Affle 3i Ltd logo

Affle 3i Ltd

AFFLE NSE

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]

AI Verdict: BUY Confidence: 6%

Affle delivers strong revenue growth at 24% CAGR over 3 years with 23% profit CAGR, backed by near-zero debt and overwhelming analyst consensus (93% buy). However, the stock trades at a demanding 46.1x PE with no dividend payout and deteriorating working capital, warranting a moderate-confidence buy for long-term investors.

Key Fundamentals

SmallcapIT Enabled ServicesInformation Technology
Market Cap
₹20,520 Cr
Volatility
Moderate
P/E Ratio
44.84
EBITDA
₹610 Cr
Return on Equity
16.73%
Debt to Equity
0.05
Book Value
₹259.4
EPS
₹22.65
52W High
₹2,185.9
52W Low
₹1,251.3

Technical Indicators

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: -4.97%
  • Working capital days have increased from 42.1 days to 82.3 days

Growth Rate

Revenue Growth
14.80% ↗
Net Income Growth
18.85% ↗
Cash Flow Change
62.42% ↗
ROE
8.91% ↗
ROCE
22.54% ↗
EBITDA Margin (Avg.)
-10.47% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Affle delivers strong revenue growth at 24% CAGR over 3 years with 23% profit CAGR, backed by near-zero debt and overwhelming analyst consensus (93% buy). However, the stock trades at a demanding 46.1x PE with no dividend payout and deteriorating working capital, warranting a moderate-confidence buy for long-term investors.

Bull Case 8
  • Exceptional revenue growth with 5-year sales CAGR of 39% and TTM growth still healthy at 20%
  • Strong profit compounding at 28% CAGR over 5 years, with TTM profit growth at 19%
  • Near debt-free balance sheet provides financial flexibility and downside protection
  • Overwhelming analyst consensus with 92.86% buy ratings (13 out of 14 analysts recommend buy)
  • Consistent ROE of 14-16% over 3-5 year periods indicates efficient capital allocation
  • Company has actively reduced debt, strengthening its balance sheet position
  • Stock has corrected 23% over 1 year, offering a better entry point relative to historical highs
  • 3-year stock CAGR of 9% and 5-year CAGR of 10% suggest long-term wealth creation track record despite recent correction
Bear Case 7
  • Elevated PE ratio of 46.1x leaves little margin of safety if growth decelerates
  • Zero dividend yield despite repeated profitability signals poor capital return to shareholders
  • Working capital days nearly doubled from 42.1 to 82.3 days, indicating cash conversion deterioration
  • Promoter holding declined by 4.97% over last 3 years, raising alignment concerns
  • Stock down 23% in the last 1 year, underperforming broader market significantly
  • Price-to-book ratio of 5.74x is expensive for a company generating only 14% ROE
  • Market cap of Rs 20,698 Cr demands sustained high growth which may be difficult as base scales up

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 3
  • AdColony acquisition for $4.7M Jun 13

    Subsidiary AMEA acquired AdColony assets from Digital Turbine for USD 4.70 million on a slump sale basis, gaining SDKs, tech platform, brand name, and publisher integrations to boost consumer touchpoints in developed markets.

  • Patent for AI agent monitoring Jun 11

    Granted an Indian patent for a system monitoring intelligent conversational agents, bringing total IP portfolio to 18 unique patents from 39 filings with approximately 300 enforceable claims.

  • Fraud detection patent granted Jun 24

    Received Indian patent for click-to-install fraud detection using machine learning to filter bot traffic, supporting the CPCU business model by ensuring advertisers pay only for genuine conversions.

Neutral 4
  • Promoters pledge 54.9% shares Jun 8

    AGPL Pte and Affle Holdings Pte created non-disposal undertakings for 7.73 crore shares with Citibank and HSBC on June 5, 2026.

  • Warrants allotted to promoter Jun 18

    Affle 3i allotted 74,00,000 warrants to Affle Holdings Pte. Ltd. at Rs. 1,487 per warrant.

  • Corrigendum to postal ballot notice Jun 6

    Issued supplementary valuation details for warrant issuance; shareholders could modify votes until June 10, 2026.

  • Analyst meetings with institutions Jun 19

    Held one-on-one calls with IIFL Capital PMS (Jun 19) and Franklin Templeton MF (Jun 4) with no unpublished price sensitive information shared.

TL;DR: Affle 3i is on an expansion trajectory, acquiring AdColony assets for $4.7M to deepen its consumer platform reach in developed markets while steadily building its IP portfolio to 18 patents. There are no material headwinds in the recent news cycle, though the promoter share pledge and warrant issuance warrant monitoring. The trend is constructive with the company investing in both inorganic growth and proprietary technology.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
356
407
431
499
506
520
543
602
602
621
647
717
724
Expenses
287
328
344
402
408
415
430
470
468
481
501
554
563
Operating Profit
69
78
87
97
98
104
113
131
134
140
146
163
161
OPM %
19%
19%
20%
19%
19%
20%
21%
22%
22%
23%
23%
23%
22%
Other Income
18
10
10
10
27
25
29
21
19
17
22
18
21
Interest
3
3
6
5
5
4
4
3
2
2
1
1
1
Depreciation
14
14
18
18
20
19
25
26
27
26
32
33
33
PBT
70
70
73
83
100
107
113
124
124
129
135
146
148
Tax %
11%
6%
9%
8%
13%
19%
19%
19%
17%
18%
18%
18%
19%
Net Profit
62
66
67
77
87
87
92
100
103
106
111
119
120
EPS in Rs
4.68
4.97
5.01
5.48
6.24
6.18
6.56
7.13
7.34
7.5
7.86
8.48
8.49
Figures in ₹ Crores

