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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 35,510 | 26.9 | 5.47 | 16.3 | 19.7 | 21.1 | 15.1 | 19.6 |
| TATA TECHNOLOGIES LIMITED | 31,087 | 55.8 | 7.92 | 33.8 | 13.9 | 14.3 | — | 18.3 |
| INVENTURUS KNOWLEDGE SO L | 29,665 | 38.0 | 10.59 | 27.0 | 25.8 | 27.7 | — | 33.6 |
| NETWEB TECH INDIA LTD | 28,723 | 109.9 | 39.71 | — | 28.5 | 37.5 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Affle 3i held one-on-one call with IIFL Capital PMS on Sept 11, 2026 | investor communications | low | — | — |
| 9 Sept 2026 · Affle 3i updates on investor meeting with Arika Capital | investor communications | low | — | — |
| 3 Sept 2026 · Affle 3i holds one-on-one call with Edelweiss MF; no UPSI shared | investor communications | low | — | — |
| 3 Sept 2026 · Affle 3i met Edelweiss Mutual Fund; no UPSI shared | investor communications | low | — | — |
| 2 Sept 2026 · Affle 3i met four mutual funds and 360One Wealth on Sept 2, 2026 | investor communications | low | — | — |
| 28 Aug 2026 · Affle 3i informs about newspaper publication of 31st AGM notice and e-voting details | compliance | minimal | — | — |
| 28 Aug 2026 · Newspaper ad of 31st AGM notice and remote e-voting details | compliance | minimal | — | — |
| 27 Aug 2026 · Affle 3i to attend Elara Capital Investor Conference on Sept 1 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Annual Report FY2025-26 web link shared with shareholders by Affle 3i | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Affle 3i files Sustainability Report for FY 2025-26 | compliance | low | — | — |
| 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 |
| 15.7 |
| AFFLE 3I LIMITED ◆ | 22,105 | 46.2 | 6.05 | 30.4 | 12.5 | 15.2 | 39.3 | 25.8 |
| SAGILITY LIMITED | 21,150 | 21.3 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| BLACK BOX LIMITED | 14,299 | 61.3 | 11.11 | 28.4 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 12,632 | 287.1 | — | — | — | — | — | 82.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 46.2 | 18.9 | 64 of 78 | 18% |
| P/B | 6.0 | 2.2 | 59 of 70 | 16% |
| ROCE | 15.2 | 9.7 | 25 of 87 | 72% |
| ROE | 12.4 | 9.4 | 25 of 72 | 66% |
| Debt / Equity | 0.0 | 0.0 | 25 of 72 | 66% |
| 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 | 22105 | 309 | 5 of 87 | 95% |
| 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 |
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.
