On 6 Nov 2026, Affle 3i was priced at ₹1,580.00, or 45.1× trailing earnings, against an industry P/E of 12.0×, and the shares are 14% below their 52-week high. It earns ROCE of 15% and ROE of 13%, and sales and net profit grew 24% and 23% a year over 3 years. The company has almost no debt. It is a small-cap company with a market cap of ₹22,700 Cr, the largest of 15 Advertising Agencies companies by market cap; the shares fell 12% over the past year.
- ₹1,589.30
- ₹1,610.40
- ₹1,563.50
- ₹1,607.00
- 1.5 L
Health check
- ReturnsAhead
−12.3% over a year, better than 5 of 7 peers.
- Price tagPricier
P/E 45.1 vs industry 12.0.
- GrowthSteady
Sales +23.6%, profit +23.0% a year over 3 years.
- ProfitabilityAverage
ROCE 15.2% vs peer median 12.2%.
- Balance sheetFair
Practically debt-free, Piotroski 5 of 9.
- Red flags1 to check
P/E of 45.1 against an industry P/E of 12.0.
Small cap
Defensive
Key metrics
- Market cap
- ₹22,700 Cr
- Small cap
- P/E
- 45.1
- Industry 12.0
- Price to book
- 5.25
- Peers 1.54
- Dividend yield
- 0.00%
- ROE
- 13.3%
- Peers 10.0%
- ROCE
- 15.2%
- Peers 12.2%
- Debt to equity
- 0.00
- Debt ₹5.26 Cr
- EPS (TTM)
- ₹35.05
- Face value ₹2
- OPM (TTM)
- 22.6%
- Net margin 16.7%
- Sales growth
- +21.2%
- Latest quarter vs a year ago
- Profit growth
- +15.5%
- Latest quarter vs a year ago
- Price to sales
- 7.64
- EV/EBITDA 36.0
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly sales up 21.2% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- P/E of 45.1 against an industry P/E of 12.0.
About Affle 3i
Affle 3i Limited, together with its subsidiaries, provides mobile advertisement services through information technology and software development services for mobiles in India. It offers various solutions, such as appnext; Jampp; mDSP; MEDIASMART; newton; RevX; ultra; YouAppi; and AdColony. The company was formerly known as Affle (India) Limited and changed its name to Affle 3i Limited in April 2025. Affle 3i Limited was incorporated in 1994 and is based…
- Headquarters
- Gurugram
- Employees
- 616
- Sector
- Communication Services
- ISIN
- INE00WC01027
- Website
- affle.com
Price range
- Avg volume (3M)
- 3.2 L
- 1-year return
- minus 12.3%
- From 52-week high
- minus 13.6%
Analyst consensus
Peers · Advertising Agencies
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AFFLEAffle 3i | 1,580.00 | minus 1.68% | 22,700 | 45.1 | 5.25 | 15.2% | 13.3% | 22.6% | 23.6% | 23.0% | 0.00% | minus 12.3% |
| BCGBrightcom Group | 8.42 | minus 2.43% | 1,700 | 1.7 | 0.16 | 13.5% | 10.0% | 25.5% | −2.2% | −11.1% | 0.00% | minus 34.7% |
| SIGNPOSTSignpost India | 216.75 | minus 4.62% | 1,159 | 15.7 | 3.59 | – | 25.5% | 25.3% | – | – | 0.23% | minus 3.0% |
| EXHICONExhicon Events Media Solutions | 484.55 | plus 0.84% | 716 | 19.5 | 3.59 | 24.6% | 27.0% | 24.9% | 51.0% | 64.4% | 0.00% | minus 8.9% |