Profit & Loss

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
167
249
334
517
1,082
1,434
1,843
2,266
2,709
Expenses
122
179
246
387
869
1,146
1,483
1,783
2,099
Operating Profit
46
70
88
130
213
288
360
483
610
OPM %
27%
28%
26%
25%
20%
20%
20%
21%
23%
Other Income
0
0
6
42
72
54
57
94
78
Interest
1
1
1
4
7
11
19
13
5
Depreciation
8
10
13
20
32
49
72
97
124
PBT
37
60
79
148
245
282
327
468
559
Tax %
24%
18%
17%
9%
12%
13%
9%
18%
19%
Net Profit
28
49
66
135
215
245
297
382
455
EPS in Rs
2.29
4.02
5.14
10.57
16.05
18.36
21.2
27.18
32.31
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
Figures in ₹ Crores

Balance Sheet

  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
754
Total Liabilities
76
158
402
753
1,824
2,008
3,273
3,612
4,421
Fixed Assets
27
57
163
361
699
786
1,144
1,221
1,525
CWIP
0
2
5
40
42
49
98
111
0
Investments
0
0
0
76
135
0
37
63
114
Other Assets
49
99
234
276
948
1,174
1,993
2,216
2,783
Total Assets
76
158
402
753
1,824
2,008
3,273
3,612
4,421
Figures in ₹ Crores

Cash Flow

  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
-374
Financing
-4
8
139
53
615
-59
783
-92
-43
Net Cash Flow
9
6
49
-20
267
16
473
242
85
Free Cash Flow
33
33
41
52
133
168
147
266
291
CFO/OP
108
80
94
87
110
104
82
104
100
Figures in ₹ Crores

Ratios

  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%

Shareholding Pattern

As of Mar 2026
Promoters 54.92%
DIIs 17.90%
FIIs 16.66%
Public 7.07%
Others 3.44%
Total 99.99%
  Mar 2021May 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Nov 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
62.60%
59.89%
59.89%
59.89%
59.89%
59.89%
59.89%
59.89%
59.89%
59.89%
59.89%
59.89%
56.93%
56.93%
56.92%
55.14%
55.09%
55.03%
55.02%
55.00%
54.97%
54.95%
54.92%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.00%
0.00%
0.00%
0.00%
14.79%
15.30%
15.55%
16.50%
16.09%
18.41%
19.01%
17.79%
16.66%
DIIs
5.85%
6.13%
5.68%
5.32%
5.52%
4.59%
4.88%
8.21%
10.55%
11.95%
13.37%
14.27%
13.93%
14.51%
14.72%
16.20%
15.59%
14.58%
15.31%
13.81%
14.67%
16.36%
17.90%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
6.95%
6.83%
8.85%
11.47%
12.34%
12.98%
12.79%
11.79%
12.00%
11.96%
11.91%
11.72%
10.84%
10.00%
9.67%
9.30%
9.65%
9.76%
9.50%
8.96%
7.77%
7.47%
7.07%
Others
24.60%
27.15%
25.58%
23.32%
22.24%
22.54%
22.44%
20.11%
17.55%
16.18%
14.83%
14.12%
18.30%
18.55%
3.91%
4.07%
4.12%
4.13%
4.07%
3.82%
3.57%
3.44%
3.44%
No. of Shareholders
88,416
92,209
1,42,174
1,95,095
3,09,967
3,66,185
3,79,806
3,63,209
3,65,603
3,64,615
3,61,200
3,52,826
3,43,846
3,22,499
3,08,470
2,89,362
2,83,423
2,75,241
2,76,042
2,61,724
2,52,674
2,47,224
2,40,775

Documents

Frequently Asked Questions about Affle 3i Ltd

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[1]
Where is Affle 3i Ltd (AFFLE) listed?
Affle 3i Ltd is listed on the Indian stock exchanges. It is listed on NSE: AFFLE and BSE: 542752. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Affle 3i Ltd belong to?
Affle 3i Ltd operates in the Information Technology sector within the IT - Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Affle 3i Ltd?
Affle 3i Ltd has a market capitalisation of approximately ₹20519.61 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Affle 3i Ltd?
The Price-to-Earnings (PE) ratio of Affle 3i Ltd is 44.84. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Affle 3i Ltd?
Over the past 52 weeks, Affle 3i Ltd has traded between a low of ₹1,251.3 and a high of ₹2,185.9. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Affle 3i Ltd?
Affle 3i Ltd has a Return on Equity (ROE) of 16.73%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Affle 3i Ltd on Tapetide?
On Tapetide, you can view Affle 3i Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website affle.com
CEO Mr. Anuj Khanna Sohum
Employees 617
Listed 2019-08-08
Face Value ₹ 2
Issued Size 14,06,95,134

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