Affle (India) Ltd. (AFFLE) AI Stock Analysis

• Market Cap: ₹193.54B
• Dividend Yield: N/A
• Average Volume (3M): 13.94K
• Price to Earnings (P/E): 44.1
• Beta (1Y): 1.56
• Revenue Growth: 19.55%
• EPS Growth: 20.85%
• Country: IN
• Employees: 642
• Sector: Technology
• Sector Strength: 88
• Industry: Advertising Agencies
• EPS (TTM): 8.50
• Shares Outstanding: 140,757,390
• 10 Day Avg. Volume: 7,876
• 30 Day Avg. Volume: 13,942
• PEG Ratio: 2.41
• Price to Book (P/B): 7.59
• Price to Sales (P/S): 9.87
• P/FCF Ratio: 84.03
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,153.33
• Price Target Upside: 18.25% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 32.84
• Revenue Forecast (FY): ₹27.03B

• Rating: 61 Neutral
• Price Target: ₹1,451.00 ▼(-20.32% Downside)
• Action: Reiterated Date: 11/15/25
• Date: Action: Reiterated 11/15/25

Affle (India) Ltd. demonstrates strong financial performance with robust revenue and profit growth, which is the most significant factor in its overall score. However, the stock faces bearish technical indicators and high valuation concerns, which weigh down the overall score. The absence of earnings call data and corporate events limits additional insights.

Positive Factors

Revenue & Profit Growth

Affle’s multi-year revenue expansion and improved gross profit margins demonstrate a scalable performance-marketing model and operating leverage. Sustained high net profit and EBITDA margins indicate durable profitability that supports reinvestment and competitive positioning across mobile ad markets.

Strong Balance Sheet Liquidity

A marked rise in equity, low debt-to-equity and increased cash and short-term investments provide financial flexibility. This liquidity and limited leverage reduce refinancing risk, enable strategic investments or acquisitions, and support resilience through advertising cycles over the medium term.

Robust Cash Generation

Consistent operating cash flow and expanding free cash flow show that reported earnings are backed by cash, enhancing funding for product development, sales expansion and potential shareholder returns. Strong cash conversion lowers dependence on external financing long term.

Negative Factors

Rising Liabilities

An increase in total liabilities, even against rising equity, can erode financial flexibility if liabilities grow faster than earnings or cash. Over a 2-6 month horizon, mounting obligations could pressure liquidity or raise funding costs if revenue growth slows, making monitoring essential.

EBIT Margin Variability

Observed fluctuations in EBIT margins suggest operating-cost or pricing variability. If persistent, this can undermine margin sustainability despite strong gross margins, reducing predictability of operating profits and constraining long-term reinvestment or return generation.

Dependence on Advertiser Demand

Business relies structurally on advertiser budgets and access to publisher inventory. Shifts in ad spend, platform policy, or publisher supply can materially affect performance-marketing volumes and pricing; this concentration creates revenue sensitivity to industry cycles and partner dynamics.

Affle (India) Ltd. Business Overview & Revenue Model

Company Description

Affle (India) Limited, together with its subsidiaries, provides mobile advertisement services through information technology and software development services for mobiles in India and internationally. It offers MAAS platform, an end-to-end mobile advertising platform; RevX, a self-serve programmatic platform; Appnext, an app recommendation platform; Jampp, a programmatic app marketing platform; Vizury Engage360, an omnichannel marketing platform; Mediasmart, a programmatic and proximity marketing platform; mFaaS for ad fraud detection; Shoffr, an online to offline marketing platform; mKr8, an ad authoring platform; mDMP, a data management platform; mCDP, a customer data platform for audience intelligence and engagement; and affle reusable components for application development. The company serves telecommunication and ISP, healthcare, retail and e-commerce, ERP and workplace, real estate, travel, and transportation industries, as well as public sector and government. Affle (India) Limited was incorporated in 1994 and is based in Gurugram, India.

How the Company Makes Money

Affle generates revenue primarily through its performance-based mobile advertising services. The company operates on a cost-per-install (CPI) and cost-per-action (CPA) model, whereby advertisers pay only when users engage with their ads or install applications. Key revenue streams include mobile app marketing, subscription fees from its analytics and marketing technology services, and partnerships with various app developers and marketers. Additionally, Affle has strategic partnerships with several technology companies and advertising networks, enhancing its reach and capabilities in targeting consumers effectively, which contributes significantly to its earnings.

Affle (India) Ltd. Financial Statement Overview

Summary

Affle (India) Ltd. exhibits a strong financial position with substantial revenue and profit growth, healthy margins, and effective leverage management. The company shows robust cash flow generation, indicating financial stability and a positive growth trajectory. Monitoring liabilities and operational expenses is advisable to sustain long-term growth.

