricing in high growth expectations with limited margin of safety
- Stock has declined 24% over the past 1 year, reflecting negative price momentum and possible de-rating
- Working capital days have nearly doubled from 42.1 days to 82.3 days, signalling deterioration in cash conversion efficiency
- Zero dividend yield despite consistent profitability — the company pays no dividend to shareholders
- Promoter holding has decreased by 4.98% over the last 3 years, which may signal reduced insider conviction
- ROE of 14% in the latest year is modest relative to the premium valuation of 6.11x price-to-book
- 5-year ROE averaging 16% does not strongly justify a 47x earnings multiple compared to other high-growth IT peers
- TTM profit growth of 19% is decelerating from the 5-year CAGR of 28%, suggesting growth may be plateauing
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1FY27 revenue, profit up 20% Aug 17
Q1FY27 revenue rose 20.4% YoY to ₹7.47 billion with PAT up 21.7% to ₹1.28 billion. EBITDA margins held steady at 22.4% with strong growth in India and Developed Markets.
- Active investor engagement continues Sep 9
Affle 3i held multiple analyst and investor meetings between Aug 19–Sep 9 with firms including Arika Capital, Edelweiss MF, Stallion Asset, Avendus, and five other mutual funds/wealth managers. No unpublished price-sensitive information was shared in any interaction.
- Elara Capital conference participation Aug 27
Affle 3i will participate in the Elara Capital Investor Conference in Mumbai on September 1, 2026, with one-on-one and group interactions.
- AGM scheduled for Sep 22 Aug 27
The 31st AGM is set for September 22, 2026 via video conferencing, with remote e-voting starting September 17.
- FY26 Annual Report shared online Aug 27
Affle 3i issued a web link for shareholders to access the FY26 Annual Report under SEBI compliance regulations.
TL;DR: Affle 3i delivered a solid Q1FY27 with 20%+ growth in both revenue and profit while maintaining stable EBITDA margins, signaling healthy execution. No material headwinds emerged in the recent news cycle. The company is actively engaging institutional investors, suggesting sustained market interest. The trend is positive, and continued delivery on growth with margin stability will be key to watch in upcoming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 407 | 431 | 499 | 506 | 520 | 543 | 602 | 602 | 621 | 647 | 717 | 724 | 747 |
| Expenses | 328 | 344 | 402 | 408 | 415 | 430 | 470 | 468 | 481 | 501 | 554 | 563 | 580 |
| Operating Profit | 78 | 87 | 97 | 98 | 104 | 113 | 131 | 134 | 140 | 146 | 163 | 161 | 168 |
| OPM % | 19% | 20% | 19% | 19% | 20% | 21% | 22% | 22% | 23% | 23% | 23% | 22% | 22% |
| Other Income | 10 | 10 | 10 | 27 | 25 | 29 | 21 | 19 | 17 | 22 | 18 | 21 | 25 |
| Interest | 3 | 6 | 5 | 5 | 4 | 4 | 3 | 2 | 2 | 1 | 1 | 1 | 1 |
| Depreciation | 14 | 18 | 18 | 20 | 19 | 25 | 26 | 27 | 26 | 32 | 33 | 33 | 34 |
| PBT | 70 | 73 | 83 | 100 | 107 | 113 | 124 | 124 | 129 | 135 | 146 | 148 | 158 |
