Affle 3i Limited (AFFLE)
₹1,437.60 +0.64% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Affle 3i's revenue was ₹747 Cr (+20.4% year on year, +3.2% on the previous quarter), and net profit ₹128 Cr (+21.7% year on year); the operating margin was 22.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹747 | +20.4% | +3.2% |
| Operating profit | ₹168 | +20.0% | +4.1% |
| Net profit | ₹128 | +21.7% | +7.0% |
| EPS (₹) | 9.13 | +21.4% | +7.5% |
| Operating margin | 22.4% | — | — |
AFFLE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 76.59% of the AFFLE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.37%. Delivery was unusually high while the price barely moved (+0.64%). It traded 2.4 times its average daily volume.
Delivery in the last 5 sessions: 47.4% · 41.2% · 50.1% · 52.8% · 76.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Affle 3i Limited reported that the Supreme Court of India has granted an interim stay on the Corporate Insolvency Resolution Process (CIRP) proceedings against Talent Unlimited Online Services Private Limited (Bobble) pending before the NCLT. This legal update follows disclosures in Note 7 of the company's Q1 FY2027 results dated August 8, 2026, where the carrying value of its investment in Bobble was subject to appeal outcomes. The company seeks to completely set aside the CIRP initiation in its pending appeal. Against Affle's net worth of ₹2,053 crore and TTM PAT of ₹478 crore, protecting its strategic investment in Bobble remains critical to prevent potential impairment losses.
- Supreme Court of India granted a stay on CIRP proceedings against Bobble pending before NCLT
- Filing follows Note 7 references from Q1 FY2027 consolidated financial results dated August 8, 2026
- Carrying value of the Bobble investment remains subject to final judicial determination
- Company seeks full reversal of the CIRP initiation in subsequent Supreme Court hearings
Affle 3i Limited has received an exercise remittance of USD 34.99 million (~INR 3,325.10 million or ~₹332.5 crore) from its promoter, Affle Holdings Pte. Ltd., for converting warrants into equity shares. This follows the original allotment of 74,00,000 convertible warrants on June 18, 2026. With this payment, total remittances from the promoter toward warrant subscription and conversion have reached USD 64.49 million (~INR 6,115.04 million). The fresh inflow of ~₹332.5 crore equals approximately 11.7% of TTM revenue and will augment cash reserves and dilute non-promoter equity upon share allotment.
- Received USD 34.99 million (~INR 3,325.10 million) remittance from promoter Affle Holdings Pte. Ltd. on October 16, 2026
- Exercise request pertains to converting warrants from the original 74,00,000 warrants allotted on June 18, 2026
- Cumulative remittance from promoter reached USD 64.49 million (approx. INR 6,115.04 million)
- Previously, 34,964 warrants were exercised with equity shares allotted on August 14, 2026 for INR 38.99 million
Affle 3i Limited disclosed the conclusion of investor interactions conducted on September 18, 2026, under Regulation 30 of SEBI LODR. The company held one-on-one in-person meetings with Greenback Capital, ASAS Capital, and Wealthbrix Capital Partners. It also completed a one-on-one call with ENAM AMC. Affle confirmed that no unpublished price sensitive information (UPSI) was shared during these sessions.
- Interactions conducted with 4 institutional investors on September 18, 2026
- In-person one-on-one meetings held with Greenback Capital, ASAS Capital, and Wealthbrix Capital Partners
- One-on-one call interaction conducted with ENAM AMC
- Company confirmed no unpublished price sensitive information (UPSI) was disclosed
Affle 3i Limited reported attending one-on-one analyst and institutional investor calls on September 15, 2026. The interactions took place with Motilal Oswal Securities and Prudent Investment Managers. The company explicitly confirmed that no unpublished price sensitive information (UPSI) was shared during these sessions. The filing is a standard compliance intimation under Regulation 30 of the SEBI LODR Regulations.
- One-on-one calls conducted on September 15, 2026
- Participating institutions included Motilal Oswal Securities and Prudent Investment Managers
- Company confirmed 0 unpublished price sensitive information (UPSI) was shared
Affle 3i Limited reported under Regulation 30 that it attended a one-on-one analyst/investor meeting with IIFL Capital PMS on September 11, 2026. The company confirmed that no unpublished price-sensitive information was shared during the call. Affle has a market cap of Rs 22,396 Cr and delivered TTM revenue of Rs 2,835 Cr with an operating margin of 22.5%. This is a standard statutory disclosure with no financial impact.
