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Affle (India) Ltd.
(AFFLE)
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Rating:68Neutral
Price Target:
₹1,552.00
▼(-14.77% Downside)
Action:Downgraded
Date:07/29/26
The score is driven primarily by strong financial quality (rapid growth and a very conservative balance sheet), partially tempered by margin compression and inconsistent cash conversion. Technicals are supportive with price above key moving averages, but the overall score is held back by a high P/E and no dividend yield data.
Positive Factors
Sustained Revenue Growth
Affle has expanded revenue more than fivefold over the reported period, demonstrating sustained demand for its performance-based digital advertising services. Continued growth supports greater platform scale, broader advertiser reach, and the potential to spread technology and operating capabilities across a larger revenue base.
Negative Factors
Margin Compression
The sharp gross-margin decline indicates that recent revenue growth has not translated into stable economics at the delivery level. If the lower margin persists, Affle may retain less profit from each advertising outcome, reducing operating leverage and limiting the earnings benefit of future scale.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Affle has expanded revenue more than fivefold over the reported period, demonstrating sustained demand for its performance-based digital advertising services. Continued growth supports greater platform scale, broader advertiser reach, and the potential to spread technology and operating capabilities across a larger revenue base.
Read all positive factors
Affle (India) Ltd. (AFFLE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹200.65B
Dividend YieldN/A
Average Volume (3M)36.70K
Price to Earnings (P/E)41.9
Beta (1Y)1.27
Revenue Growth19.78%
EPS Growth18.98%
CountryIN
Employees617
SectorGeneral
Sector StrengthN/A
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)32.38
Shares Outstanding140,879,380
10 Day Avg. Volume29,030
30 Day Avg. Volume36,700
Financial Highlights & Ratios
PEG Ratio2.37
Price to Book (P/B)5.57
Price to Sales (P/S)7.51
P/FCF Ratio61.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)39.77
Revenue Forecast (FY)₹32.60B
Affle (India) Ltd. Business Overview & Revenue Model
Company Description
Affle (India) Limited, along with its associated entities, specializes in providing mobile advertising solutions internationally and within India. This is achieved through its proficiency in information technology and the development of software t...
How the Company Makes Money
Affle primarily makes money from performance-based digital advertising services, where advertisers pay the company to deliver specific, measurable outcomes rather than just impressions. A key revenue stream is user acquisition and conversion-drive...
Affle (India) Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
93
Very Positive
Cash Flow
74
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 27.09B | 22.65B | 18.42B | 14.33B | 10.82B |
| Gross Profit | 6.54B | 8.86B | 7.17B | 5.49B | 4.03B |
| EBITDA | 6.88B | 5.74B | 4.12B | 3.37B | 2.82B |
| Net Income | 4.55B | 3.82B | 2.97B | 2.45B | 2.14B |
Balance Sheet | |||||
| Total Assets | 44.21B | 36.22B | 32.83B | 20.11B | 18.27B |
| Cash, Cash Equivalents and Short-Term Investments | 14.29B | 15.44B | 13.70B | 7.80B | 6.05B |
| Total Debt | 148.09M | 820.95M | 1.83B | 1.06B | 1.49B |
| Total Liabilities | 7.69B | 6.75B | 7.85B | 5.44B | 6.48B |
| Stockholders Equity | 36.52B | 29.46B | 24.98B | 14.65B | 11.78B |
Cash Flow | |||||
| Free Cash Flow | 3.33B | 2.66B | 1.47B | 1.68B | 1.33B |
| Operating Cash Flow | 5.45B | 4.26B | 2.62B | 2.60B | 2.06B |
| Investing Cash Flow | -4.17B | -1.14B | -5.77B | -1.97B | -5.56B |
| Financing Cash Flow | -424.70M | -918.13M | 7.83B | -590.45M | 6.15B |
Affle (India) Ltd. Technical Analysis
Negative
1820.95
Price Trends
1593.94
Negative
1538.33
Negative
1533.35
Negative
Market Momentum
-48.48
Positive
32.64
Neutral
14.20
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AFFLE, the sentiment is Negative. The current price of 1820.95 is above the 20-day moving average (MA) of 1515.57, above the 50-day MA of 1593.94, and above the 200-day MA of 1533.35, indicating a bearish trend. The MACD of -48.48 indicates Positive momentum. The RSI at 32.64 is Neutral, neither overbought nor oversold. The STOCH value of 14.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:AFFLE.
Affle (India) Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹66.18B | 12.37 | ― | 2.41% | 13.21% | 12.05% | |
71 Outperform | ₹18.12B | 1.79 | ― | 0.79% | 34.61% | 35.53% | |
70 Outperform | ₹26.41B | 6.97 | ― | 2.87% | -0.31% | -15.46% | |
68 Neutral | ₹200.65B | 41.87 | ― | ― | 19.78% | 18.98% | |
64 Neutral | ₹2.63B | 9.97 | ― | 0.32% | 14.12% | -2.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:AFFLE
Affle (India) Ltd.
1,424.30
-494.40
-25.77%
IN:BCG
Brightcom Group Limited
8.98
-4.80
-34.83%
IN:ROUTE
Route Mobile, Ltd.
419.25
-310.08
-42.52%
IN:TANLA
Tanla Platforms Ltd
499.00
-194.35
-28.03%
IN:VERTOZ
Vertoz Ltd
30.91
-37.78
-55.00%
IN:CAPILLARY
Capillary Technologies India Ltd.
561.85
-45.05
-7.42%
Affle (India) Ltd. Corporate Events
Affle 3i Discloses Analyst Meeting, Affirms Compliance With SEBI Norms
Sep 21, 2026
Affle 3i Limited has disclosed that it attended an analyst and investor meeting with Astrone Capital on September 21, 2026, conducted as an in-person one-on-one interaction. The company explicitly stated that no unpublished price-sensitive informa...
Affle 3i Clears Q1 FY27 Results with Clean Limited Review
Aug 8, 2026
Affle 3i Limited announced that its Board of Directors approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, at a meeting held on August 8, 2026. The financial statements were prepared under Indi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.