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Affle 3i

AFFLE NSE
₹1,623.90 No trade today
P/E
47.83
View as Markdown
MCP
Close 4 Nov 2026 ₹1,623.90 −154.10 −8.67% 1Y
Start ₹1,778.00

Key Fundamentals

SmallcapIT - ServicesInformation Technology

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
16.80%
Debt to Equity
0.00
EPS (TTM)
₹33.95
Book Value
₹320.33
Market Cap
—
P/E (TTM)
47.83
P/B
5.07
ROE
13.80%
Dividend Yield
0.00%
EBITDA
₹688 Cr
52W High
₹1,832.80
52W Low
₹1,251.30
Volume
0

Peer Comparison

Information Technology › IT Enabled Services

Affle 3i peer comparison
L&T Technology Services
₹4,133.5033.20₹45,364 Cr6.190.47%21.50%26.70%₹11,565 Cr₹1,322 Cr
Inventurus Knowledge Solutions
₹1,750.4039.33₹29,871 Cr10.730.00%31.40%31.50%₹3,347 Cr₹764 Cr
Tata Technologies
₹652.4547.55₹26,704 Cr6.911.81%16.30%20.90%₹5,926 Cr₹558 Cr
Netweb Technologies
₹4,062.3088.56₹24,520 Cr11.480.07%32.80%37.50%₹2,702 Cr₹260 Cr
Affle 3i (this company)
₹1,623.9047.83₹22,921 Cr5.070.00%13.80%16.80%₹2,836 Cr₹478 Cr
Sagility
₹43.5920.56₹20,233 Cr1.990.35%10.60%13.40%₹7,617 Cr₹994 Cr
ESDS Software Solution
₹1,193.6091.82₹14,545 Cr10.890.00%24.90%30.20%₹537 Cr₹134 Cr
Median 7 companies₹1,623.9047.55₹24,520 Cr6.910.07%21.50%26.70%₹3,347 Cr₹558 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
71
Strong
Returns, margins, earnings quality 22% weight
Valuation
27
Poor
Cheap vs sector & own history 24% weight
Growth
58
Good
Sales & profit trajectory 9% weight
Financial Health
90
Strong
Solvency, leverage, coverage 9% weight
Momentum
76
Strong
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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: -5.02%
  • Working capital days have increased from 42.1 days to 82.3 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3313
OscillatorsNeutral333
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
65.79
Neutral
MACD (12,26,9)
−0.04
Bullish
SMA (50)
1,514.93
Bullish
SMA (200)
1,505.15
Bullish

As of

Analyst Rating

Based on 14 analysts
BUY93%

13 of 14 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
13
93%
HOLD
1
7%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+39.27%
3Y+23.62%
1Y+19.55%
TTM+19.72%

Net profit

Net profit growth by window
5Y+27.51%
3Y+22.92%
1Y+19.11%
TTM+19.20%

Operating cash flow

Operating cash flow growth by window
5Y+37.54%
3Y+24.52%
1Y+17.84%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−2.63 pp
3Y+2.44 pp
1Y+1.20 pp
TTM+0.62 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2018₹167 Cr
Mar 2019₹249 Cr
Mar 2020₹334 Cr
Mar 2021₹517 Cr
Mar 2022₹1,082 Cr
Mar 2023₹1,434 Cr
Mar 2024₹1,843 Cr
Mar 2025₹2,266 Cr
Mar 2026₹2,709 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2018₹28.00 Cr
Mar 2019₹49.00 Cr
Mar 2020₹66.00 Cr
Mar 2021₹135 Cr
Mar 2022₹215 Cr
Mar 2023₹245 Cr
Mar 2024₹297 Cr
Mar 2025₹382 Cr
Mar 2026₹455 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹199 Cr −1.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Affle India trades at ₹1,582.9 as of 2026-11-03 with a market cap of ₹21,801 crore and a trailing PE of 46.62x. The company is virtually debt-free with a debt-to-equity ratio of 0, has compounded profits at 28% over five years, but the stock has delivered a negative 24% return over the past one year and pays no dividend.

Bull Case 7
  • The company is virtually debt-free with a debt-to-equity ratio of 0, providing strong balance sheet flexibility and low financial risk.
  • Five-year compounded sales growth stands at 39%, indicating a sustained ability to scale revenue over a meaningful period.
  • Five-year compounded profit growth of 28% demonstrates consistent earnings expansion alongside topline growth.
  • TTM revenue growth of 20% and TTM profit growth of 19% show that the business continues to grow at a healthy pace even on a larger base.
  • Three-year compounded sales growth of 24% and profit growth of 23% confirm that the growth trajectory has remained robust in the medium term.
  • ROCE of 15.3% reflects reasonable capital efficiency for a technology company that has been reinvesting heavily for growth.
  • The company has actively reduced debt over time, reaching a near zero-debt status, which lowers interest cost risk in a rising rate environment.
Bear Case 7
  • The stock has delivered a negative 24% return over the past one year, significantly underperforming during a period when the broader IT sector saw mixed performance.
  • Despite reporting consistent profits, the company pays zero dividend (yield 0%), meaning shareholders rely entirely on capital appreciation for returns.
  • Promoter holding has declined by 5.02% over the last three years, which may signal reduced promoter conviction or dilution-related concerns.
  • Working capital days have nearly doubled from 42.1 days to 82.3 days, suggesting deteriorating cash conversion efficiency and potentially delayed receivables.
  • ROE of 12.45% is modest relative to the 46.62x PE multiple, implying the market is pricing in substantial ROE expansion that may or may not materialise.
  • Three-year stock CAGR of only 11% and five-year CAGR of just 5% indicate that despite strong fundamental growth, shareholder returns have been muted over extended periods.
  • Price-to-book ratio of 4.94x is elevated, and when paired with a 12.45% ROE, it suggests the stock's valuation may be stretched relative to current return on equity.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Affle's headline move is the $420M all-cash acquisition of debt-free Perion Network, which could scale its AI-driven ad-tech platform to a $700M+ revenue run rate by FY2028 and expand reach across developed markets. The market reacted cautiously with a 2.72% stock decline on announcement day, reflecting concerns around deal financing and integration complexity. Promoter warrant conversions totaling $64.49M signal insider confidence. The outlook hinges on smooth integration and whether the combined entity can deliver on its EPS-accretion and 10x long-term growth targets.

