NSE:AFFLE · Risk Score Report

NSE:AFFLENSECommunication Services

Affle 3i Limited

📊 Advertising Agencies

Day ₹1,426

₹1,448 Neutral

52W ₹1,251

₹2,186 Oversold

₹1,440.20

▲ ₹9.00 (+0.63%)

Vol: 197,763 · Avg: 309,743

As of April 29, 2026 · 06:37 IST

COMPOSITE RISK SCORE

VAL:12/25 · FIN:16/25 · GRO:18/25 · TECH:12/25

📈 P/E RATIO

46.2x

Trailing

📖 P/B RATIO

6.2x

Price to Book

💰 EPS

₹31.20

TTM

🏛 MARKET CAP

₹20,255Cr

Large Cap

📊 ROE

13.0%

Return on Equity

📈 REV GROWTH

19.2%

YoY

🏢 Company Analysis · Affle 3i Limited

💼 BUSINESS MODEL

Affle 3i Limited, together with its subsidiaries, provides mobile advertisement services through information technology and software development services for mobiles in India and internationally..
It operates Appnext, an app discovery platform that displays contextual and personal app recommendations; Mediasmart, an omnichannel programmatic advertising platform; Jampp, a programmatic platform to grow app business; RevX, a programmatic advertising for app marketers; and YouAppi, a programmatic mobile app retargeting solution..
The company was formerly known as Affle (India) Limited and changed its name to Affle 3i Limited in April 2025..
Affle 3i Limited was incorporated in 1994 and is based in Gurugram, India..
Operates in Advertising Agencies within the Communication Services sector.
Workforce of 617 employees.

🏰 MOAT & COMPETITION

Large-cap (₹20,255 Cr) — established player with meaningful market presence.
Profit margin of 16.9% — moderate pricing power.
Key competitors: L&T Technology, Network People, Inventurus Knowl, Tata Technolog..

🚀 CATALYSTS

Company has delivered good profit growth of 42.3% CAGR over last 5 years
Revenue growing at 19% — strong top-line momentum.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹1,590 — ₹2,280 (mean ₹1,980, 11 analysts).
Favorable asymmetry — upside potential of +58% vs downside floor of +10% (5.6x reward-to-risk).
P/E of 46.2x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: Strong Buy (11 analysts).
Latest quarter earnings grew 19% YoY — positive trajectory.

✅ PROS

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 42.3% CAGR over last 5 years

❌ CONS

Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding has decreased over last 3 years: -4.97%

VALUATION

12/25

25% WEIGHT

P/E at 46x
P/B at 6.2x
Analyst target: ₹1980 (+37.5%)
1Y return: -11.1%

FINANCIAL HEALTH

16/25

25% WEIGHT

ROE: 13.0%
Profit margin: 16.9%
Revenue growth: 19.2%
Debt/Equity: 1%

GROWTH

18/25

25% WEIGHT

Revenue growth: 19.2%
Earnings growth: 18.9%
Beta: 0.20
Sector: Communication Services

TECHNICAL

12/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

46.2x

Trailing twelve months

P/B RATIO

6.2x

Price to Book value

ROE

13.0%

Return on Equity

PROFIT MARGIN

16.9%

Net profit margin

OPM

18.1%

Operating profit margin

ANALYST TARGET

₹1,980

Range: ₹1,590 - ₹2,280

Yahoo Finance ↗

PEG RATIO

2.20

Price/Earnings to Growth

EV/EBITDA

39.2x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

N/A

Annual yield

ROA

11.2%

Return on Assets

GROSS MARGIN

29.1%

Gross profit margin

INDUSTRY AVERAGES — IT ENABLED SERVICES

P/E 35.5x (above avg)

P/B 4.0x (sector fair)

ROCE 27.2% (below avg)

ROE 15% (sector good)

OPM 20% (sector good)

