Affle 3i Ltd.

AFFLENSEInformation TechnologyBPO/ITeSSmall Cap

₹1,463.7

▼ 1.73%

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Composite

The company is a global technology business. It has two business segments i.e Consumer Platform and Enterprise Platform. The company's Consumer Platform primarily provides the services of new consumer conversions (acquisitions, engagements and transactions) through relevant mobile advertising; retargeting existing consumers to complete transactions for e-commerce companies through relevant mobile advertising; and an online to offline (O2O) platform that converts online consumer engagement into in-store walk-ins. The company's Enterprise Platform primarily provides end-to-end solutions for enterprises to enhance their engagement with mobile users.

www.affle.comSector: Information TechnologyIndustry: BPO/ITeS

Q-DITS fundamental score

62Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹20.6K Cr

TTM PE

45.3x

Industry PE

30.3x

TTM EPS

₹32.31

Book Value

₹259.4

Face Value

₹2

Div Yield

PEG

1.97x

7.7x

ROE

14.1%

ROCE

16.9%

EBITDA mgn

25.5%

D/E

0.03

Int. Cover

38.1x

Curr. Ratio

3.25x

EPS

₹27.21

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	19.6%	23.6%	39.3%	—
EBITDA	26.3%	28.3%	36.2%	—
Net Profit	19.1%	23%	27.5%	—

Score snapshot

Piotroski

7/9

Altman Z

2.2

Quality

73.9

Growth

83.1

Valuation

Earn. Qual

76.7

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 7 years

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Metric	2019	2020	2021	2022	2023	2024	2025
›RevenueCr	249	334	517	1,082	1,434	1,843	2,266
›EBITDACr	71	94	171	285	343	417	577
›EBITDA margin	28.4%	28.2%	33.1%	26.3%	23.9%	22.6%	25.5%
›Net profitCr	49	66	135	215	245	297	382
›PAT margin	19.6%	19.6%	26.1%	19.8%	17.1%	16.1%	16.8%
›EPS₹	₹4.02	₹5.14	₹10.59	₹16.05	₹18.37	₹21.22	₹27.21
›Revenue growth	0%	33.8%	54.8%	109.3%	32.6%	28.5%	23%
›PAT growth	0%	34.2%	106.1%	59%	14.3%	21.1%	28.5%
›ROE	67.4%	43.5%	45.9%	28%	18.7%	15.1%	14.1%
›ROCE	74.5%	43.1%	39.4%	28%	20.2%	16.3%	16.9%
›ROA	28.4%	22%	22.4%	16.4%	12.7%	11.1%	10.9%
›P/E	0x	7.9x	20.6x	78.4x	53.7x	49x	59.1x
›P/B	0x	11.3x	38.8x	14.3x	9x	5.9x	7.7x
›D/E	0.1	0.3	0.3	0.1	0.1	0.1	0
›Current ratio	1.2x	1.7x	1.3x	2.2x	2.9x	2.8x	3.2x
›Interest cover	74.7x	56.7x	41.7x	35.6x	25.7x	18.3x	38.1x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	499	506	520	543	602	602	621	647	717	724
›Rev growth YoY	32.6%	42.3%	27.8%	25.9%	20.6%	19%	19.5%	19.1%	19.2%	20.3%
›EBITDACr	97	98	104	113	131	134	140	146	163	161
›EBITDA margin	19.4%	19.4%	20.1%	20.9%	21.8%	22.2%	22.5%	22.6%	22.7%	22.3%
›Net profitCr	77	87	87	92	100	103	106	111	119	120
›PAT growth YoY	11.1%	40.2%	30.9%	37.7%	30.5%	17.8%	21.8%	20.1%	19.1%	16%
›EPS₹	₹5.48	₹6.24	₹6.18	₹6.56	₹7.14	₹7.34	₹7.51	₹7.87	₹8.49	₹8.5

Balance sheet — last 8 years (₹ Cr)

