AFFLE - Affle (India) Limited Share Price

IT - Services

₹1619.00+16.00(+1.00%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does Affle (India) Limited do?

IT Enabled Services•Information Technology•Small Cap

Affle (India) Limited, together with its subsidiaries, provides mobile advertisement services through information technology and software development services for mobiles in India and internationally. The company offers mobile and web app development services. It also offers digital consulting, UI/UX design, and QA services, as well as provides cloud advisory, migration, modernization, engineering, and automation services. In addition, the company operates eLearning app, digital commerce, app development, and insurance automation platforms. Further, it operates survey platform, event management, digital asset management system, and ERP development platforms. Affle (India) Limited was incorporated in 1994 and is based in Gurugram, India.

Industry Group:IT - Services

Employees:642

Website:www.affle.com

Pros

Smart Money: Smart money has been increasing their position in the stock.

Balance Sheet: Strong Balance Sheet.

Profitability: Very strong Profitability. One year profit margin are 16%.

Insider Trading: There's significant insider buying recently.

Size: Market Cap wise it is among the top 20% companies of india.

Growth: Awesome revenue growth! Revenue grew 30.6% over last year and 130.3% in last three years on TTM basis.

Cons

Dividend: Stock hasn't been paying any dividend.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: AFFLE vs IT - Services

Comprehensive comparison against sector averages

Comparative Metrics

AFFLE metrics compared to IT

Category	AFFLE	IT
PE	61.40	50.48
PS	9.90	3.11
Growth	30.6 %	4.8 %

Performance Comparison

AFFLE vs IT (2021 - 2025)

Key Insights

1. AFFLE is among the Top 3 IT - Services companies by market cap.
2. The company holds a market share of 4.6% in IT - Services.
3. In last one year, the company has had an above average growth that other IT - Services companies.

Summary of Latest Earnings Report from Affle (India)

Summary of Affle (India)'s latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook:
Affle's management remains confident in delivering 20%+ revenue growth in FY2025, sustaining this trajectory ahead. Key drivers include strong momentum in India and global emerging markets (73.6% of Q3 revenue, +19.7% YoY) and robust growth in developed markets (+23.3% YoY). Strategic integration of platforms, teams, and localized entities in the U.S. derisks currency/tariff volatility. The Affle2.0 Consumer Platform Stack (award-winning end-to-end solution) and focus on ROI-driven CPCU conversions (103.3M in Q3 at record Rs.57.8 CPCU rate) position Affle to capitalize on rising digital ad spends.

Major Points:

Growth & Margins: Q3 revenue surpassed Rs.6,000M (+20.6% YoY), PAT crossed Rs.1,000M (+30.5% YoY), with EBITDA margin expanding 245 bps YoY to 21.8%.
Tech Innovation: Strengthened by AI/GenAI investments and new patents (e.g., fraud detection, conversational agents), enhancing competitive moat.
Market Expansion: India standalone revenue grew 34.7% YoY; U.S. operations are optimized for premium inventory (CTV, iOS).
Efficiency Gains: Inventory/data costs reduced to 60.3% of revenue (vs. 61.1% prior quarter). Employee costs normalized (+1.5% QoQ, -6.5% YoY).
Margin Targets: Medium-term EBITDA margin aim of ~23% and PAT margin of 17-18%.
Acquisitions: Jampp and YouAppi fully integrated, driving cross-platform synergies.
Risk Mitigation: CPCU model ensures advertisers pay only for verified conversions, aligning with ROI focus.

Management emphasized disciplined execution, premium pricing, and AI-led scalability to sustain long-term 10x growth goals.

Q&A Session

Last updated: Feb 25

Question 1 (Rahul Jain, Dolat Capital):
"How do you see the environment in developed vs. emerging markets, and how will the holiday season/Q4 seasonality shape growth?"
Answer: Broad-based growth momentum continues across markets, driven by operational efficiencies and AI-led premium pricing. Q3 is typically the strongest quarter, but Q4 may remain stable or slightly lower due to seasonality. Affle aims to sustain 20%+ growth in FY2025 and beyond, leveraging ROI-focused execution.

Question 2 (Vijit Jain, Citi):
"How has the ads ecosystem evolved, and is Affle interested in acquiring supply-side platforms?"
Answer: Affle's unified Affle2.0 platform already offers end-to-end capabilities, combining demand/supply-side tech. Acquisitions are selective and integration-focused. Developed markets benefit from premium CTV/iOS strategies and verticalization. No immediate acquisition gaps exist.

