Affle 3i Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Consumer platform: 97.2% • Enterprise platform: 2.8%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company has delivered good profit growth of 36.5% CAGR over last 5 years
- Company is almost debt free
- Latest quarter profit grew 37.5% YoY, showing strong momentum
- Company has delivered good sales growth of 26.5% CAGR over last 5 years
- Stock looks reasonably valued - P/E of 154.1 is below its historical median
- Working capital cycle has improved - days down from 497 to 411
CONS
- A large part of profit comes from other income (43.6% of PBT)
- Recent results are weak - TTM profit is down 25.0% versus prior year
- Company has a low return on equity of 6.4% over last 3 years
- Company has a low return on capital employed of 8.5%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.55x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NAUKRI | 1265.00 | 51.28 | 82025.21 | 0.66 | 490.05 | 42.93 | 880.75 | 11.37 | 5.94 | 39.10 |
| AFFLE | 1586.40 | 46.79 | 22354.65 | 0.00 | 128.44 | 21.74 | 747.16 | 20.37 | 16.86 | 22.43 |
| FSL | 254.80 | 26.95 | 18084.93 | 2.16 | 165.92 | -2.01 | 2724.88 | 22.69 | 17.26 | 16.56 |
| ECLERX | 1917.55 | 24.74 | 18034.70 | 0.05 | 1642.42 | 1060.31 | 11523.58 | 1133.05 | 40.23 | 23.02 |
| PROTEAN | 492.90 | 24.24 | 2002.22 | 2.03 | 5.86 | -75.43 | 250.96 | 19.03 | 13.19 | 4.95 |
| HGS | 384.60 | 55.58 | 1789.17 | 0.00 | -662.60 | -6037.28 | 10503.60 | 894.44 | 3.21 | -3.28 |
| ONEPOINT | 58.04 | 33.82 | 1526.09 | 0.00 | 16.31 | 72.83 | 158.32 | 129.42 | 17.04 | 22.61 |
| ALLDIGI | 803.25 | 14.32 | 1224.02 | 7.47 | 18.12 | 21.69 | 150.28 | 4.43 | 41.28 | 27.52 |
| MATRIMONY | 512.10 | 23.61 | 1058.68 | 0.98 | 19.08 | 127.14 | 130.51 | 13.16 | 21.40 | 20.06 |
| VAKRANGEE | 5.53 | 56.01 | 599.01 | 0.00 | 2.26 | -32.03 | 55.92 | -18.76 | 6.07 | 11.87 |
| SIGMA | 45.96 | 15.10 | 472.35 | 1.09 | 12.57 | 142.57 | 23.03 | 11.48 | 48.51 | 33.59 |
| SECMARK | 142.45 | 45.37 | 148.82 | 0.00 | -0.19 | 79.20 | 10.35 | 55.56 | 22.41 | 9.82 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 137 | 134 | 139 | 156 | 163 | 176 | 188 | 188 | 199 | 220 | 226 | 219 | 240 | |
| 120 | 113 | 122 | 137 | 138 | 152 | 163 | 160 | 172 | 196 | 191 | 186 | 204 | |
| Operating Profit | 18 | 21 | 17 | 18 | 26 | 24 | 25 | 27 | 27 | 24 | 35 | 33 | 35 |
| OPM % | 12.85% | 15.86% | 12.12% | 11.82% | 15.63% | 13.74% | 13.12% | 14.56% | 13.45% | 10.83% | 15.65% | 15.12% | 14.71% |
| 5 | 5 | 10 | 15 | 14 | 15 | 17 | 17 | 15 | 18 | 16 | 20 | 20 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 21 | 24 | 25 | 31 | 38 | 36 | 39 | 41 | 40 | 40 | 49 | 51 | 55 |
| Tax % | 25.56% | 25.50% | 25.54% | 24.71% | 25.77% | 25.17% | 25.55% | 25.69% | 25.49% | 25.52% | 25.40% | 25.73% | 25.51% |
| Net Profit | 16 | 18 | 19 | 24 | 28 | 27 | 29 | 31 | 30 | 30 | 37 | 38 | 41 |
| 1.17 | 1.36 | 1.38 | 1.75 | 2.01 | 1.94 | 2.09 | 2.20 | 2.12 | 2.14 | 2.61 | 2.67 | 2.90 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 66 | 84 | 121 | 182 | 267 | 398 | 495 | 566 | 714 | 864 | 905 | |
| 62 | 67 | 98 | 139 | 227 | 346 | 420 | 492 | 615 | 754 | 777 | |