Headwinds 3
  • Stock fell 2.72% on deal Nov 01

    Shares closed at ₹1,345.00, down ₹37.60 or 2.72%, on the day the Perion acquisition was announced, suggesting market concern over the deal's size or financing.

  • $420M acquisition financing risk Nov 01

    Affle is funding the ~$420M all-cash Perion acquisition through committed bank financing and available cash, which could stretch the balance sheet given the deal's scale relative to Affle's size.

  • Integration and execution risk Nov 01

    The reverse triangular merger closing in early 2027 involves combining operations across developed and emerging markets in 100+ countries, posing significant integration complexity.

Positives 4
  • Perion acquisition expands global reach Nov 01

    Affle's Israel subsidiary signed a definitive agreement to acquire 100% of Perion Network for ~$420M ($11.70/share), combining Perion's upper-funnel CTV and digital-out-of-home advertising with Affle's mobile marketing across 100+ countries.

  • $700M revenue run rate target Nov 01

    Post-acquisition, Affle expects a revenue run rate exceeding $700M in FY2028 and anticipates the deal will be EPS-accretive by end of the first year after closing.

  • Perion carries zero debt, $228M cash Nov 01

    As of September 30, 2026, Perion had no financial debt and held approximately $228M in cash, reducing the effective net cost of the acquisition.

Neutral 2
  • Promoter acquires 29.8L shares via warrants Oct 23

    Affle Holdings converted warrants into 2,981,479 equity shares on Oct 19 and 21, raising direct promoter holding to 3,016,443 shares (2.14%) and total promoter interest to 42.74% of share capital.

  • Cumulative promoter inflow $64.49M Oct 23

    Across subscription and exercise tranches, cumulative promoter capital inflow stands at USD 64.49 million, signaling continued insider commitment.

Quarterly Results

₹ Cr
AFFLE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
407
431
499
506
520
543
602
602
621
647
717
724
747
784
Expenses
328
344
402
408
415
430
470
468
481
501
554
563
580
602
Operating Profit
78
87
97
98
104
113
131
134
140
146
163
161
168
181
OPM %
19%
20%
19%
19%
20%
21%
22%
22%
23%
23%
23%
22%
22%
23%
Other Income
10
10
10
27
25
29
21
19
17
22
18
21
25
20
Interest
3
6
5
5
4
4
3
2
2
1
1
1
1
1
Depreciation
14
18
18
20
19
25
26
27
26
32
33
33
34
41
PBT
70
73
83
100
107
113
124
124
129
135
146
148
158
159
Tax %
6%
9%
8%
13%
19%
19%
19%
17%
18%
18%
18%
19%
19%
19%
Net Profit
66
67
77
87
87
92
100
103
106
111
119
120
128
130
EPS (₹)
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
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
AFFLE profit and loss, annual, ₹ crore
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
AFFLE balance sheet, annual, ₹ crore
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
AFFLE cash flow, annual, ₹ crore
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
108
80
94
87
110
104
82
104
100

Ratios

AFFLE financial ratios, annual
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Affle 3i insights

67 extracted metrics across FY18–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 55.82%
  • DIIs 18.71%
  • FIIs 14.23%
  • Public 7.83%
  • Others 3.53%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Affle 3i

What does Affle 3i Ltd do?
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
Where is Affle 3i Ltd (AFFLE) listed?
Affle 3i Ltd trades as AFFLE on the NSE and under code 542752 on the BSE.
Which sector does Affle 3i Ltd belong to?
Affle 3i Ltd is classified under the Information Technology sector, in the IT Enabled Services industry.
What is the PE ratio of Affle 3i Ltd?
Affle 3i Ltd trades at a PE ratio of 47.83 as of 4 Nov 2026, on earnings per share of ₹33.95, against a book value of ₹320.33 per share.
What is the 52-week high and low of Affle 3i Ltd?
Over the last 52 weeks Affle 3i Ltd has traded between ₹1,251.3 and ₹1,832.8 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Affle 3i Ltd?
Affle 3i Ltd reported a return on equity of 13.80%. Its debt-to-equity ratio is 0.00.

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

Website affle.com
CEO Mr. Anuj Khanna Sohum
Employees 617
Listed 8 Aug 2019
Face Value ₹2

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