Question 3 (Vijit Jain, Citi):
"Why did employee costs decline 6.5% YoY despite wage hikes?"
Answer: Integration efficiencies post-acquisitions and GenAI-driven productivity gains reduced reliance on headcount growth. Sequentially, costs rose 1.5% due to appraisals, but automation and unified teams normalized expenses.

Question 4 (Swapnil Potdukhe, JMFL):
"Why did Other Emerging Markets growth taper, and how does India's 19.8% growth compare to industry trends?"
Answer: Growth reflects disciplined execution prioritizing premium pricing, payment reliability, and profitability over volume. Affle's India growth aligns with sustainable metrics, avoiding discounts despite market competition.

Question 5 (Arun Prasath, Avendus Spark):
"Is slower emerging markets growth due to collection risks?"
Answer: No. Affle's algorithm balances conversions, pricing, and collections in real-time, ensuring disciplined execution. Growth disparities reflect momentum from prior turnarounds (e.g., U.S.), not inherent market weaknesses.

Question 6 (Arun Prasath, Avendus Spark):
"Have past acquisitions (Jampp/YouAppi) achieved target profitability?"
Answer: Acquisitions are fully integrated, contributing to holistic efficiencies. Margins align with expectations, with further scalability opportunities. No standalone profitability gaps exist post-integration.

Question 7 (Deepak, Sundaram Mutual):
"How did CPCU rates rise while inventory costs stayed flat?"
Answer: Platform algorithms prioritize high-LTV users with minimal ad frequency, driving premium pricing without overspending. OEM partnerships and AI-driven targeting optimize ROI, reducing cost-per-conversion.

Question 8 (Lokesh Manik, Vallum Capital):
"Does Meta's Advantage+ threaten Affle's model?"
Answer: No. Advertisers increasingly diversify budgets beyond walled gardens. Affle's ROI focus, CTV/iOS strategies, and GenAI tools position it to capture shifting budgets. Youth demos and emerging markets favor non-Meta platforms.

Question 9 (Ashwin Mehta, Ambit Capital):
"How is Affle preparing for AI-driven non-human conversions?"
Answer: Patents cover agent-switching and fraud detection. Affle's roadmap future-proofs against AI fraud, ensuring authentic conversions. CPCU model inherently de-risks advertisers, as payments occur only post-verifiable outcomes.

Question 10 (Onkar Ghugardare, Shree Investments):
"Is growth tapering despite margin focus?"
Answer: Growth remains above internal targets, with sustainable 20%+ revenue and higher PAT growth. Larger base and disciplined execution support long-term 10x goals, balancing scale and profitability.

Share Holdings

Understand Affle (India) ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
AFFLE HOLDINGS PTE LTD	40.72%
AGPL PTE LTD	14.3%
GAMNAT PTE. LTD.	4.91%
ICICI PRUDENTIAL MIDCAP FUND	3.31%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA NIF	3.06%
MALABAR INDIA FUND LIMITED	2.47%
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	1.71%
SUNDARAM MUTUAL FUND A/C SUNDARAM ELSS TAX SAVER F	1.58%
FRANKLIN TEMPLETON INVESTMENT FUNDS - FRANKLIN IND	1.05%
ANUJ KHANNA SOHUM	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Cash Flow for Affle (India)

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-	0.2	0	0.37
Depreciation	10.4%	8.11	7.44	7.29
Impairment loss / reversal	-	3.32	0	1.96
Unrealised forex losses/gains	-1566.7%	0	0.94	-0.02
Adjustments for interest income	-105.6%	0	19	16
Share-based payments	-54.8%	1.71	2.57	1.28
Net Cashflows from Operations	-30.2%	61	87	81
Interest received	-	-28.44	0	0
Income taxes paid (refund)	-7.7%	25	27	22
Net Cashflows From Operating Activities	-87.5%	8.24	59	59
Cashflows used in obtaining control of subsidiaries	-104.3%	0	24	134
Proceeds from sales of PPE	-	0.01	0	0
Purchase of property, plant and equipment	34.1%	8.12	6.31	5.65
Proceeds from sales of long-term assets	-	3,658	0	0
Purchase of other long-term assets	-	3,777	0	0
Cash receipts from repayment of advances and loans made to other parties	-	91	0	0
Interest received	130.8%	31	14	16
Other inflows (outflows) of cash	126.1%	7.29	-23.09	-349.56
Net Cashflows From Investing Activities	-759.1%	-689.63	-79.39	-472.81
Proceeds from issuing shares	-	744	0	591
Payments of other equity instruments	-73.4%	2.89	8.11	0
Payments of lease liabilities	134.1%	1.3	0.12	0.25
Interest paid	-	0.04	0	0
Net Cashflows from Financing Activities	8089.2%	740	-8.25	590
Effect of exchange rate on cash eq.	-1009.1%	0	1.11	-0.01
Net change in cash and cash eq.	302.3%	58	-27.18	176

