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Affle (India) Ltd.
(AFFLE)
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Rating:68Neutral
Price Target:
₹1,779.00
▼(-2.30% Downside)
Action:Downgraded
Date:07/29/26
The score is driven primarily by strong financial quality (rapid growth and a very conservative balance sheet), partially tempered by margin compression and inconsistent cash conversion. Technicals are supportive with price above key moving averages, but the overall score is held back by a high P/E and no dividend yield data.
Positive Factors
Balance-sheet strength
Extremely low leverage and a rapidly grown equity base give the company notable financial flexibility. With debt near zero and equity compounding strongly to 36.52B by FY2026, management can fund organic growth, pursue M&A, or absorb cyclical shocks without needing external debt funding.
Negative Factors
Margin compression
A pronounced drop in gross margin and a multi-year trend of margin compression point to pricing pressure, adverse mix shifts, or rising delivery costs. Even with revenue growth, sustained lower margins weaken operating leverage and constrain incremental profitability and cash flow expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Extremely low leverage and a rapidly grown equity base give the company notable financial flexibility. With debt near zero and equity compounding strongly to 36.52B by FY2026, management can fund organic growth, pursue M&A, or absorb cyclical shocks without needing external debt funding.
Read all positive factors
Affle (India) Ltd. (AFFLE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹223.28B
Dividend YieldN/A
Average Volume (3M)13.94K
Price to Earnings (P/E)49.0
Beta (1Y)1.11
Revenue Growth19.55%
EPS Growth18.91%
CountryIN
Employees642
SectorGeneral
Sector StrengthN/A
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)39.84
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 from performance-based digital advertising services, where advertisers pay the company to deliver specific, measurable outcomes rather than just impressions. A key revenue stream is user acquisition and conversion-drive...
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
Positive
1820.95
Price Trends
1506.44
Positive
1466.68
Positive
1571.52
Positive
Market Momentum
50.06
Negative
59.11
Neutral
83.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AFFLE, the sentiment is Positive. The current price of 1820.95 is above the 20-day moving average (MA) of 1570.37, above the 50-day MA of 1506.44, and above the 200-day MA of 1571.52, indicating a bullish trend. The MACD of 50.06 indicates Negative momentum. The RSI at 59.11 is Neutral, neither overbought nor oversold. The STOCH value of 83.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:AFFLE.
Affle (India) Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹77.85B | 14.54 | ― | 2.00% | 13.21% | 12.05% | |
69 Neutral | ₹18.87B | 1.96 | ― | ― | 34.61% | 35.53% | |
68 Neutral | ₹223.28B | 48.98 | ― | ― | 19.55% | 18.91% | |
68 Neutral | ₹34.01B | 9.00 | ― | 2.18% | -0.31% | -15.46% | |
63 Neutral | ₹3.03B | 11.61 | ― | 0.29% | 14.36% | -3.61% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:AFFLE
Affle (India) Ltd.
1,643.25
-325.45
-16.53%
IN:BCG
Brightcom Group Limited
9.31
-5.95
-38.99%
IN:ROUTE
Route Mobile, Ltd.
528.65
-318.44
-37.59%
IN:TANLA
Tanla Platforms Ltd
614.20
7.96
1.31%
IN:VERTOZ
Vertoz Ltd
35.96
-54.70
-60.33%
IN:CAPILLARY
Capillary Technologies India Ltd.
561.80
-45.10
-7.43%
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.