- One-on-one investor call held with IIFL Capital PMS on September 11, 2026
- Confirmation that no unpublished price sensitive information (UPSI) was shared
- Filing submitted under Regulation 30 of SEBI LODR Regulations, 2015
Affle 3i Limited reported that it attended a one-on-one analyst/investor call with Arika Capital on September 09, 2026. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the meeting. Affle continues to operate at a robust scale with TTM revenue of Rs 2,835 Cr and an operating profit margin of 22.5%. This filing is a standard regulatory intimation under Regulation 30 of SEBI LODR.
- One-on-one call conducted with Arika Capital on September 09, 2026
- Company confirmed zero unpublished price sensitive information was disclosed
- Affle 3i holds a market capitalization of Rs 22,309 Cr with FY26 revenue of Rs 2,708.93 Cr
Affle 3i Limited intimated that it attended a one-on-one analyst/investor meeting with Edelweiss Mutual Fund on September 03, 2026. The company confirmed that no unpublished price-sensitive information (UPSI) was shared during the interaction. This is a routine compliance filing pursuant to Regulation 30 of the SEBI Listing Regulations.
- One-on-one investor meeting held with Edelweiss Mutual Fund
- Meeting conducted on September 03, 2026
- No unpublished price sensitive information (UPSI) was shared
Affle 3i Limited informed the exchanges that it attended in-person one-on-one meetings with 5 institutional investors on September 02, 2026. The participating institutions included Tata Mutual Fund, Bank of India Mutual Fund, 360One Wealth Management, ITI Mutual Fund, and Abakkus Mutual Fund. The company confirmed that no unpublished price-sensitive information (UPSI) was shared during these interactions.
- Attended in-person one-on-one meetings on September 02, 2026
- Engaged with 5 institutional entities including Tata Mutual Fund and Abakkus Mutual Fund
- Company confirmed zero unpublished price sensitive information (UPSI) was shared
Affle 3i Limited has announced its participation in the Elara Capital Investor Conference scheduled for September 01, 2026, in Mumbai. The interaction will be conducted in-person via one-on-one and group meetings. This is a routine institutional investor interaction intimation pursuant to Regulation 30 of SEBI LODR. No unpublished price-sensitive information or financial decisions were disclosed in the filing.
- Conference: Elara Capital Investor Conference, Mumbai
- Meeting date: September 01, 2026
- Meeting format: In-person (One-on-one & Group)
Affle 3i Limited has issued an intimation regarding a letter sent to shareholders whose email addresses are not registered with the company or depositories. The letter provides the web link and exact navigation path to access the Annual Report for FY2025-26. This is a standard statutory compliance filing under SEBI LODR Regulations 30 and 36(1)(b). The announcement is administrative and has no bearing on business fundamentals or financial performance.
- Compliance intimation issued on August 27, 2026, pursuant to SEBI LODR Regulations 30 and 36(1)(b)
- Provides direct web link and navigation path for FY2025-26 Annual Report access
- Encourages unregistered shareholders to update their email addresses with depositories
Affle 3i Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. The filing highlights that the Consumer Platform contributed 100% of the company's turnover, with direct customer engagements accounting for 73.8% and agency channels representing 26.2%. Standalone exports constituted 37.77% of total revenue across operations spanning more than 130 countries. Total headcount stood at 626 employees with permanent employee attrition moderating to 28.3% in FY26 compared to 33.0% in FY25.
- Consumer Platform contributed 100.0% of turnover with operations across PAN India and >130 countries
- Direct client engagements contributed 73.8% of revenue, while advertising agencies accounted for 26.2%
- Exports accounted for 37.77% of total turnover on a standalone basis
- Total headcount stood at 626 employees, with permanent employee turnover decreasing to 28.3% in FY26 vs 33.0% in FY25
- Independent limited assurance on BRSR Core KPIs was provided by TUV India Pvt. Ltd.