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-	0.2	0	3.51
Depreciation	47.9%	72	49	32
Impairment loss / reversal	-	7.03	0	2.66
Unrealised forex losses/gains	-122.8%	-5.6	30	9.29
Adjustments for interest income	-104.5%	0	23	17
Share-based payments	-31.3%	4.95	6.75	3.31
Net Cashflows from Operations	7.7%	324	301	234
Interest paid	-	-13.93	0	0
Interest received	-	-40.7	0	0
Income taxes paid (refund)	-15.4%	34	40	28
Net Cashflows From Operating Activities	0.8%	262	260	206
Cashflows used in obtaining control of subsidiaries	256.6%	354	100	219
Proceeds from sales of PPE	-	0.01	0	0
Purchase of property, plant and equipment	26.4%	116	92	73
Proceeds from sales of long-term assets	-	379	0	0
Purchase of other long-term assets	-	535	0	0
Cash receipts from repayment of advances and loans made to other parties	-	0	0	15
Interest received	135.3%	41	18	16
Other inflows (outflows) of cash	126.1%	7.29	-23.09	-296.46
Net Cashflows From Investing Activities	-191.4%	-577.29	-197.43	-555.92
Proceeds from issuing shares	-	744	0	591
Payments to acquire or redeem entity's shares	-	2.89	0	0
Payments of other equity instruments	-114.1%	0	8.11	0
Proceeds from borrowings	-	159	0	150
Repayments of borrowings	125%	100	45	122
Payments of lease liabilities	417%	3.79	0.12	0.63
Interest paid	159.7%	13	5.62	3.14
Net Cashflows from Financing Activities	1402.2%	783	-59.05	615
Effect of exchange rate on cash eq.	-64.5%	4.91	12	2.13
Net change in cash and cash eq.	3046.7%	473	16	267

Investor Care
Shares Dilution (1Y)	0.21%
Diluted EPS (TTM)	26.31

Financial Health
Current Ratio	3.44
Debt/Equity	0.05
Debt/Cashflow	1.48

Income Statement for Affle (India)

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	6.9%	188	176	163	156	139	134
Other Income	14.3%	17	15	14	15	10	5.4
Total Income	7.4%	205	191	178	171	149	139
Employee Expense	8.3%	14	13	14	14	13	12
Finance costs	2.7%	0.27	0.25	0.26	0.24	0.18	0.19
Depreciation and Amortization	2.8%	2.09	2.06	1.78	2.12	1.93	2.05
Other expenses	7.2%	149	139	124	124	109	101
Total Expenses	7.2%	165	154	140	140	125	115
Profit Before exceptional items and Tax	8.6%	39	36	38	31	25	24
Total profit before tax	8.6%	39	36	38	31	25	24
Current tax	7.7%	9.57	8.96	9.82	7.41	6.34	6.52
Deferred tax	33.7%	0.47	0.2	-0.04	0.37	0.01	-0.31
Total tax	10.3%	10	9.16	9.78	7.78	6.35	6.22
Total profit (loss) for period	7.7%	29	27	28	24	19	18
Other comp. income net of taxes	-10.4%	-0.06	0.04	-0.06	0	-0.09	0.02
Total Comprehensive Income	7.7%	29	27	28	24	18	18
Earnings Per Share, Basic	16%	2.09	1.94	2.01	1.75	1.38	1.36
Earnings Per Share, Diluted	14.9%	2.08	1.94	2.01	1.75	1.38	1.36

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020
Revenue From Operations	14.4%	566	495	398	267	118
Other Income	59.1%	36	23	31	6.44	3.65
Total Income	16.5%	602	517	429	273	121
Employee Expense	8.7%	51	47	44	32	20
Finance costs	58.8%	0.67	0.2	0.65	0.36	0.45
Depreciation and Amortization	10.4%	8.11	7.44	7.29	6.57	4.41
Other expenses	18.3%	441	373	301	195	74
Total Expenses	17.4%	501	427	353	234	98
Profit Before exceptional items and Tax	13.5%	102	90	76	40	24
Total profit before tax	13.5%	102	90	76	40	24
Current tax	8.7%	26	24	18	9.14	6.1
Deferred tax	9.4%	-0.44	-0.59	1.3	2.19	0.77
Total tax	13.6%	26	23	19	11	6.86
Total profit (loss) for period	13.6%	76	67	57	28	17
Other comp. income net of taxes	-0.9%	-0.07	-0.06	0.03	-0.07	-0.02
Total Comprehensive Income	13.6%	76	67	57	28	17
Earnings Per Share, Basic	14.4%	5.6	5.02	4.26	2.214	1.374
Earnings Per Share, Diluted	14.4%	5.6	5.02	4.26	2.214	1.374

