IT stocks · Small cap · NSE
Affle 3i Limited is a global technology company enabling AI-led solutions in digital advertising, driving performance across connected devices. It delivers consumer recommendations and conversions through relevant mobile advertising for leading global brands, primarily operating on a Cost Per Converted User (CPCU) business model.
SMA20 -7.6% / mo · MACD + · sector +19.1pp vs Nifty 500 (3M)
Latest mapped FPI equity flow was not positive. View sector evidence
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Adjusted completed-session prices, rebased to 100
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +20.3% · PAT +20.8% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
medium confidence · 4/4 claims checked
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
margin compression · Rev +20% YoY · PAT +21% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹747 Cr | +20.3% | +3.2% |
| EBITDA | ₹168 Cr | +20.0% | +4.3% |
| Operating margin | 22.0% | -100 bps | +0 bps |
| PAT | ₹128 Cr | +20.8% | +6.7% |
| PAT margin | 17.1% | +7 bps | +57 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 33.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Affle 3i reported robust Q4 FY26 results with revenue up 20.3% YoY and PAT up 16.0% YoY. Full-year FY26 saw revenue grow 19.5% and PAT 19.1% YoY, driven by strong CPCU conversions and broad-based growth across markets.
The company continues to demonstrate strong top-line growth and profitability, supported by its CPCU model and AI-led solutions. However, the significant increase in inventory and data costs, outpacing revenue growth, warrants close monitoring for potential margin pressure despite stable EBITDA margins in Q4 FY26.
Latest issuer-disclosed distribution across 2 reported categories.
Company leverages Authentic, Actionable and Augmented Intelligence (Affle AI) for digital advertising and operational productivity.
99.2% of FY2026 revenue from contracts with customers contributed by the ROI-driven Cost Per Converted User (CPCU) model.
Verticalized approach within fast-growing resilient industry segments (E, F, G, H Categories) driving 100% of revenue from direct customers.
Global reach across key regions including Asia, North America, South America, Europe, and Africa, encompassing developed and emerging markets.
The company operates in the digital advertising sector, which benefits from increasing digital consumption and brand spending.
Affle's proprietary AI tech stack leverages privacy-first predictive intelligence to identify quality shoppers at scale, as demonstrated with Instacart.
Inventory and Data Costs increased by 25.6% YoY in Q4 FY26 and 21.8% YoY in FY26, outpacing revenue growth.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY reflects the underlying growth trend in a business that may have seasonal variations, while QoQ provides insight into sequential momentum and operational execution.
120.3 million, up from 88.4 million in Q4 FY25 (+36.2% YoY).
INR 60.0, up from INR 57.8 in Q4 FY25 (+3.8% YoY).
INR 7,217 million, up from INR 6,007 million in Q4 FY25 (+20.1% YoY).
456.0 million, up from 392.8 million in FY25 (+16.1% YoY).
Management's vision is to power 10x decadal growth by maximizing measurable business outcomes and driving real-world impact.
Focus on leveraging Affle AI, AI agents for operational productivity, and AI-driven hyper-contextual creative generation.
Committed to leading with platform and product innovation to power the connected ecosystem.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Inventory and Data Costs Growth | Increased 25.6% YoY in Q4 FY26. | Whether cost growth continues to outpace revenue growth, impacting gross margins. |
| EBITDA Margin | 22.3% in Q4 FY26 (vs 22.2% in Q4 FY25) and 22.5% in FY26 (vs 21.3% in FY25). | Sustained stability or improvement in EBITDA margins despite rising input costs. |
| Number of Conversions Growth | 120.3 million in Q4 FY26 (+36.2% YoY). | Continued strong growth in conversions, indicating demand for the CPCU model. |
| Average CPCU Trend | INR 60.0 in Q4 FY26 (+3.8% YoY). | Ability to maintain or increase average CPCU, reflecting pricing power and value delivery. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Affle aims to deliver 10X decadal growth as part of its Affle 3i vision.
"goal to deliver 10X decadal growth"
Outcome check: Revenue YoY averaged 19.7% across 2 later quarter(s).
The festive quarter (Q3) in developed markets should be stronger than what was seen in Q2.
"The festive quarter in developed markets should be stronger than what we have seen in Q2."
Outcome check: Revenue YoY averaged 19.7% across 2 later quarter(s).
Affle expects to drive sustainable growth through FY2026 and beyond, supported by disciplined financial management and robust operating cash flows.
"driving sustainable growth through FY2026 and beyond"
Outcome check: Revenue YoY averaged 19.7% across 2 later quarter(s).
Affle is fairly confident of having a reasonably good quarter in Q3, given the pipeline of budgets for the festive quarter.
"fairly confident that we should have a reasonably good quarter in Q3"
Outcome check: Revenue YoY averaged 19.7% across 2 later quarter(s).
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 75% delivered/partly-delivered outcomes on 4 checked claims, with 1 adverse claim outcome. It ranks around the 72nd percentile of the scored universe and 71st percentile within IT. No major sub-score weakness stands out.
Healthy Trust: 4/4 extracted management claims have outcome checks; 75% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 71st pctile, median 69 · Small: 75th pctile, median 66
4/4 claims checked. Use as directional, not final.
4/4 claims checked · 1 contradicted/failed claim
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Latest exchange and company disclosures found within the past two years.
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