Affle 3i Ltd (AFFLE)
🎯 Key Takeaways
- Affle 3i Ltd is in a high-growth phase driven by AI-led expansion and strategic acquisitions, targeting $1 billion revenue within years. The company has demonstrated consistent top-line and bottom-line growth, with emerging markets contributing 72.
- Revenue grew 3.1% QoQ to ₹747 in Q1FY27.
- ⚠️ Data security and privacy threats remain material, given the company’s reliance on digital platforms and global user data.
📖 The Story
Affle 3i Ltd is in a high-growth phase driven by AI-led expansion and strategic acquisitions, targeting $1 billion revenue within years. The company has demonstrated consistent top-line and bottom-line growth, with emerging markets contributing 72.2% of revenue and 95% of segments growing over 25% YoY. Management is focused on scaling AI-driven CPCU platforms, expanding in developed markets, and executing M&A to accelerate global reach, positioning it as a tech-enabled digital advertising and monetization play with long-term structural tailwinds.
📰 What's Happening
In Q1 FY2027 (filed August 17, 2026), Affle 3i reported revenue of ₹7.47 billion (+20.4% YoY) and net profit of ₹1.28 billion (+21.7% YoY), with EBITDA growing 20% to ₹1.68 billion. The company highlighted that 95% of its revenue segments grew over 25% YoY, driven by AI platform enhancements and strong India performance. It also confirmed progress toward closing a strategic M&A deal by early 2027 and targeting 20%+ organic growth in developed markets. The August 10 earnings call audio was submitted (August 10, 2026), and the 31st AGM is scheduled for September 22, 2026, with e-voting from September 17–21.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 647 | 717 | 724 | 747 |
| Operating Profit | 114 | 130 | 128 | 133 |
| OPM % | 17.7% | 18.1% | 17.6% | 17.9% |
| Net Profit | 111 | 119 | 120 | 128 |
| EPS | ₹7.88 | ₹8.50 | ₹8.51 | ₹9.13 |
Revenue has grown steadily from ₹647 crore in September 2025 to ₹747 crore in June 2026, with operating margins holding firm near 18% despite scaling. Net profit rose from ₹111 crore to ₹128 crore over the same period, supported by margin discipline and scale. EBITDA expansion of 20% YoY in Q1 FY2027 reflects operational leverage, while the consistent growth in revenue segments — 95% growing over 25% — indicates broad-based momentum. This trajectory aligns with management’s focus on AI-driven monetization and global expansion, with profitability improving in tandem with scale.
🔮 Management Outlook & What's Next
Management targets 20%+ organic growth in developed markets and aims to close a strategic M&A deal by early 2027 to accelerate global reach. It also plans to achieve 10X revenue growth over a decade through AI leadership, verticalized advertiser intelligence, and expansion into CTV and AI-powered creative automation via OpticksAI. The long-term vision is to scale to $1 billion revenue, underpinned by AI, global market penetration, and monetization of its CPCU model across 130+ countries and 4 billion devices.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 28 | 28 | 28 | 28 |
| Reserves | 2,667 | 2,934 | 3,228 | 3,624 |
| Borrowings | 135 | 77 | 38 | 15 |
| Total Liabilities | 3,332 | 3,622 | 3,914 | 4,421 |
| Fixed Assets | 9 | 1,332 | 7 | 7 |
| Investments | 37 | 63 | 113 | 114 |
| Total Assets | 3,332 | 3,622 | 3,914 | 4,421 |
The balance sheet shows a strong capital structure with negligible debt (₹15 crore borrowings as of March 2026) and growing reserves (₹3,624 crore). Total assets rose to ₹4,421 crore from ₹3,622 crore in March 2025, reflecting asset growth in line with revenue expansion. Equity remains stable at ₹28 crore, indicating no fresh issuance, while retained earnings are absorbed in reserves. The company is not capital-intensive, consistent with its asset-light model, and has ample financial flexibility to fund growth internally or through debt if needed.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +426 |
| Investing | -114 |
| Financing | -92 |
| Net Cash Flow | +220 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 55.0% | 55.0% | 54.9% | 54.9% |
| FII | 19.0% | 17.8% | 16.7% | 15.4% |
| DII | 14.7% | 16.4% | 17.9% | 18.8% |
| Public | 7.8% | 7.5% | 7.1% | 7.5% |
| # Shareholders | 2,52,674 | 2,47,224 | 2,40,775 | 2,43,769 |
Promoter holding remains stable at ~54.9%, indicating confidence in long-term control. FII shareholding increased from 16.66% (Q4FY26) to 15.38% (Q1FY27), while DII rose from 14.68% to 18.77%, suggesting institutional accumulation. Public shareholding declined slightly, but the number of shareholders grew to 2.44 lakh, indicating retail broadening. No pledging or significant dilution observed, and the shareholder base is becoming more diversified with rising institutional participation.