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	10.9%	602	543	520	506	499	431
Other Income	-28.6%	21	29	25	27	10	9.93
Total Income	8.9%	623	572	545	533	509	441
Employee Expense	1.8%	58	57	59	60	62	57
Finance costs	-30.4%	2.79	3.57	3.79	4.9	5	5.52
Depreciation and Amortization	4.2%	26	25	19	20	18	18
Other expenses	10.8%	413	373	356	348	340	287
Total Expenses	9%	499	458	438	433	426	368
Profit Before exceptional items and Tax	8.8%	124	114	107	100	83	73
Total profit before tax	8.8%	124	114	107	100	83	73
Current tax	38.9%	26	19	20	38	13	10
Deferred tax	-289.5%	-2.6	2.9	0.36	-24.92	-6.76	-3.88
Total tax	9.5%	24	22	20	13	6.56	6.41
Total profit (loss) for period	8.8%	100	92	87	87	77	67
Other comp. income net of taxes	611.7%	25	-3.69	8.27	1.52	-4.16	6.05
Total Comprehensive Income	42.5%	125	88	95	89	73	73
Earnings Per Share, Basic	10.6%	7.15	6.56	6.18	6.45	5.725	5.01
Earnings Per Share, Diluted	10.6%	7.14	6.55	6.17	6.45	5.725	5.01

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020
Revenue From Operations	28.5%	1,843	1,434	1,082	517	249
Other Income	5.7%	57	54	72	42	0.39
Total Income	27.7%	1,900	1,488	1,153	558	250
Employee Expense	25.8%	235	187	130	54	21
Finance costs	80%	19	11	7.08	3.63	0.81
Depreciation and Amortization	47.9%	72	49	32	20	10
Other expenses	30.3%	1,248	958	739	333	158
Total Expenses	30.5%	1,573	1,206	908	410	190
Profit Before exceptional items and Tax	16%	327	282	245	148	60
Total profit before tax	16%	327	282	245	148	60
Current tax	80.6%	66	37	29	12	10
Deferred tax	-1766.5%	-36.89	-1.03	1.56	0.9	0.77
Total tax	-17.1%	30	36	30	13	11
Total profit (loss) for period	21.3%	297	245	215	135	49
Other comp. income net of taxes	-102.4%	-0.05	44	11	-5.44	-0.33
Total Comprehensive Income	2.8%	297	289	226	130	48
Earnings Per Share, Basic	20%	21.91	18.43	16.18	10.592	4.0202
Earnings Per Share, Diluted	20%	21.91	18.43	16.18	10.592	4.0202

Balance Sheet for Affle (India)

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-8.4%	209	228	162	169	58	197
Current investments	-	0	0	0	0	135	0
Loans, current	0.5%	194	193	25	0.86	41	0.3
Total current financial assets	3.6%	1,063	1,026	489	588	479	573
Current tax assets	-	0	0	0	0	0	0
Total current assets	6.8%	1,221	1,143	569	645	535	631
Property, plant and equipment	-68.7%	1.1	1.32	1.07	1.15	1.73	1.43
Goodwill	0%	13	13	13	13	13	13
Non-current investments	0.4%	701	698	385	285	242	216
Loans, non-current	-	0	0	1.25	0.57	0	0
Total non-current financial assets	0.4%	704	701	405	286	461	217
Total non-current assets	0.1%	750	749	447	325	499	387
Total assets	3.9%	2,106	2,027	1,151	1,105	1,035	1,018
Total non-current financial liabilities	-16.8%	2.53	2.84	0	0.21	0	0
Provisions, non-current	5.6%	2.33	2.26	1.99	1.92	1.74	1.84
Total non-current liabilities	-1.2%	7.61	7.69	4.22	5.18	5.16	5.51
Total current financial liabilities	6.4%	283	266	191	179	162	154
Provisions, current	-55.6%	0.86	0.91	0.91	0.85	0.72	0.64
Current tax liabilities	2.7%	5.23	5.12	3.1	0	0	0
Total current liabilities	3.5%	298	288	201	191	166	169
Total liabilities	3.1%	305	296	205	196	171	174
Equity share capital	0%	28	28	27	27	27	27
Total equity	4%	1,801	1,731	946	909	864	844
Total equity and liabilities	3.9%	2,106	2,027	1,151	1,105	1,035	1,018