| Tax % | 6% | 9% | 8% | 13% | 19% | 19% | 19% | 17% | 18% | 18% | 18% | 19% | 19% |
| Net Profit | 66 | 67 | 77 | 87 | 87 | 92 | 100 | 103 | 106 | 111 | 119 | 120 | 128 |
| EPS in Rs | 4.97 | 5.01 | 5.48 | 6.24 | 6.18 | 6.56 | 7.13 | 7.34 | 7.5 | 7.86 | 8.48 | 8.49 | 9.12 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 167 | 249 | 334 | 517 | 1,082 | 1,434 | 1,843 | 2,266 | 2,709 | 2,836 |
| Expenses | 122 | 179 | 246 | 387 | 869 | 1,146 | 1,483 | 1,783 | 2,099 | 2,198 |
| Operating Profit | 46 | 70 | 88 | 130 | 213 | 288 | 360 | 483 | 610 | 638 |
| OPM % | 27% | 28% | 26% | 25% | 20% | 20% | 20% | 21% | 23% | 22% |
| Other Income | 0 | 0 | 6 | 42 | 72 | 54 | 57 | 94 | 78 | 86 |
| Interest | 1 | 1 | 1 | 4 | 7 | 11 | 19 | 13 | 5 | 4 |
| Depreciation | 8 | 10 | 13 | 20 | 32 | 49 | 72 | 97 | 124 | 133 |
| PBT | 37 | 60 | 79 | 148 | 245 | 282 | 327 | 468 | 559 | 587 |
| Tax % | 24% | 18% | 17% | 9% | 12% | 13% | 9% | 18% | 19% | — |
| Net Profit | 28 | 49 | 66 | 135 | 215 | 245 | 297 | 382 | 455 | 478 |
| EPS in Rs | 2.29 | 4.02 | 5.14 | 10.57 | 16.05 | 18.36 | 21.2 | 27.18 | 32.31 | 33.95 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 26 | 26 | 27 | 27 | 28 | 28 | 28 |
| Reserves | 6 | 48 | 204 | 333 | 1,151 | 1,438 | 2,470 | 2,918 | 3,624 |
| Borrowings | 0 | 9 | 68 | 119 | 149 | 106 | 183 | 82 | 15 |
| Other Liabilities | 46 | 77 | 105 | 275 | 497 | 437 | 592 | 583 | 744 |
| Total Liabilities | 76 | 158 | 402 | 753 | 1,824 | 2,008 | 3,273 | 3,612 | 4,411 |
| Fixed Assets | 27 | 57 | 163 | 361 | 699 | 786 | 1,144 | 1,221 | 1,394 |
| CWIP | 0 | 2 | 5 | 40 | 42 | 49 | 98 | 111 | 131 |
| Investments | 0 | 0 | 0 | 76 | 135 | 0 | 37 | 63 | 114 |
| Other Assets | 49 | 99 | 234 | 276 | 948 | 1,174 | 1,993 | 2,216 | 2,773 |
| Total Assets | 76 | 158 | 402 | 753 | 1,824 | 2,008 | 3,273 | 3,612 | 4,411 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 42 | 48 | 72 | 102 | 206 | 260 | 262 | 426 | 502 |
| Investing | -29 | -50 | -162 | -175 | -554 | -186 | -572 | -92 | -299 |
| Financing | -4 | 8 | 139 | 53 | 615 | -59 | 783 | -92 | -43 |
| Net Cash Flow | 9 | 6 | 49 | -20 | 267 | 16 | 473 | 242 | 160 |
| Free Cash Flow | 33 | 33 | 41 | 52 | 133 | 168 | 147 | 266 | 291 |
| CFO/OP | 108 | 80 | 94 | 87 | 110 | 104 | 82 | 104 | 100 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 36 | 70 | 81 | 76 | 79 | 62 | 63 | 48 | 52 |
| Cash Conversion Cycle | 36 | 70 | 81 | 76 | 79 | 62 | 63 | 48 | 52 |
| Working Capital Days | -35 | -13 | -26 | -4 | -31 | 29 | 19 | 25 | 82 |
| ROCE % | — | 108% | 43% | 39% | 28% | 20% | 16% | 17% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY17–FY26.
Documents
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Company Information
Incorporated in 1994, Affle is a global technology company with a proprietary consumer intelligence platform that transforms ads into recommendations helping marketers to effectively identify, engage, acquire and drive transactions with their potential and existing users[1]
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