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Affle (India) Ltd.
(AFFLE)
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Rating:71Outperform
Price Target:
₹1,561.00
▼(-14.28% Downside)
Action:Upgraded
Date:05/12/26
The score is primarily supported by strong underlying financial performance and a very strong balance sheet, tempered by margin compression and uneven cash conversion. Technicals are moderately constructive but below the 200DMA, while valuation is a notable headwind due to the high P/E and no dividend yield data.
Positive Factors
Very Strong Balance Sheet
Affle's extremely low leverage and a rapidly expanded equity base provide durable financial flexibility. This large cushion supports strategic investments, M&A optionality, and resilience in downturns, lowering bankruptcy risk and enabling sustained product and market development over months to years.
Negative Factors
Sharp Gross Margin Compression
A large step-down in gross margin signals structural pressure from mix shifts, pricing or higher delivery costs. Persistently lower gross margins erode operating leverage, reduce internally generated funds for reinvestment and make profitability more sensitive to volume and pricing dynamics.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Strong Balance Sheet
Affle's extremely low leverage and a rapidly expanded equity base provide durable financial flexibility. This large cushion supports strategic investments, M&A optionality, and resilience in downturns, lowering bankruptcy risk and enabling sustained product and market development over months to years.
Read all positive factors
Affle (India) Ltd. (AFFLE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹206.24B
Dividend YieldN/A
Average Volume (3M)13.94K
Price to Earnings (P/E)45.0
Beta (1Y)1.05
Revenue Growth19.55%
EPS Growth18.91%
CountryIN
Employees642
SectorTechnology
Sector Strength88
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)32.38
Shares Outstanding140,796,390
10 Day Avg. Volume7,876
30 Day Avg. Volume13,942
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)39.98
Revenue Forecast (FY)₹32.56B
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 by providing performance-based digital advertising and marketing services through its proprietary technology platforms. Its revenue model centers on delivering measurable actions for clients—such as app installs, regist...
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
Neutral
1820.95
Price Trends
1465.18
Negative
1455.30
Negative
1632.66
Negative
Market Momentum
-8.95
Positive
49.43
Neutral
38.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AFFLE, the sentiment is Neutral. The current price of 1820.95 is above the 20-day moving average (MA) of 1462.46, above the 50-day MA of 1465.18, and above the 200-day MA of 1632.66, indicating a bearish trend. The MACD of -8.95 indicates Positive momentum. The RSI at 49.43 is Neutral, neither overbought nor oversold. The STOCH value of 38.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:AFFLE.
Affle (India) Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ₹71.47B | 13.89 | ― | 3.28% | 9.68% | 1.61% | |
71 Outperform | ₹206.24B | 45.03 | ― | ― | 19.55% | 18.91% | |
69 Neutral | ₹20.02B | 2.08 | ― | ― | 34.61% | 35.53% | |
68 Neutral | ₹34.20B | 9.28 | ― | 1.54% | -3.66% | 15.44% | |
63 Neutral | ₹3.29B | 12.21 | ― | ― | 14.36% | -3.61% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
IN:AFFLE
Affle (India) Ltd.
1,464.80
-548.65
-27.25%
IN:BCG
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IN:ROUTE
Route Mobile, Ltd.
553.05
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IN:TANLA
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538.95
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IN:VERTOZ
Vertoz Ltd
38.65
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IN:CAPILLARY
Capillary Technologies India Ltd.
515.10
-91.80
-15.13%
Affle (India) Ltd. Corporate Events
Affle 3i Publishes Corrigendum Notice for Postal Ballot Dispatch
Jun 7, 2026
Affle 3i Limited has notified stock exchanges that it has published newspaper advertisements in Financial Express and Jansatta regarding the dispatch of a corrigendum to its Postal Ballot Notice to shareholders. The communication, made under SEBI ...
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.