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-4%	773	805	291	332	177	316
Current investments	-	0	0	0	0	134	0
Loans, current	40.8%	2.07	1.76	0.14	1.15	1.26	1.21
Total current financial assets	1.1%	1,591	1,573	784	902	718	845
Total current assets	0.8%	1,856	1,841	972	1,030	832	943
Property, plant and equipment	-5.8%	3.61	3.77	3.22	3.06	3.7	2.42
Goodwill	0.4%	987	983	995	664	659	616
Non-current investments	0%	37	37	0.03	0.03	0.03	0.03
Loans, non-current	-	0	0	1.25	0.57	0	0
Total non-current financial assets	0%	40	40	20	1.65	219	0.48
Total non-current assets	2.5%	1,342	1,309	1,235	847	1,044	884
Total assets	1.5%	3,332	3,283	2,341	2,011	1,875	1,827
Borrowings, non-current	-55.6%	33	73	143	52	73	89
Total non-current financial liabilities	-33.1%	84	125	163	131	158	211
Provisions, non-current	48.4%	3.3	2.55	1.99	1.92	1.74	1.84
Total non-current liabilities	-31.9%	97	142	170	140	165	219
Borrowings, current	-7.7%	97	105	82	51	61	59
Total current financial liabilities	-16.2%	497	593	550	373	356	394
Provisions, current	106.4%	4.86	2.87	2.81	3.24	3.18	3.1
Current tax liabilities	-6.2%	16	17	10	6.74	7.86	6.9
Total current liabilities	-16.2%	539	643	578	403	380	429
Total liabilities	-19%	636	785	748	544	545	648
Equity share capital	0%	28	28	27	27	27	27
Non controlling interest	-	0	0	0	2.12	2	1.24
Total equity	7.9%	2,695	2,498	1,593	1,467	1,330	1,179
Total equity and liabilities	1.5%	3,332	3,283	2,341	2,011	1,875	1,827

Valuation
Market Cap	22.74 kCr
Price/Earnings (Trailing)	62.09
Price/Sales (Trailing)	10.01
EV/EBITDA	41.4
Price/Free Cashflow	145.29
MarketCap/EBT	51.23

Fundamentals
Revenue (TTM)	2.27 kCr
Rev. Growth (Yr)	22.35%
Rev. Growth (Qtr)	8.9%
Earnings (TTM)	366.3 Cr
Earnings Growth (Yr)	30.47%
Earnings Growth (Qtr)	8.95%

Profitability
Operating Margin	19.54%
EBT Margin	19.54%
Return on Equity	13.59%
Return on Assets	10.99%
Free Cashflow Yield	0.69%

Is Affle (India) Better than it's peers?

Detailed comparison of Affle (India) against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
PAYTM	One 97 CommunicationsFinancial Technology (Fintech)	56.2 kCr	7.89 kCr	+12.55%	+133.95%	-84	7.12	-3.73%	+13.86%
INDIAMART	IndiaMART InterMESHInternet & Catalogue Retail	13.42 kCr	1.59 kCr	+8.03%	-15.16%	28.56	8.44	+20.82%	+61.85%
NAZARA	Nazara TechDigital Entertainment	8.83 kCr	1.48 kCr	+6.35%	+59.81%	164.3	5.96	+22.20%	-36.02%
TANLA	TANLA PLATFORMSSoftware Products	6.32 kCr	4.06 kCr	+3.38%	-48.32%	12.14	1.55	+7.59%	-3.38%
ROUTE	Route MobileOther Telecom Services	6.16 kCr	4.48 kCr	+4.86%	-36.43%	16.7	1.37	+10.16%	-7.27%

AFFLE - Affle (India) Limited Share Price

What does Affle (India) Limited do?

Sector Comparison: AFFLE vs IT - Services

Comparative Metrics

Performance Comparison

Summary of Latest Earnings Report from Affle (India)

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Cash Flow for Affle (India)

Investor Care

Financial Health

Income Statement for Affle (India)

Balance Sheet for Affle (India)

Valuation

Fundamentals

Profitability

Is Affle (India) Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)