| PRAVEGPraveg | 204.91 | minus 1.37% | 536 | – | 1.19 | 1.5% | −2.5% | −20.2% | 41.4% | – | 0.24% | minus 19.0% |
| RKSWAMYR K Swamy | 80.39 | minus 4.05% | 406 | 17.9 | 1.54 | 10.9% | 8.6% | 13.3% | 5.2% | −10.9% | 2.49% | minus 35.4% |
| ADCOUNTYAdcounty Media India | 74.48 | minus 0.15% | 168 | 7.9 | 1.56 | 25.1% | 28.0% | 27.7% | 17.1% | 38.4% | 0.00% | minus 64.3% |
| ODIGMAOdigma Consultancy Solutions | 20.51 | plus 0.94% | 64 | – | 1.24 | −2.7% | −1.8% | −4.0% | 53.6% | – | 0.00% | minus 46.3% |
| Median of 7 peers | – | −1.37% | 536 | 15.7 | 1.54 | 12.2% | 10.0% | 24.9% | 29.3% | 13.8% | 0.00% | −34.7% |
Quarterly results
| ₹ Cr | Jun 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 621 | 717 | 724 | 747 | 784 | |
| 481 | 554 | 563 | 580 | 602 | |
| 140 | 163 | 161 | 168 | 181 | |
| 22.5% | 22.7% | 22.3% | 22.4% | 23.2% | |
| 17.2 | 17.5 | 21.3 | 25 | 20 | |
| 1.8 | 1.3 | 1 | 0.7 | 0.8 | |
| 25.9 | 33.2 | 33.4 | 34.2 | 41.2 | |
| 129 | 146 | 148 | 158 | 159 | |
| 18.3% | 18.3% | 19.3% | 18.6% | 18.6% | |
| 106 | 119 | 120 | 128 | 130 | |
| 7.50 | 8.49 | 8.49 | 9.02 | 9.08 |
Profit & loss
- Sales CAGR 3Y
- +23.6%
- Profit CAGR 3Y
- +23.0%
- EPS CAGR 3Y
- +20.7%
- ROE
- 13.3%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1,433 | 1,842 | 2,265 | 2,709 | |
| – | +28.5% | +23.0% | +19.6% | |
| 1,145 | 1,482 | 1,780 | 2,080 | |
| 289 | 360 | 486 | 628 | |
| 20.2% | 19.6% | 21.4% | 23.2% | |
| 45 | 43.8 | 53.8 | 53.9 | |
| 6.1 | 14.1 | 9.3 | 3.2 | |
| 49.4 | 71.5 | 96.7 | 124 | |
| 3.2 | 8.1 | 34 | 4.1 | |
| 282 | 327 | 468 | 559 | |
| 12.8% | 9.0% | 18.3% | 18.6% | |
| 245 | 297 | 382 | 455 | |
| – | +21.5% | +28.5% | +19.1% | |
| 18.36 | 21.91 | 27.19 | 32.32 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 26.6 | 28 | 28.1 | 28.1 | |
| 1,438 | 2,470 | 2,918 | 3,624 | |
| 106 | 183 | 82.1 | 14.8 | |
| 440 | 602 | 593 | 754 | |
| 2,011 | 3,283 | 3,622 | 4,421 | |
| 5.5 | 10 | 8.2 | 7.2 | |
| 0 | 38.3 | 63.9 | 214 | |
| 621 | 1,370 | 1,526 | 1,750 | |
| 1,384 | 1,864 | 2,023 | 2,450 | |
| 2,011 | 3,283 | 3,622 | 4,421 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 260 | 262 | 426 | 502 | |
| −197 | −577 | −114 | −374 | |
| −59 | 783 | −91.8 | −43.3 | |
| 3.8 | 468 | 220 | 85.5 | |
| −92.2 | −116 | −160 | −211 | |
| 168 | 147 | 266 | 291 |
Shareholding pattern
- Promoters55.82%
- Public44.02%
- Employee trusts0.16%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 21 Oct 2026 | 55.82% | 44.02% | plus 0.40 | |
| 19 Oct 2026 | 55.42% | 44.42% | plus 0.55 | |
| 30 Sep 2026 | 54.87% | 44.97% | minus 0.04 | |
| 30 Jun 2026 | 54.91% | 44.97% | minus 0.01 | |
| 31 Mar 2026 | 54.92% | 44.97% | – |
Major shareholders
Filings & events
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