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Affle India Ltd.
NSE: AFFLECommunication ServicesAdvertising Agencies
- Last close
- ₹1,326.20
- Day change
- −₹36.60 (−2.69%)vs
- Market cap
- ₹20,221 crIndian rupees
- Research updated
- 1 report
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About Affle India
Affle India Ltd. is a global technology company specializing in digital advertising, headquartered in Gurugram, India. The company focuses on delivering consumer intelligence-driven solutions that enhance marketing strategies and return on investment for its clients. Affle's primary offerings include the Mobile Marketing Platform, designed to optimize user acquisition and engagement through AI and data analytics. This suite of products aids industries such as e-commerce, entertainment, travel, and financial services by targeting relevant consumers through personalized mobile ads. With its innovative platform and strategic focus on emerging markets, Affle India Ltd. plays a crucial role in the digital transformation of consumer experiences. It has gained a notable presence in Southeast Asia, the Middle East, and Africa, bolstering its position in the global advertising ecosystem. By leveraging cutting-edge technology like predictive analysis, its solutions enable brands to boost digital engagement and drive customer conversions more effectively. Affle's consistent growth and adaptation to the fast-evolving world of digital marketing underscore its significance in the financial market, providing valuable services in a rapidly expanding sector.
- Sector
- Communication Services
- Industry
- Advertising Agencies
- Listing
- NSE: AFFLE
- Chief executive
- Mr. Anuj Khanna Sohum
- Employees
- 616
- Headquarters
- Gurugram, India
- ISIN
- INE00WC01027
- Website
- affle.com
Public research · Report of
Business model & financial foundation
Affle (NSE: AFFLE), Performance-led digital advertising technology: revenue of ₹2,709 crore in FY26 (+19.5% on FY25), an EBITDA margin of 22.5%, net profit of ₹454.9 crore and net cash of ₹1,780 crore.
- Revenue, FY26 (₹ crore)
- 2,709
- consolidated
- Revenue growth, FY26
- +19.5%
- on FY25
- EBITDA margin, FY26
- 22.5%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 454.9
- to owners
- Return on equity, FY26
- 13.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,780
- Net debt / (net cash), company liquidity definition
- Market capitalisation (₹ crore)
- 21,604
- at the close of 16 Oct 2026
Company profile
Affle charges advertisers for attributable consumer conversions, combining audience intelligence, advertiser first-party data and media buying. The CPCU model supplies almost all Q1 FY27 revenue across mobile, CTV and connected devices. Inventory/data costs are the main cost; internally developed software and acquired technology require continuing reinvestment.
| Item | Value |
|---|---|
| Legal name | Affle 3i Limited (formerly Affle (India) Limited) |
| Exchange and ticker | NSE: AFFLE; BSE: 542752 |
| ISIN | INE00WC01027 |
| Sector | Communication Services |
| Industry | Performance-led digital advertising technology |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹21,604 crore (16 Oct 2026) |
| Shares outstanding | 14.05 crore shares (FY26) |
| Price | ₹1,429 (close, 16 Oct 2026) |
| 52-week range | ₹1,251 - ₹1,979 (to 16 Oct 2026) |
| Website | https://affle.com |
Corporate structure and shareholding
Parent: Affle Holdings Pte Ltd.
| Entity | Holding | Business |
|---|---|---|
| Affle International Pte Ltd | 100% | Singapore; international mobile advertising |
| Affle MEA | 100% | UAE; mobile advertising |
| Affle Iberia | 100% | Spain; mobile advertising |
| Jampp Ireland | 100% | Ireland; programmatic mobile advertising |
| Affle Inc | 100% | US; mobile advertising |
| Appnext Technologies | 100% | Israel; mobile advertising |
Holdings directly or indirectly as at 31 March 2026; one Consumer Platform CGU for goodwill testing.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 54.95% | 54.92% | 54.91% | 54.87% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 17.79% | 16.66% | 15.38% | 14.60% |
| Domestic institutions | 16.36% | 17.90% | 18.78% | 19.16% |
| of which mutual funds | 13.23% | 13.71% | 15.26% | 15.94% |
| Retail | 7.47% | 7.09% | 7.40% | 7.75% |
| Other | 3.44% | 3.43% | 3.54% | 3.62% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Affle 3i (formerly Affle (India), renamed 11 Apr 2025) sells advertisers attributable consumer conversions — installs, registrations, transactions — priced per converted user (CPCU). CPCU was 99.8% of Q1 FY27 revenue. It buys inventory and data across SSPs, OEMs, direct publishers and walled gardens (inventory and data costs 63.2% of Q1 FY27 revenue) and earns the spread through its own targeting, fraud and attribution stack. One operating segment under Ind AS 108; no customer above 10% of revenue. India and emerging markets 72.2%, developed markets 27.8% of Q1 FY27 revenue. It controls the technology and advertiser integrations; it does not control inventory prices or the privacy rules of Apple/Google.
