NSE: AFFLE · BSE: 542752
AFFLE 3I LIMITED
Operates an AI-driven mobile advertising platform built around a Cost Per Converted User (CPCU) model, where advertisers pay only when a defined user action — typically an app install — occurs. In Q4 FY2026, the platform recorded 120.3 million conversions at a CPCU rate of INR 60.0, generating CPCU revenue of INR 7.21 billion. Roughly 75% of revenue comes directly from advertisers, with India and Emerging Markets contributing 71.6% of Q4 revenue and Developed Markets 28.4%. The business splits into a Consumer Platform, which handles mobile user acquisition and ad monetisation for app advertisers (98.2% of segment revenue per the latest segment disclosure), and an Enterprise Platform (1.8% of segment revenue) serving enterprise clients. FY2026 revenue reached ₹27.1 billion (+19.5% year-on-year), with EBITDA of ₹6.1 billion at a 22.5% margin — the 13th consecutive quarter of sequential growth. Operating costs are dominated by 'other operating expenses' at 68.2% of revenue, with employee costs at 9.3% and depreciation at 4.6%. The company holds 18 granted patents covering fraud detection and human versus non-human traffic filtration, and in June 2026 signed a deal to acquire AdColony assets from Digital Turbine to expand global mobile publisher reach. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consumer Platform (98%), Enterprise Platform (2%). Asset-light, AI-driven mobile ad-tech with counter-cyclical CPCU pricing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,082 | 1,434 | 1,843 | 2,266 | 2,709 |
| EBITDA (ex other income) | 213 | 289 | 360 | 483 | 610 |
| margin % | 19.7 | 20.1 | 19.5 | 21.3 | 22.5 |
| Owners' profit | 214 | 245 | 297 | 382 | 455 |
| EPS, as reported (₹) | 16.18 | 18.43 | 21.91 | 27.23 | 32.38 |
| ROE % · ROCE % | 18.2 · 18.0 | 16.7 · 18.3 | 11.9 · 13.1 | 13.0 · 16.0 | 12.5 · 15.3 |
| Debt / equity (x) | 0.13 | 0.07 | 0.07 | 0.03 | 0.00 |
| Cash from operations | 206 | 260 | 262 | 426 | 502 |
| Capex | (73) | (92) | (116) | (160) | (211) |
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 | 543 | 602 | 602 | 621 | 647 | 717 | 724 | 747 |
| Profit before tax | 113 | 124 | 124 | 129 | 135 | 146 | 148 | 158 |
| Net profit | 92 | 100 | 103 | 106 | 111 | 119 | 120 | 128 |
| EPS (₹) | 6.56 | 7.15 | 7.35 | 7.52 | 7.88 | 8.50 | 8.51 | 9.13 |
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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED ◆ | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.7 | 17.9 | 62 of 76 | 19% |
| P/B | 5.5 | 2.2 | 60 of 70 | 15% |
| ROCE | 15.2 | 9.6 | 24 of 86 | 73% |
| ROE | 12.4 | 9.2 | 23 of 70 | 68% |
| Debt / Equity | 0.0 | 0.0 | 23 of 70 | 68% |
| EBITDA margin | 25.8 | 13.0 | 17 of 69 | 77% |
| Revenue growth | 20.4 | 20.8 | 36 of 67 | 47% |
| Profit growth | 21.7 | 14.6 | 28 of 64 | 57% |
| Market cap | 19968 | 325 | 6 of 87 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Affle 3i schedules Q2 and H1 FY2027 earnings call for November 2 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board to approve Q2 and half-year FY2026-27 results on October 30 | results | low | — | — |
| 23 Oct 2026 · Promoter Affle Holdings converts warrants and raises holding | compliance | minimal | — | — |
| 21 Oct 2026 · Affle 3i allots 12.77 lakh shares on warrant conversion to promoter | fund raising | high | — | — |
| 19 Oct 2026 · Affle allots 17 lakh shares on warrant conversion to promoter entity | fund raising | high | — | — |
| 16 Oct 2026 · Supreme Court stays CIRP proceedings on Bobble investment | business updates | medium | — | — |
| 16 Oct 2026 · Promoter Affle Holdings exercises warrants, pays USD 34.99 million | fund raising | high | — | — |
| 30 Sept 2026 · Trading window closure for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 28 Sept 2026 · Affle 3i attended one-on-one call with IIFL Capital PMS on Sep 28 | investor communications | low | — | — |
| 22 Sept 2026 · Affle 3i shareholders approve amendment to Articles of Association | corporate actions | medium | — | — |
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.