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Mobile ad-tech platform helping brands acquire and engage app users, paid mainly on cost-per-converted-user basis.
Mobile ad-tech platform helping brands acquire and engage app users, paid mainly on cost-per-converted-user basis.
Brands pay only when an app user actually installs or transacts, not for impressions, so revenue follows the number of converted users it delivers and the price per conversion. Most income comes from this consumer platform. Acquisitions, including Appnext and Jampp, added overseas ad-tech businesses.
In one line: A smaller, mobile-first AppLovin.
Moat: narrow (data, IP / patents). Proprietary conversion-based bidding and fraud-detection technology differentiate it from generic ad networks.
Headquarters: Gurugram, India · Founded: 2005 · Employees: 626
Size Affle 3i (AFFLE.NS) is an India Information Technology company (Packaged Software) with a market value of $2.36B, the 341st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,580 on 6 Nov 2026.
Performance Over six months the shares gained 6.1%, against +23.2% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 20.3% over the last twelve months (peer median +12.2%); the operating margin is 17.9% (peer median 4.2%).
Valuation It trades at 40.0× forward earnings against a peer median of 16.2× (5th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +39%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points above its cost of capital (12.7% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹29.7B | ₹27.1B | ₹22.7B | ₹18.4B | ₹14.3B |
| Revenue growth | — | +20% | +23% | +29% | — |
| Gross profit | ₹7.04B | ₹6.54B | ₹5.59B | ₹4.11B | ₹3.13B |
| EBITDA | ₹6.73B | ₹6.15B | ₹4.86B | ₹3.61B | ₹2.90B |
| Net income | ₹4.97B | ₹4.55B | ₹3.82B | ₹2.97B | ₹2.45B |
| Free cash flow | n/a | ₹3.33B | ₹3.07B | ₹1.74B | ₹1.80B |
| Capital expenditure | n/a | ₹2.11B | ₹1.60B | ₹1.16B | ₹922M |
| Total debt | ₹52.6M | ₹148M | ₹821M | ₹1.83B | ₹1.06B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Affle 3i AFFLE.NS | $2.36B | +6% | +20% | 18% | 40.0× | 33.0% |
| AppLovin APP | $131B | -16% | +29% | 78% | 20.0× | 28.2% |
| Digital Turbine APPS | $1.26B | +200% | +19% | 10% | 14.7× | 33.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AFFLE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.0% | +2.5% | 8th highest of 21 |
| 6-month return | +6.1% | +23.2% | 8th lowest of 21 |
| Distance from 52-week high | -19.4% | -19.4% | 11th highest of 21 |
| Revenue growth (TTM) | +20.3% | +12.2% | 8th highest of 21 |
| Operating margin | 17.9% | 4.2% | 6th highest of 21 |
| Forward P/E | 40.0× | 16.2× | 5th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 33.0% | 9.7% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +39.3% | +22.6% | highest of 13 |
| Hurdle (Req g minus delivered) | -6.3 pp | -5.6 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +4.1 pp | -3.6 pp | 6th highest of 18 |
| EV / EBITDA | 30.3× | 9.9× | 2nd most expensive of 11 |
| Net debt / EBITDA | -2.8× | -0.5× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Affle 3i AFFLE.NS | India | $2.36B | +6% | +20% | 18% | 40.0× | 33.0% | +39.3% |
| RAKUS 3923.T | Japan | $2.38B | +24% | +17% | 31% | 14.1× | 15.8% | +31.4% |
| nCino NCNO | United States | $2.40B | +28% | +9% | 9% | 15.8× | 23.9% | +23.8% |
| ePlus PLUS | United States | $2.40B | +2% | +15% | 7% | 16.1× | 4.3% | +9.5% |
| Shanghai Suochen Information Technology 688507.SS | China | $2.31B | +97% | +32% | -2% | 196.7× | n/a | n/a |
| NetScout Systems NTCT | United States | $2.29B | -19% | +6% | 15% | 11.6× | -0.1% | +0.7% |
| Asana ASAN | United States | $2.43B | +60% | +9% | -15% | 27.4× | 10.7% | +28.4% |
| Blackbaud BLKB | United States | $2.43B | +44% | +2% | 21% | 9.4× | -1.6% | +4.3% |
| Guangdong Aofei Data Technology 300738.SZ | China | $2.44B | -34% | +24% | 23% | 42.6× | n/a | n/a |
| Schrodinger SDGR | United States | $2.23B | +125% | +9% | -59% | n/a | n/a | n/a |
| Meitu 1357.HK | Hong Kong | $2.50B | -9% | +24% | 24% | 12.8× | 7.5% | +25.5% |
| Money Forward 3994.T | Japan | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a | n/a |
| SeeWay.ai 002405.SZ | China | $2.18B | -32% | +22% | -29% | n/a | n/a | n/a |
| Ethos Technologies LIFE | United States | $2.18B | +13% | +112% | -16% | 33.9× | 24.1% | n/a |
| Urban URBANCO.NS | India | $2.58B | +8% | +36% | -26% | n/a | n/a | n/a |
| DoubleVerify DV | United States | $2.12B | +23% | +7% | 14% | 21.3× | 9.7% | +25.1% |
| Pitney Bowes PBI | United States | $2.11B | -1% | -4% | 25% | 9.6× | -5.4% | -11.8% |
| Shijiazhuang Changshan Beiming Technology 000158.SZ | China | $2.64B | -35% | -14% | 2% | n/a | n/a | n/a |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% | +21.4% |
| Amplitude AMPL | United States | $2.09B | +161% | +18% | -27% | 109.2× | 36.9% | +27.4% |
| Embracer EMBRAC-B.ST | Sweden | $2.08B | +37% | -31% | -43% | 16.4× | -9.8% | +12.0% |