| Peer | Why the dossier compares them |
|---|---|
| AppLovin | Performance-led advertiser platform; faster growth and different net revenue economics. |
| The Trade Desk | Independent demand-side programmatic platform; developed-market and CTV exposure. |
| Digital Turbine | Mobile discovery and advertising; weaker balance sheet. |
| PubMatic | Supply-side programmatic technology; different value-chain position. |
| Magnite | Supply-side platform with CTV exposure; not direct CPCU equivalent. |
| Tanla Platforms (TANLA) | Indian digital communications adjacent reference, not direct advertising peer. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,082 | 1,433 | 1,843 | 2,266 | 2,709 |
| Cost of revenue (vendor classification) * | 678.9 | 884.3 | 1,125 | 1,379 | 1,680 |
| Other operating costs (vendor classification) * | 55.8 | 66.4 | 115.0 | 290.2 | 141.0 |
| EBITDA (vendor classification) * | 247.6 | 333.9 | 404.0 | 576.9 | 682.1 |
| EBIT * | 249.8 | 287.7 | 340.9 | 480.2 | 561.9 |
| Finance costs | 5.01 | 6.12 | 18.9 | 12.6 | 5.26 |
| Profit before tax | 244.8 | 281.6 | 326.8 | 467.6 | 558.7 |
| Total tax expense | 30.1 | 36.1 | 29.5 | 85.8 | 103.8 |
| Profit for the period before NCI allocation | 214.7 | 245.5 | 297.3 | 381.9 | 454.9 |
| Diluted EPS (₹) | 16.11 | 18.36 | 21.91 | 27.19 | 32.32 |
| Inventory and data costs | 1,125 | 1,379 | 1,680 | ||
| Employee benefits expense | 235.2 | 231.3 | 251.2 | ||
| Other expenses | 122.3 | 172.6 | 168.2 | ||
| EBITDA (company definition) | 360.0 | 483.2 | 610.1 | ||
| Depreciation and amortisation | 71.5 | 96.7 | 124.4 | ||
| Other income | 57.2 | 93.8 | 78.2 | ||
| Separately reported exceptional items | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to equity owners | 297.3 | 381.9 | 454.9 | ||
| PAT attributable to non-controlling interests | -0.01 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,179 | 1,467 | 2,498 | 2,946 | 3,652 |
| Borrowings excluding lease liabilities | 148.6 | 105.6 | 182.6 | 82.1 | 11.9 |
| Cash and liquid investments (company definition) | 133.3 | 171.4 | 639.8 | 1,047 | 1,792 |
| Trade receivables | 234.7 | 245.3 | 317.4 | 298.6 | 385.6 |
| Trade payables | 255.9 | 252.2 | 383.1 | 407.6 | 593.6 |
| Net property, plant and equipment * | 0.20 | 5.53 | 9.96 | 8.24 | 7.18 |
| Total assets * | 1,827 | 2,011 | 3,283 | 3,622 | 4,421 |
| Contract assets | 253.1 | 324.1 | |||
| Net debt / (net cash), company liquidity definition | -1,780 | ||||
| Development capitalised | 152.2 | 173.8 | |||
| Goodwill | 1,008 | 1,112 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 84.9 | 220.3 | 262.3 | 426.0 | 502.3 |
| Free cash flow (vendor definition) * | 133.4 | 168.1 | 146.7 | 266.1 | 291.3 |
| PPE and intangible development cash purchases | -72.5 | -92.2 | -115.6 | -159.9 | -211.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 13.27 | 13.32 | 13.57 | 14.02 | 14.05 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 542.9 | 601.7 | 602.3 | 620.7 | 646.7 | 717.5 | 724.4 | 747.2 |