Affle 3i Limited has issued the notice for its 31st Annual General Meeting (AGM) scheduled for Tuesday, September 22, 2026, via video conferencing. Ordinary business includes the adoption of FY26 audited financial statements and the re-appointment of retiring Non-Executive Director Mr. Vivek Narayan Gour. Special business involves amending the Articles of Association (AoA) to align with updated Companies Act provisions regarding share offer timelines and lifting restrictions on video conferencing for Board and Audit Committee meetings. Remote e-voting is scheduled between September 17, 2026, and September 21, 2026, with a cut-off date of September 15, 2026.
- 31st Annual General Meeting scheduled for September 22, 2026, at 10:30 A.M. IST via video conferencing
- Remote e-voting window runs from September 17, 2026 (09:00 AM) to September 21, 2026 (05:00 PM)
- Cut-off date for determining voting rights is Tuesday, September 15, 2026
- Proposed special resolution to alter Article 16(a) and delete Article 59(c) of the Articles of Association
Affle 3i Limited informed the exchanges that it attended a one-on-one analyst call with Stallion Asset Management on August 25, 2026. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the interaction. This is a standard regulatory compliance filing under Regulation 30 of SEBI LODR Regulations.
- Attended a one-on-one call with Stallion Asset Management on August 25, 2026
- Confirmed no unpublished price sensitive information (UPSI) was shared
- Filing submitted in compliance with Regulation 30 of SEBI LODR Regulations, 2015
Affle 3i Limited (formerly Affle (India) Limited) disclosed that it attended a one-on-one analyst/investor meeting via call with Avendus Investment Managers on August 19, 2026. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the interaction. This is a routine post-meeting intimation filed pursuant to Regulation 30 of SEBI LODR Regulations.
- One-on-one investor call conducted on August 19, 2026
- Meeting conducted with Avendus Investment Managers
- Company confirmed zero unpublished price sensitive information (UPSI) was shared
Affle 3i reported Q1 FY2027 revenue of INR 7.47 billion (up 20.4% YoY) with EBITDA of INR 1.68 billion (22.4% margin) and PAT of INR 1.28 billion (up 21.7% YoY). Emerging Markets generated 72.2% of revenue while Developed Markets contributed 27.8%, with both segments expanding over 20% YoY. Management indicated that third-party due diligence is underway for a larger inorganic acquisition targeted for closure by early 2027. Regarding its INR 136 crore carrying value in Bobble AI, the company is contesting Bobble's insolvency proceedings in NCLT and will assess impairment once legal proceedings conclude.
- Q1 FY2027 revenue grew 20.4% YoY to INR 7.47 billion, marking 14 consecutive quarters of sequential growth.
- EBITDA reached INR 1.68 billion with margins at 22.4%, while PAT grew 21.7% YoY to INR 1.28 billion.
- Developed Markets contributed 27.8% of total revenue, growing 20.7% YoY.
- Targeting closure of a larger inorganic M&A transaction by early 2027, currently in active third-party due diligence.
- Management addressing INR 136 crore Bobble AI investment in NCLT; impairment testing deferred pending legal outcome.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from contracts with customers grew 23.0% YoY to INR 22,663.08 million in FY2024-25. Standalone revenue, representing the core Indian operations, grew 26.2% YoY to INR 7,143.86 million. In Q2 FY2026, revenue from operations grew 19.1% YoY to INR 5,411 million.
Geographic Revenue Split
While specific regional percentages are not disclosed, the company highlights growth across broad-based industry verticals and markets, with specific mentions of the India market (impacted by RMG vertical) and developed markets (impacted by budget shifts).
Profitability Margins
Profit After Tax (PAT) margin for Q2 FY2026 stood at 16.5%, an improvement of 40 basis points from 16.1% in Q2 FY2025. For H1 FY2026, PAT margins expanded by 53 basis points. FY2024-25 consolidated PAT margin was approximately 16.8% based on PAT of INR 3,818.69 million.
EBITDA Margin
EBITDA margin stood at 22.6% in Q2 FY2026, marking the 6th consecutive quarter of EBITDA margin expansion. EBITDA grew 28.9% YoY in Q2 FY2026 and 31.2% YoY in H1 FY2026 to reach INR 2,858 million.
Capital Expenditure
The company generated cash flows from operations of INR 4,259.91 million in FY2024-25, a 62.4% increase YoY. Specific planned Capex figures are not disclosed, but the company opted not to pay dividends to reinvest profits for growth and expansion.