⚖️ Peer Comparison — IT - Software
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TCS | 8.55 L Cr | 17.2 | 63.2% | 46.7% | 0.00 |
| INFY | 4.57 L Cr | 15.2 | 44.9% | 32.7% | 0.00 |
| HCLTECH | 3.55 L Cr | 20.3 | 31.6% | 23.2% | 0.00 |
| WIPRO | 1.80 L Cr | 14.4 | 18.1% | 15.1% | 0.19 |
| TECHM | 1.59 L Cr | 28.1 | 24.8% | 17.4% | 0.00 |
| LTM | 1.35 L Cr | 25.7 | 30.5% | 21.6% | 0.00 |
| OFSS | 1.07 L Cr | 31.3 | 60.3% | 43.6% | 0.00 |
| PERSISTENT | 88,521 | 45.6 | 32.7% | 24.5% | 0.00 |
| COFORGE | 88,049 | 40.4 | 25.6% | 20.7% | 0.04 |
| MPHASIS | 46,191 | 24.1 | 22.3% | 17.8% | 0.17 |
⚠️ Risk Factors
1. Data security and privacy threats remain material, given the company’s reliance on digital platforms and global user data. 2. Intensifying competition in AI-driven advertising and monetization could pressure margins. 3. Regulatory changes in digital advertising or data usage could impact business models. 4. Integration risks from M&A, particularly if targets do not deliver synergies on time. These are explicitly flagged in sustainability and annual reports as key operational and compliance concerns.
📋 Recent Filings
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🔴 annual report 27 August 2026Affle 3i Limited announced that a letter with the web link and exact path to its FY2025-26 Annual Report is being sent to shareholders who have not re...
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🟡 sustainability report 27 August 2026Affle 3i Limited's BRSR report for FY2025-26 details its ESG framework, governance, and sustainability initiatives. The company emphasizes data privac...
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🟡 Board Meeting 27 August 2026Affle 3i Limited announced its 31st AGM on September 22, 2026, via video conferencing, with e-voting open from September 17–21. Shareholders must vote...
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🔴 annual report 27 August 2026Affle 3i Limited's Integrated Annual Report 2025-26 details its AGM on September 22, 2026, via video conferencing, with e-voting from September 17-21....
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🔴 Announcement 27 August 2026Affle 3i announced it will attend the Elara Capital Investor Conference in Mumbai on September 1, 2026, as part of its ongoing investor engagement str...
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Announcement 25 August 2026Affle 3i Limited announced it participated in an analyst meeting with Stallion Asset Management on August 25, 2026, as part of routine investor engage...
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Announcement 19 August 2026Affle 3i Limited announced it participated in an analyst meeting on August 19, 2026, with no unpublished price sensitive information shared, reaffirmi...
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🔴 Financial Results 17 August 2026Affle 3i reported Q1 FY2027 revenue of **₹7.47 billion** (**+20.4% YoY**), net profit of **₹1.28 billion** (**+21.7% YoY**), and EBITDA of **₹1.68 bil...
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🔴 offer document 11 August 2026Affle 3i Limited disclosed a Monitoring Agency Report for Q1 FY26, confirming no material deviation in utilization of INR 737.43 crore raised via pref...
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🔴 Financial Results 10 August 2026Affle 3i Limited announced submission of the audio recording from its August 10, 2026 earnings conference call for Q1 FY2027, confirming the call took...
🧠 Analyst's Read
Affle 3i is executing a clear growth strategy anchored in AI, global expansion, and strategic M&A, supported by strong and consistent financial performance. While risks around data security and competition persist, the company’s asset-light model, rising institutional interest, and improving margins provide resilience. Investors should monitor M&A progress, developed market growth execution, and management’s ability to scale AI monetization without margin erosion.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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