| Cost of revenue (vendor classification) * | 331.5 | 363.1 | 364.8 | 378.1 | 447.4 | 458.3 | 472.2 | |
| Other operating costs (vendor classification) * | 41.4 | 49.6 | 45.2 | 42.1 | 43.3 | 41.5 | 41.7 | |
| EBITDA (vendor classification) * | 142.2 | 152.3 | 152.9 | 156.9 | 180.6 | 182.5 | 192.7 | |
| EBIT * | 117.1 | 126.5 | 126.3 | 131.0 | 147.4 | 149.0 | 158.5 | |
| Finance costs | 3.57 | 2.79 | 2.45 | 1.83 | 1.17 | 1.26 | 1.01 | 0.67 |
| Profit before tax | 113.5 | 123.7 | 123.9 | 129.2 | 135.3 | 146.1 | 148.0 | 157.8 |
| Total tax expense | 21.5 | 23.5 | 20.8 | 23.7 | 24.8 | 26.8 | 28.5 | 29.3 |
| Profit for the period before NCI allocation | 92.0 | 100.2 | 103.1 | 105.5 | 110.5 | 119.3 | 119.5 | 128.4 |
| Diluted EPS (₹) | 6.55 | 7.14 | 7.34 | 7.50 | 7.86 | 8.49 | 8.49 | 9.02 |
| Inventory and data costs | 331.5 | 363.1 | 364.8 | 378.0 | 396.1 | 447.4 | 458.3 | 472.2 |
| Employee benefits expense | 56.7 | 57.6 | 58.3 | 60.9 | 63.2 | 63.7 | 63.5 | 65.6 |
| Other expenses | 41.4 | 49.6 | 45.2 | 42.1 | 41.4 | 43.3 | 41.5 | 41.7 |
| EBITDA (company definition) | 113.3 | 131.4 | 134.0 | 139.7 | 146.1 | 163.0 | 161.2 | 167.6 |
| Depreciation and amortisation | 25.1 | 25.8 | 26.6 | 25.9 | 31.9 | 33.2 | 33.4 | 34.2 |
| Other income | 28.8 | 20.9 | 18.9 | 17.2 | 22.3 | 17.5 | 21.3 | 25.0 |
| Separately reported exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to equity owners | 92.0 | 100.2 | 103.1 | 105.5 | 110.5 | 119.3 | 119.5 | 128.4 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 109.3% | 32.5% | 28.6% | 23.0% | 19.5% |
| EBITDA margin | 19.5% | 21.3% | 22.5% | ||
| Net margin | 16.1% | 16.8% | 16.8% | ||
| Return on equity | 15.0% | 14.0% | 13.8% | ||
| Return on capital employed | 27.7% | 19.8% | 16.0% | 16.8% | 16.8% |
| Return on assets | 11.2% | 11.1% | 11.3% | ||
| Net debt (₹ crore) | -1,780 | ||||
| Net debt / EBITDA | -2.92x | ||||
| Interest cover | 49.9x | 47.0x | 18.1x | 38.1x | 106.8x |
| Asset turnover | 0.84x | 0.75x | 0.70x | 0.66x | 0.67x |
| Receivable days | 79 | 62 | 63 | 48 | 52 |
| Payable days (on revenue) | 86 | 64 | 76 | 66 | 80 |
| Cash conversion | 0.88x | 1.12x | 1.10x | ||
| Capex intensity | 6.7% | 6.4% | 6.3% | 7.1% | 7.8% |
| Free cash flow (₹ crore) | 12.3 | 128.2 | 146.6 | 266.1 | 291.2 |
| EPS, diluted (₹) | 16.11 | 18.36 | 21.91 | 27.19 | 32.32 |
| Book value per share (₹) | 88.85 | 110.2 | 184.1 | 210.1 | 260.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt / (net cash), company liquidity definition.
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Affle India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Affle India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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