| Operating Profit | 4 | 17 | 24 | 43 | 40 | 52 | 75 | 74 | 100 | 110 | 128 |
| OPM % | 5.37% | 20.02% | 19.46% | 23.70% | 15.01% | 12.96% | 15.18% | 13.04% | 13.95% | 12.75% | 14.10% |
| 1 | 1 | 5 | 7 | 6 | 32 | 23 | 37 | 65 | 78 | 74 | |
| Interest | 2 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 2 | 3 | 4 | 5 | 7 | 7 | 7 | 8 | 8 | 8 | 8 |
| Profit before Tax | 1 | 14 | 24 | 44 | 40 | 76 | 90 | 102 | 155 | 180 | 195 |
| Tax % | 58.75% | 35.05% | 29.15% | 25.30% | 28.66% | 25.42% | 25.72% | 25.28% | 25.55% | 25.54% | 25.54% |
| Net Profit | 0 | 9 | 17 | 33 | 28 | 57 | 67 | 76 | 115 | 134 | 145 |
| EPS | 0.14 | 3.64 | 6.87 | 13.12 | 2.21 | 4.26 | 5.02 | 5.42 | 8.23 | 9.52 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 26%
- 5 Years:
- 27%
- 3 Years:
- 20%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 50%
- 5 Years:
- 37%
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 10%
- 3 Years:
- 11%
- 1 Year:
- -21%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 8%
- 3 Years:
- 6%
- Last Year:
- 7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 25 | 25 | 27 | 27 | 28 | 28 | 28 |
| -3 | 6 | 22 | 140 | 168 | 814 | 873 | 1,688 | 1,834 | 1,998 | |
| 3 | 0 | 0 | 1 | 18 | 0 | 0 | 3 | 2 | 1 | |
| Trade Payables | 16 | 22 | 32 | 45 | 73 | 149 | 174 | 258 | 290 | 443 |
| 7 | 10 | 25 | 62 | 49 | 44 | 50 | 113 | 126 | 106 | |
| Total Liabilities | 48 | 62 | 104 | 274 | 333 | 1,034 | 1,124 | 2,090 | 2,280 | 2,577 |
| 14 | 15 | 24 | 27 | 25 | 27 | 30 | 28 | 27 | 28 | |
| 0 | 0 | 14 | 44 | 104 | 351 | 285 | 698 | 730 | 790 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 165 | 152 | 155 | |
| Cash & Bank | 9 | 14 | 10 | 114 | 34 | 485 | 483 | 659 | 759 | 474 |
| 25 | 32 | 57 | 89 | 170 | 170 | 326 | 540 | 611 | 1,129 | |
| Total Assets | 48 | 62 | 104 | 274 | 333 | 1,034 | 1,124 | 2,090 | 2,280 | 2,577 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 20 | 25 | 41 | 24 | 81 | 87 | 8 | 51 | 121 | |
| Cash from Investing | -6 | -1 | -22 | -68 | -52 | -473 | -79 | -690 | 112 | -171 |
| Cash from Financing | -2 | -8 | -0 | 85 | -1 | 590 | -8 | 740 | 25 | 24 |
| -2 | 8 | -5 | 49 | -37 | 176 | -28 | 58 | 188 | -26 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Affle 3i Limited has informed the Exchange about Schedule of meet
2026-09-03 - Affle 3i Limited has informed the Exchange about Schedule of meet
2026-09-02 - Affle 3i Limited has informed the Exchange about Schedule of meet
2026-08-28 - Affle 3i Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-27 - Affle 3i Limited has informed the Exchange about Schedule of meet
2026-08-27 - Affle 3i Limited has informed the Exchange about the Letter to be sent to the Shareholders.
2026-08-27 - Affle 3i Limited has informed the Exchange about Business Responsibility and Sustainability Report for FY 2025-2026.
2026-08-27 - Affle 3i Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
2026-08-25 - Affle 3i Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for AFFLE
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Affle 3i Ltd.
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