Div Yield 0.14%

D/E <50 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹543 Cr	—	₹92 Cr	—	N/A	26.2%
Q3 FY25	₹602 Cr	+10.8%	₹100 Cr	+8.9%	N/A	25.3%
Q4 FY25	₹601 Cr	-0.0%	₹103 Cr	+2.8%	N/A	24.9%
Q1 FY26	₹621 Cr	+3.2%	₹106 Cr	+2.4%	N/A	25.3%
Q3 FY26	₹717 Cr	+15.6%	₹119 Cr	+13.1%	N/A	25.2%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹1,082 Cr	—	₹214 Cr	—	₹206 Cr	—
FY23	₹1,433 Cr	+32.5%	₹245 Cr	+14.4%	₹260 Cr	+26.4%
FY24	₹1,842 Cr	+28.5%	₹297 Cr	+21.5%	₹262 Cr	+0.8%
FY25	₹2,265 Cr	+23.0%	₹382 Cr	+28.5%	₹426 Cr	+62.4%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Affle 3i Limited Makes Its Money

🏦 Snapshot of Affle 3i Limited's Balance Sheet

💸 Looking into Affle 3i Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	407	431	499	506	520	543	602	602	621	647	717
YOY Sales Growth %	17.01%	21.63%	32.61%	42.27%	27.77%	25.87%	20.65%	18.97%	19.49%	19.13%	19.25%
Expenses +	328	344	402	408	415	430	470	468	481	501	554
Employee Cost %	13.82%	13.30%	12.35%	11.86%	11.29%	10.45%	9.57%	9.68%	9.81%	9.76%	8.88%
Operating Profit	78	87	97	98	104	113	131	134	140	146	163
OPM %	19%	20%	19%	19%	20%	21%	22%	22%	23%	23%	23%
Other Income +	10	10	10	27	25	29	21	19	17	22	18
Other income normal	9.83	9.93	10.17	27.27	25.12	28.82	20.91	18.91	17.17	22.28	17.53
Interest	3	6	5	5	4	4	3	2	2	1	1
Depreciation	14	18	18	20	19	25	26	27	26	32	33
Profit before tax	70	73	83	100	107	113	124	124	129	135	146
Tax %	6%	9%	8%	13%	19%	19%	19%	17%	18%	18%	18%
Net Profit +	66	67	77	87	87	92	100	103	106	111	119
Minority share	0	0	0	0	0	0	0	0	0	0	0
Profit excl Excep	66	67	77	87	87	92	100	103	106	111	119
Profit for PE	66	67	77	87	87	92	100	103	106	111	119
Profit for EPS	66	67	77	87	87	92	100	103	106	111	119
YOY Profit Growth %	21%	14%	11%	40%	31%	38%	30%	18%	22%	20%	19%
EPS in Rs	4.97	5.01	5.48	6.24	6.18	6.56	7.13	7.34	7.50	7.86	8.48
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	167	249	334	517	1,082	1,434	1,843	2,266	2,587
Sales Growth %		49.12%	33.83%	54.83%	109.31%	32.57%	28.51%	22.98%
Expenses +	122	179	246	387	869	1,146	1,483	1,783	2,004
Manufacturing Cost %	52%	55%	59%	60%	63%	62%	61%	61%
Employee Cost %	12%	11%	14%	17%	12%	13%	13%	10%
Other Cost %	9%	6%	-0%	-3%	5%	5%	6%	7%
Operating Profit	46	70	88	130	213	288	360	483	583
OPM %	27%	28%	26%	25%	20%	20%	20%	21%	23%
Other Income +	0	0	6	42	72	54	57	94	76
Exceptional items	-0	0	-0	0	0	-0	0	0
Other income normal	0	0	6	42	72	54	57	94
Interest	1	1	1	4	7	11	19	13	7
Depreciation	8	10	13	20	32	49	72	97	118
Profit before tax	37	60	79	148	245	282	327	468	534
Tax %	24%	18%	17%	9%	12%	13%	9%	18%
Net Profit +	28	49	66	135	215	245	297	382	438
Minority share	0	0	0	-0	-1	-1	0	0
Exceptional items AT	0	0	-0	0	0	-0	0	0
Profit excl Excep	28	49	66	135	215	245	297	382
Profit for PE	28	49	66	135	214	245	297	382
Profit for EPS	28	49	66	135	214	245	297	382
Profit Growth %		75%	34%	106%	59%	14%	22%	28%
EPS in Rs	2.29	4.02	5.14	10.57	16.05	18.36	21.20	27.18	31.18
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	24	24	26	26	27	27	28	28	28
Reserves	6	48	204	333	1,151	1,438	2,470	2,918	3,228
Borrowings +	0	9	68	119	149	106	183	82	38
Long term Borrowings	0.00	6.92	28.06	89.32	89.13	52.08	72.58	10.66	2.10
Short term Borrowings	0.00	2.08	35.72	27.52	59.31	51.02	105.16	66.56	33.02
Lease Liabilities	0.00	0.00	3.72	1.89	0.21	2.54	4.89	4.88	3.31
Other Borrowings	0.00	0.00	0.00	0.00	-0.01	-0.01	0.00	0.00
Other Liabilities +	46	77	105	275	497	437	592	583	619
Non controlling int	0	0	0	0	1	2	0	0	0
Trade Payables	27	52	75	126	256	252	383	408	433
Other liability items	19	25	30	149	240	183	209	175	186
Total Liabilities	76	158	402	753	1,824	2,008	3,273	3,612	3,914
Fixed Assets +	27	57	163	361	699	786	1,144	1,221	1,413
Building	0	0	0	0	0	4	0	0
Equipments	0	0	0	0	0	1	11	10
Computers	0	1	2	2	4	6	7	9
Furniture n fittings	0	0	0	0	0	0	0	0
Vehicles	0	0	0	1	1	1	2	2
Intangible Assets	6	33	111	315	616	664	983	1,009	1,406
Other fixed assets	71	86	130	138	207	299	402	551
Gross Block	77	120	243	456	829	975	1,405	1,580
Accumulated Depreciation	50	63	80	96	130	189	261	359
CWIP	0	2	5	40	42	49	98	111	0
Investments	0	0	0	76	135	0	37	63	113
Other Assets +	49	99	234	276	948	1,174	1,993	2,216	2,387
Cash Equivalents	19	30	126	63	605	646	1,237	1,392	1,060
Loans n Advances	3	2	3	3	6	5	28	17	75
Other asset items	10	19	31	102	102	278	411	509	899
Total Assets	76	158	402	753	1,824	2,008	3,273	3,612	3,914

