Affle 3I Ltd. share price target

We maintain our BUY recommendation on the stock with an unchanged target price of Rs 1,840/share, implying an upside potential of 14% from the CMP.

Quarterly Update Q1FY27

Affle's revenue grew 20.4% YoY to INR 7.5bn, aided by an increase of 15.8% YoY in CPCU conversions and 3.9% YoY in CPCU rate. India and emerging markets' (EMs) revenue grew 20.2% YoY to INR 5.4bn, while developed markets' revenue was up 20.8% YoY to INR 2.1bn.

We maintain our BUY rating on the stock.

About the stock: Affle 3i Ltd. (erstwhile Affle (India) Ltd.) is a global ad-tech company specializing in consumer intelligence and engagement solutions. It has built a strong presence in programmatic digital advertising for mobile devices with...

Quarterly Update Q3FY26

Multi-year growth runway from international scale-up & strategic M&A: Affle is investing to unlock higher growth in developed and international markets via deeper vertical intelligence, expanded leadership presence, and a calibrated inorganic strategy. Shortlisted acquisition targets (4-5 companies) are aimed at gaining on-ground sales access and accelerating cross-sell of Affle's platform, creating a flywheel of inorganic entry plus organic monetization. Rising digital...

We maintain our BUY rating on the stock.

Affle 3i’s H1FY26 revenue grew ~19.3% y/y to ~Rs 12.7bn, with CPCUrevenue up ~18.2% y/y (~98.8% of topline) and rest from non-CPCU. EBITDA grew ~31.2% y/y to ~Rs2.86bn with margins expanding 205bps y/y to ~22.6%.

We recommend a BUY on the stock with a target price of Rs 1,900/share, implying an upside of ~10% from the CMP

Quarterly Update Q2FY26

We maintain our BUY rating on the stock.

Sustained broad-based growth across geographies: Affle reported 19% YoY revenue growth with robust traction across India (74% of mix; +20% YoY supported by early festive spending) and international markets (26% of mix; +16.8% YoY). The ban on real money gaming did impact the company this quarter (expected to extend into Q3) but was offset by better demand and early festive spending. Converted users rose 1.5% QoQ/ 15% YoY to 109 million while CPCU remained stable at 58, underscoring strong advertiser demand despite temporary real money gaming impact. Moreover,...

We view Affle 3i (Affle) as a play on the structural shift of ad spend towards digital in India and other emerging markets, where digital penetration is still low versus global benchmarks.

We resume our coverage with a BUY rating on the stock.

Quarterly Update Q1FY26

Reported revenues grew 19.5% y-o-y to Rs. 620.7 crore in line with our estimates of Rs. 622.1 crore, driven by strong momentum in CPCU revenues. CPCU revenues stood at Rs. 620 crore, up 19.9% y-o-y.

We interacted with Affle 3i’s (Affle’s) management to understand the business outlook and growth prospects of the company.

Quarterly Update Q4FY25

Q4FY25 revenue was flat sequentially and up 19% y-o-y at Rs.602.3 crore, nearly in line with our estimates of Rs.600.7 crore driven by strong momentum in CPCU revenues. CPCU revenues stood at Rs 600.7 crore, up 0.6% q-o-q/19.2% y-o-y.