Credit Rating & Borrowing
Total consolidated debt was INR 772.16 million as of March 31, 2025, with no new borrowings undertaken during the year. The company maintains a high liquidity position with cash and bank balances of INR 14,182.33 million.
Operational Drivers
Raw Materials
Inventory and Data Costs represent the primary 'raw material' for the digital platform, accounting for 60.8% of revenue in FY2024-25 and 61.2% of revenue in Q2 FY2026.
Capacity Expansion
The company operates as a tech platform; capacity is driven by workforce (618 employees as of March 31, 2025) and intelligent automation. No physical MT/MW capacity metrics apply.
Raw Material Costs
Inventory and data costs were INR 13,793.14 million in FY2024-25, a 22.6% increase YoY, which is slightly lower than the 23.0% revenue growth, indicating improved algorithmic efficiency.
Manufacturing Efficiency
Efficiency is measured by the ability to increase CPCU (Cost Per Converted User) pricing while maintaining stable Opex. Employee costs in Q2 FY2026 grew only 3.7% sequentially, lower than topline growth, due to automation.
Logistics & Distribution
Not applicable; distribution is digital via the Consumer Platform.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Affle targets 20% YoY growth by positioning itself as a premium platform focusing on high-value CPCU (Cost Per Converted User) conversions rather than low-margin volume. Growth is driven by broad-based momentum across industry verticals, market expansion in developed regions, and strategic investments like the INR 7.98 million investment in Talent Unlimited Online Services.
Products & Services
Consumer Platform (CPCU-based advertising), brand awareness campaigns, and digital conversion services for mobile advertisers.
Brand Portfolio
Affle, Affle 3i Limited.
New Products/Services
Brand awareness campaigns (non-CPCU business) are being scaled to generate additional revenue through the existing Consumer Platform.
Market Expansion
Expansion is targeted in developed markets and premium advertiser segments to drive higher unit economics.
Strategic Alliances
Strategic investment in Talent Unlimited Online Services Private Limited (INR 7.98 million) for equity and preference shares.
External Factors
Industry Trends
The industry is shifting toward high-value user acquisition and premium conversions. Affle is positioned as a margin-sensitive, bottom-line aggressive player in this 20% growth market.
Competitive Landscape
Competes with other digital advertising platforms but differentiates by 'saying no' to low-margin business to protect its premium moat.
Competitive Moat
Moat is built on proprietary algorithms that drive data/inventory cost efficiencies and a premium positioning that allows for higher CPCU rates. This is sustainable due to the high switching costs for advertisers seeking guaranteed conversion outcomes.
Macro Economic Sensitivity
Sensitive to global economic conditions and festive seasonality, which can shift advertising budgets between quarters (e.g., Q2 to Q3).
Consumer Behavior
Shift toward mobile-first consumption and high-lifetime-value user engagement is driving demand for Affle's conversion-led model.
Geopolitical Risks
Risks include political instability and legal restrictions on raising capital or acquiring companies outside India.
Regulatory & Governance
Industry Regulations
Impacted by digital advertising regulations and specific vertical restrictions, such as the RMG (Real Money Gaming) regulations in India which affected receivable provisions.
Environmental Compliance
Not disclosed as a material cost for this digital services company.
Taxation Policy Impact
Effective tax rate is reflected in the difference between PBT (INR 4,676.37 million) and PAT (INR 3,818.69 million) for FY2024-25.
Legal Contingencies
The company reported no pending complaints for resolution as of March 31, 2025. No specific high-value court cases were disclosed.
Risk Analysis
Key Uncertainties
Potential for 0.5% revenue impact from RMG collection risks and fluctuations in earnings due to the seasonality of advertising spend.
Geographic Concentration Risk
Standalone operations (primarily India) contribute approximately 31.5% of consolidated revenue (INR 7,143.86 million of INR 22,663.08 million).
Third Party Dependencies
Dependent on third-party inventory and data providers, representing 60.8% of the cost structure.
Technology Obsolescence Risk
Mitigated by continuous investment in intelligent automation and algorithm updates to maintain conversion efficiency.
Credit & Counterparty Risk
Credit risk is specifically noted in the RMG vertical in India; however, overall trade receivables decreased by 5.9% YoY despite revenue growth, indicating strong general credit management.
