Affle (India) Ltd. (IN:AFFLE)
:AFFLE
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Affle (India) Ltd.
(AFFLE)
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Rating:71Outperform
Price Target:
₹1,810.00
▼(-0.60% 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
Conservative balance sheet
Extremely low leverage and a large equity base provide durable financial flexibility. This cushion supports investment in product R&D, absorbs advertising-cycle volatility, enables opportunistic M&A or buybacks, and materially reduces bankruptcy/default risk over multi-month horizons.
Negative Factors
Gross margin compression
A material step-down in gross margin signals persistent pricing pressure, higher acquisition or fulfillment costs, or a shift to lower-margin services. If structural, this reduces core earnings power, limits reinvestment capacity, and may compress future operating margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Extremely low leverage and a large equity base provide durable financial flexibility. This cushion supports investment in product R&D, absorbs advertising-cycle volatility, enables opportunistic M&A or buybacks, and materially reduces bankruptcy/default risk over multi-month horizons.
Read all positive factors
Affle (India) Ltd. (AFFLE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹203.32B
Dividend YieldN/A
Average Volume (3M)13.94K
Price to Earnings (P/E)44.8
Beta (1Y)1.17
Revenue Growth19.55%
EPS Growth18.91%
CountryIN
Employees642
SectorTechnology
Sector Strength88
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)29.89
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)40.83
Revenue Forecast (FY)₹32.54B
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 ...
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 | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.71B | 27.09B | 22.65B | 18.42B | 14.33B | 10.82B |
| Gross Profit | 8.74B | 6.54B | 8.86B | 7.17B | 5.49B | 4.03B |
| EBITDA | 6.27B | 6.10B | 5.74B | 4.12B | 3.37B | 2.82B |
| Net Income | 4.19B | 4.55B | 3.82B | 2.97B | 2.45B | 2.14B |
Balance Sheet | ||||||
| Total Assets | 39.14B | 44.21B | 36.22B | 32.83B | 20.11B | 18.27B |
| Cash, Cash Equivalents and Short-Term Investments | 10.60B | 12.94B | 15.44B | 13.70B | 7.80B | 6.05B |
| Total Debt | 384.34M | 148.09M | 820.95M | 1.83B | 1.06B | 1.49B |
| Total Liabilities | 6.58B | 7.69B | 6.75B | 7.85B | 5.44B | 6.48B |
| Stockholders Equity | 32.56B | 36.52B | 29.46B | 24.98B | 14.65B | 11.78B |
Cash Flow | ||||||
| Free Cash Flow | 821.69M | 3.33B | 2.66B | 1.47B | 1.68B | 1.33B |
| Operating Cash Flow | 1.83B | 5.45B | 4.26B | 2.62B | 2.60B | 2.06B |
| Investing Cash Flow | -2.40B | -4.17B | -1.14B | -5.77B | -1.97B | -5.56B |
| Financing Cash Flow | -293.90M | -424.70M | -918.13M | 7.83B | -590.45M | 6.15B |
Affle (India) Ltd. Technical Analysis
Negative
1820.95
Price Trends
1419.27
Positive
1526.03
Negative
1700.94
Negative
Market Momentum
13.21
Positive
47.12
Neutral
11.74
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 1468.81, above the 50-day MA of 1419.27, and above the 200-day MA of 1700.94, indicating a neutral trend. The MACD of 13.21 indicates Positive momentum. The RSI at 47.12 is Neutral, neither overbought nor oversold. The STOCH value of 11.74 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹203.32B | 44.75 | ― | ― | 19.55% | 18.91% | |
69 Neutral | ₹74.93B | 12.52 | ― | 2.00% | 5.36% | 9.42% | |
62 Neutral | ₹32.48B | 10.58 | ― | 3.06% | 18.27% | 49.63% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | ₹82.90B | -8.11 | ― | 0.55% | -87.10% | -296.61% | |
47 Neutral | ₹33.90B | 114.65 | ― | 0.03% | ― | ― |
* Technology Sector Average
IN:AFFLE
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Affle (India) Ltd. Corporate Events
Affle 3i Discloses Analyst and Investor Meetings Under SEBI Norms
Mar 27, 2026
Affle 3i Limited has disclosed that it held a series of analyst and investor interactions on March 27, 2026, in compliance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements. The company met Sundaram Mutual Fund in ...
Affle 3i adds two Indian patents to deepen AI-led ad tech and anti-fraud capabilities
Feb 28, 2026
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 p...
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.