💰 Cash Flow Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	42	48	72	102	206	260	262	426
Profit from operations	47	70	96	131	244	348	369	490
Receivables	-4	-32	-29	-31	-129	-14	-28	14
Payables	11	25	24	40	137	-0	84	26
Other WC items	-5	-6	-8	-27	-18	-32	-127	-29
Working capital changes	2	-14	-14	-17	-10	-47	-72	11
Direct taxes	-7	-9	-11	-12	-28	-40	-34	-74
Cash from Investing Activity +	-29	-50	-162	-175	-554	-186	-572	-92
Fixed assets purchased	-9	-15	-31	-49	-73	-92	-116	-160
Fixed assets sold	0	0	0	0	0	0	0	0
Investments purchased	0	0	0	-43	0	0	-37	-26
Investments sold	0	0	0	0	53	0	0	0
Interest received	0	0	3	3	16	18	41	51
Acquisition of companies	0	0	-88	-112	-293	-100	-351	-78
Other investing items	-19	-35	-46	27	-257	-11	-109	122
Cash from Financing Activity +	-4	8	139	53	615	-59	783	-92
Proceeds from shares	0	0	0	0	591	0	744	26
Proceeds from borrowings	0	9	91	114	150	0	159	0
Repayment of borrowings	-3	0	-36	-57	-122	-45	-100	-107
Interest paid fin	-1	-1	-1	-2	-3	-6	-13	-10
Financial liabilities	0	0	-1	-1	-1	-0	-4	-1
Other financing items	0	0	86	0	0	-8	-3	-0
Net Cash Flow	9	6	49	-20	267	16	473	242
Free Cash Flow	33	33	41	52	133	168	147	266
CFO/OP	108%	80%	94%	87%	110%	104%	82%	104%

📈 Key Financial Ratios

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	36	70	81	76	79	62	63	48
Inventory Days
Days Payable
Cash Conversion Cycle	36	70	81	76	79	62	63	48
Working Capital Days	-35	-13	-26	-4	-31	29	19	25
ROCE %		108%	43%	39%	28%	20%	16%	17%