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Metric	2019	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	72	229	359	1,178	1,465	2,498	2,946	3,670
›ReservesCr	48	204	333	1,148	1,429	2,455	2,900	3,642
›Total borrowingsCr	0	0	0	0	0	0	0	0
›InvestmentsCr	0	13	123	155	29	96	167	0
›Total assetsCr	81	283	579	1,408	1,620	2,671	3,051	4,421
›Current assetsCr	113	242	259	943	1,163	1,862	2,041	2,640
›Current liabilitiesCr	91	140	202	429	403	664	629	735
›Trade payablesCr	52	75	126	256	252	383	408	594
›Gross blockCr	120	243	456	829	975	1,405	1,580	4

Cash flow statement (₹ Cr)

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Metric	2019	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	48	72	102	206	260	262	426	502
›Investing CF (CFI)Cr	-50	-163	-175	-556	-197	-577	-114	-374
›Financing CF (CFF)Cr	8	139	53	615	-59	783	-92	-43
›Net cash changeCr	6	48	-20	265	4	468	220	85
›Closing cashCr	21	70	49	316	332	805	1,047	1,207

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)73.9

Growth (25%)83.1

Valuation (20%)0

Piotroski (15%)78

Earnings Quality (10%)76.7

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

7/9

✓ROA positiveROA 10.9%

✓CFO positiveCFO ₹502.35 Cr

✗ROA improving11.09% → 10.9%

✓CFO > PAT (low accruals)CFO 502.35 vs PAT 381.87

✓Leverage decreasedD/E 0.07 → 0.03

✓Liquidity improvedCR 2.8 → 3.25

✓No share dilutionEPS 21.22 → 27.21

✓Margin improvedEBITDA mgn 22.64% → 25.46%

✗Asset turnover upAsset TO 0.69 → 0.65

Altman Z-Scoregrey

2.2

0.431

0.824

0.109

0.83

0.513

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

73.9/100

ROE

14.1%

ROCE

16.9%

Margin

16.8%

Debt

Int. cover

38.1x

Growth

83.1/100

Revenue 3Y

23.6%

Profit 3Y

23%

EPS

28.2%

Valuation

0/100

59.1x

7.7x

EV/EBITDA

36.9x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

76.7/100

CFO₹502 Cr

PAT₹382 Cr

Accrual ratio-0.027

CFO/PAT1.32x

PEAD · SURGE

+1 / +1

Revenue SUE-0.64

EPS SUE1.71

Latest quarter2026-03

Rev growth YoY20.3%

Shareholding pattern

Promoter54.9%

FII/FPI16.7%

DII17.9%

Public45.1%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	56.9%	55.1%	55.1%	55%	55%	55%	55%	55%	54.9%
›FII / FPI	14.8%	15.3%	15.6%	16.5%	16.1%	18.4%	19%	17.8%	16.7%
›DII	14.7%	16.2%	15.6%	14.6%	15.3%	13.8%	14.7%	16.4%	17.9%
›Public / Retail	43.1%	44.9%	44.9%	45%	45%	45%	45%	45.1%	45.1%
›Promoter pledge	0%	0%	0%	0%	0%	0%	0%	0%	0%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Info Edge (India) Ltd.	63,798	3,285	1,761	44x	1.7x	4	6.1	0
Firstsource Solutions Ltd.	17,346	9,556	674	25.7x	3.9x	15.5	17.5	0.38
eClerx Services Ltd.	13,331	4,117	706	18.9x	5.2x	24.3	33.1	0
Just Dial Ltd.	4,580	1,214	497	9.2x	0.9x	13.5	15.6	0
Quess Corp Ltd.	3,736	15,305	222	16.9x	3.2x	2.4	3.8	0.01
Protean e-Gov Technologies Ltd.	2,468	998	101	24.5x	2.3x	9.8	12.5	0
Hinduja Global Solutions Ltd.	1,974	4,307	-143	61.3x	0.2x	-1.6	3.2	0.2