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

• Market Cap: ₹178.51B
• Dividend Yield: N/A
• Average Volume (3M): 13.94K
• Price to Earnings (P/E): 53.0
• Beta (1Y): 1.40
• 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): 32.78
• Revenue Forecast (FY): ₹27.03B

• Rating: 61 Neutral
• Price Target: ₹1,338.00 ▼(-26.52% 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 Growth

Sustained multi-year revenue expansion demonstrates scalable demand for Affle’s performance-advertising platforms and international traction. Such durable top-line growth supports reinvestment in product, talent, and market expansion, reinforcing competitive positioning over the next 2–6 months and beyond.

Cash Generation

Strong operating and free cash flow trends indicate that reported earnings are backed by cash, enabling the company to fund growth initiatives, buy technology or strategic assets, and maintain liquidity without heavy reliance on external financing, improving long-term resilience.

Balance Sheet Strength

Marked equity growth and low leverage provide financial flexibility to invest in R&D, enter new markets, and absorb macro shocks. Elevated cash and short-term investments reduce refinancing risk and support strategic moves, strengthening the firm’s ability to execute longer-term plans.

Negative Factors

Rising Liabilities

While equity and cash rose, growing liabilities can erode financial flexibility if not matched by asset returns. Over a medium horizon increased obligations may pressure operating cash needs or covenants, requiring close monitoring of liability composition and maturity profiles.

Margin Variability

Fluctuating EBIT margins suggest operating leverage is sensitive to cost dynamics or investment cycles. Persistent margin variability could impair predictability of profitability and weaken the company's ability to sustainably convert revenue growth into higher operating income.

Business Model Concentration

Affle’s revenue is structurally tied to advertiser spend and inventory access. Cyclical ad budgets or shifts in publisher relationships and device reach can materially affect outcomes. This exposes the business to industry cyclicality and competitive shifts in ad-tech over the medium term.

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 primarily makes money by delivering performance-based digital advertising outcomes for advertisers and by monetizing publisher inventory through its ad-tech platforms. 1) Performance marketing / user acquisition (advertiser-side): A core revenue stream comes from running campaigns for advertisers (such as app developers, e-commerce, fintech, and other digital-first brands) where Affle is paid based on measurable outcomes rather than only impressions. Depending on the campaign and contract structure, compensation is typically tied to actions such as app installs, registrations, leads, purchases, or other defined conversions. Affle uses its data and optimization technology to target users, bid for ad inventory, and continuously optimize toward the agreed performance metric; its revenue reflects the amount billed for achieved outcomes. 2) Retargeting and user engagement: Affle also earns revenue by helping advertisers re-engage existing users (e.g., lapsed users or cart abandoners) and drive repeat actions. These campaigns are similarly monetized on performance or outcome-linked terms (or, where applicable, on campaign budgets tied to delivery and results). 3) Publisher monetization / supply-side revenue: On the publisher side, Affle enables app and digital publishers to monetize their traffic by selling advertising inventory. Affle typically earns a share of the advertising spend (a take-rate) when it facilitates the delivery of ads on publisher properties, whether through its own demand relationships or programmatic integrations. 4) Platform and product-led monetization: Where Affle offers proprietary platforms and solutions (often described under its consumer intelligence and conversion-focused products), it monetizes through campaign fees/spend routed through its platform and, in some cases, platform-related fees embedded in the overall advertising economics. If specific fee structures (e.g., fixed SaaS subscription pricing) are not publicly disclosed for a given product, they are null. 5) Key factors influencing earnings: Revenue is driven by (a) advertiser demand for measurable outcomes, (b) effectiveness of Affle’s targeting/optimization (which impacts conversion volumes and pricing), (c) access to quality publisher inventory and device/user reach, and (d) partnerships and integrations across the mobile advertising ecosystem (e.g., app publishers, exchanges, measurement/attribution and data partners). Specific named partnerships and their financial terms are not consistently disclosed publicly and are therefore null.

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	24.71B	22.66B	18.43B	14.34B	10.82B	5.17B
Gross Profit	8.74B	8.87B	4.81B	3.13B	2.41B	1.45B
EBITDA	6.30B	5.77B	4.12B	3.43B	2.84B	1.71B
Net Income	4.19B	3.82B	2.97B	2.45B	2.14B	1.35B
Balance Sheet
Total Assets	39.14B	36.22B	32.83B	20.11B	18.27B	7.53B
Cash, Cash Equivalents and Short-Term Investments	10.60B	15.44B	13.70B	7.80B	6.05B	632.45M
Total Debt	384.34M	820.95M	1.83B	1.06B	1.49B	1.19B
Total Liabilities	6.58B	6.75B	7.85B	5.44B	6.48B	3.93B
Stockholders Equity	32.56B	29.46B	24.98B	14.65B	11.78B	3.59B
Cash Flow
Free Cash Flow	821.69M	2.66B	1.47B	1.68B	1.33B	525.07M
Operating Cash Flow	1.83B	4.26B	2.62B	2.60B	2.06B	1.02B
Investing Cash Flow	-2.40B	-1.14B	-5.77B	-1.97B	-5.56B	-1.75B
Financing Cash Flow	-293.90M	-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: Neutral
• 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 1358.73, above the 50-day MA of 1519.81, and above the 200-day MA of 1790.27, indicating a bearish trend. The MACD of -66.42 indicates Positive momentum. The RSI at 32.47 is Neutral, neither overbought nor oversold. The STOCH value of 10.74 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SONATSOFTW	72 Outperform	₹63.17B	23.90	―	2.00%	12.39%	59.77%
RSYSTEMS	62 Neutral	₹29.94B	25.72	―	3.06%	8.36%	36.68%
TEJASNET	62 Neutral	₹71.19B	-10.28	―	0.55%	-17.23%	-185.73%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AFFLE	61 Neutral	₹178.51B	52.98	―	―	19.55%	20.85%

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.