Income Statement

Affle (India) Ltd. has demonstrated a robust financial performance with strong revenue growth over the years. The revenue grew substantially from 33.38 billion to 226.63 billion between 2020 and 2025, indicating a healthy expansion. The gross profit margin improved significantly, reflecting effective cost management. Notably, the company maintains high net profit and EBITDA margins, showcasing profitability and operational efficiency. However, the EBIT margin showed slight fluctuations, which could hint at variable operating expenses. Overall, the income statement reflects a strong and growing financial position in the industry.

Balance Sheet

Affle (India) Ltd. presents a solid balance sheet with impressive growth in stockholders' equity from 2.29 billion to 29.46 billion over the six-year period. The company's debt-to-equity ratio is low, indicating prudent management of leverage and financial risk. The equity ratio has remained robust, underscoring financial stability and a strong asset base. The significant increase in cash and short-term investments highlights liquidity strength. However, the total liabilities have also increased, which warrants monitoring to ensure continued financial health.

Cash Flow

The company has shown excellent cash flow management with a consistent increase in operating cash flow, which supports its net income figures. The free cash flow growth is noteworthy, suggesting effective capital expenditure management and strong cash generation capabilities. The operating cash flow to net income ratio remains healthy, indicating that earnings are well supported by cash flows. Overall, the cash flow statement reflects strong liquidity and effective cash management strategies.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	23.68B	22.66B	18.43B	14.34B	10.82B	5.17B
Gross Profit	10.08B	8.87B	4.81B	3.13B	2.41B	1.45B
EBITDA	6.04B	5.77B	4.12B	3.43B	2.84B	1.71B
Net Income	4.01B	3.82B	2.97B	2.45B	2.14B	1.35B
Balance Sheet
Total Assets	0.00	36.22B	32.83B	20.11B	18.27B	7.53B
Cash, Cash Equivalents and Short-Term Investments	15.26B	15.44B	13.70B	7.80B	6.05B	632.45M
Total Debt	0.00	820.95M	1.83B	1.06B	1.49B	1.19B
Total Liabilities	-29.46B	6.75B	7.85B	5.44B	6.48B	3.93B
Stockholders Equity	29.46B	29.46B	24.98B	14.65B	11.78B	3.59B
Cash Flow
Free Cash Flow	0.00	2.66B	1.47B	1.68B	1.33B	525.07M
Operating Cash Flow	0.00	4.26B	2.62B	2.60B	2.06B	1.02B
Investing Cash Flow	0.00	-1.14B	-5.77B	-1.97B	-5.56B	-1.75B
Financing Cash Flow	0.00	-918.13M	7.83B	-590.45M	6.15B	530.86M

Affle (India) Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1820.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: 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 1548.91, above the 50-day MA of 1644.63, and above the 200-day MA of 1818.08, indicating a bearish trend. The MACD of -74.99 indicates Positive momentum. The RSI at 29.18 is Positive, neither overbought nor oversold. The STOCH value of 9.59 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SONATSOFTW	69 Neutral	₹75.15B	16.85	―	2.00%	12.39%	59.77%
RSYSTEMS	62 Neutral	₹34.30B	18.40	―	3.06%	8.36%	36.68%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AFFLE	61 Neutral	₹193.54B	44.05	―	―	19.55%	20.85%
TEJASNET	60 Neutral	₹77.36B	-10.09	―	0.55%	-17.23%	-185.73%

Affle (India) Ltd. Corporate Events

Affle 3i adds two Indian patents to deepen AI-led ad tech and anti-fraud capabilities

Affle 3i Limited has secured two new patents in India, strengthening its portfolio of 18 granted patents out of 39 unique filings and around 300 enforceable claims. The company said these additions are intended to bolster its AI-powered consumer platform and deepen its competitive moat in performance-led digital advertising.

One patent covers a system that enables interactive podcast advertising, using voice and gesture inputs and ML-driven contextual mapping to convert passive listening into engagement and conversions. The second patent targets ad fraud, deploying honeypots and other deceptive elements alongside AI/ML analytics to detect and block non-human or manipulated activity, aiming to improve the quality and authenticity of advertiser conversions.

Affle (India) Ltd. Allots Shares Under Employee Stock Option Scheme

Affle (India) Ltd. has announced the allotment of 35,918 equity shares under its Employee Stock Option Scheme, 2021, to the Employees’ Welfare Trust. This move increases the company’s share capital and is part of its ongoing efforts to enhance employee engagement and retention. The company is in the process of listing these shares on the NSE and BSE, although it notes that this allotment is not material in nature.