🏭 Industry Peers — IT Enabled Services

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	L&T Technology ★	₹3,585	29.6	₹38,002	26.4%	+23.4%	65
2	Network People	₹1,222	73.7	₹2,548	69.2%	+125.0%	61
3	Inventurus Knowl	₹1,562	40.4	₹26,814	27.2%	+41.4%	59
4	Tata Technolog.	₹574	35.5	₹23,324	25.8%	-21.7%	54
5	Cigniti Tech.	₹1,197	10.8	₹3,298	34.1%	+31.8%	53
6	Dynacons Sys.	₹1,055	16.0	₹1,344	39.2%	+28.1%	52
7	Netweb Technol.	₹4,033	129.1	₹22,964	32.5%	+146.7%	51
8	Sagility	₹42	22.3	₹19,470	9.6%	+34.6%	51
9	Affle 3i	₹1,439	46.2	₹20,267	16.8%	+19.1%	49

★ L&T Technology ranks higher on combined P/E, ROCE, and growth metrics in IT Enabled Services

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	55.03%	55.02%	55.00%	54.97%	54.95%	54.92%
FIIs	16.49%	16.09%	18.42%	19.02%	17.79%	16.66%
DIIs	14.57%	15.31%	13.82%	14.68%	16.36%	17.90%
Public	13.80%	13.47%	12.69%	11.23%	10.80%	10.40%
Others	0.08%	0.10%	0.09%	0.11%	0.11%	0.11%
No. of Shareholders	2,75,241	2,76,042	2,61,724	2,52,674	2,47,224	2,40,775

🟢 CATALYSTS

🏆Revenue Growth 19%: Above sector norm of 18% — strong top-line momentum.

💹Analyst Upside (37%): Mean target of ₹1980 above current price.

🔀Low Beta (0.20): Less volatile than market — defensive play.

🇮Earnings Growth (19%): Above sector norm — strong profit expansion.

🔴 RISKS

📜Elevated P/E (46.2x): Above sector expensive threshold of 45x.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Communication Services space.

🕸 Factor Analysis · Radar

Momentum 4/10
1M -0.6%, 6M -24.6%, RSI 52, MACD bullish, Below 200DMA

Sentiment 9/10
Analyst upside +37.5%, Rec: strong buy

Value 2/10
P/E 46.2, P/B 6.2, PEG 2.20, EV/EBITDA 39.2

Quality 6/10
Margin 16.9%, D/E 1

Low Volatility 9/10
Beta 0.20, Ann. vol 31%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 37.5% analyst upside	OPM of 18% provides margin buffer; P/E 46x vs sector median 35x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-1.13%)	Miss further upside if momentum continues
SELL	Lock in -11.1% 1Y return; redeploy into L&T Technology at lower P/E	Avoid further drawdown; P/E compression risk at 46x

REASONS TO BUY

Analyst upside of 37.5% with mean target of ₹1,980
ROCE at 17% indicates strong capital efficiency
Revenue growing at 19.2% YoY (sector norm: 6%)

REASONS TO SELL / AVOID

P/E of 46.2x is 1.3x the sector median of 35x
FII stake falling (-1.13%) — institutional exit signal
L&T Technology offers lower P/E (29.6) with ROCE of 26.4% in the same sector

📰 Latest News

Affle 3i Ltd (BOM:542752) Q3 2026 Earnings Call Highlights: Record Revenue and Strategic ...

GuruFocus.com · 2026-02-03T01:06

Affle 3i Ltd (BOM:542752) Q2 2026 Earnings Call Highlights: Record Revenue and Strategic Growth ...

GuruFocus.com · 2025-11-03T21:01

RECOMMENDATION

SPECULATIVE BUY

COMPOSITE SCORE

58/100

Affle 3i Limited trades at ₹1,440.20 with a composite risk score of 58/100. The stock scores 12/25 on valuation, 16/25 on financial health, 18/25 on growth, and 12/25 on technicals. The company is currently profitable with moderate return on equity.

Analyst consensus suggests upside of 37.5% with a mean target of ₹1980. Revenue growth is at 19.2% — a strong positive signal.

Within IT Enabled Services, L&T Technology (P/E 29.6, ROCE 26.4%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Communication Services but monitor closely. The current recommendation is SPECULATIVE BUY.

PROFITABLE UPSIDE POTENTIAL