Affle 3i Limited (AFFLE) share price

₹1401.40 on NSE as of 2026-10-08. -2.41% on the day. market cap ₹19,731 Cr. P/E 41.2. 52-week range ₹1268.70 to ₹1967.40. Information Technology.

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Affle 3i Q1 FY2027: Revenue Up 20.4% to ₹747 Cr, 123.9 Million Conversions, and One Investee Company in Insolvency Court

At a glance

Affle 3i sells advertising that is charged only when a user completes an action. Revenue in the three months to June 2026 was ₹747 crore. Operating profit was ₹168 crore and profit after tax ₹128 crore. Management called it the fourteenth consecutive quarter of sequential growth in the top line. A streak that long stops being a milestone and starts being a personality trait.

Conversions in the quarter numbered 123.9 million, at an average cost per converted user of ₹60.2. That is roughly as many completed actions as there are people in Japan.

Affle MEA signed an asset purchase agreement on 11 June 2026 to buy the AdColony business from Digital Turbine. The stated price is USD 4.70 million, about ₹44.4 crore. On 12 June the Delhi bench of the National Company Law Tribunal admitted an insolvency petition against Talent Unlimited Online Services, known as Bobble. Affle holds 24.07% of Bobble, carried at ₹135.8 crore, and has appealed to the appellate tribunal, the NCLAT. In-principle exchange approval arrived the same day for 7,400,000 convertible warrants to promoter Affle Holdings. A convertible warrant is a right to buy a share later at a price fixed now; these carry ₹1,487 each. The compliance desk had a busy Friday.

The balance sheet for the year to March 2026 shows borrowings of ₹15 crore. Net worth on the same statement is ₹3,652 crore. Working capital days moved from 25 to 82 over the year.

Introduction

Affle was incorporated in 1994. It describes itself as a global technology company running a proprietary consumer intelligence platform that turns advertisements into recommendations. The platform is meant to help marketers identify, engage, acquire and transact with users. Thirty-two years is a long run for a business that leans on devices which did not exist at registration.

The company was Affle (India) Limited until recently. Every filing now carries the words 'formerly known as Affle (India) Limited' in brackets, a ritual of self-introduction with its own momentum.

The recent record is dense. In January 2026 the company appointed Sameer Sondhi as chief executive for North America, with a second role as chief strategic investments officer. The announcement cited their leadership experience at Verve Group across North America, Europe and Asia. In March 2026 the company said co-founder Anuj Kumar would leave their roles with effect from 16 April 2026. That meant resigning as non-executive director and from the subsidiaries. In May 2026 the board met to approve results for the year to March 2026. It also took up a proposed preferential issue of USD 120 million, meaning new shares sold to selected buyers rather than to the market. June brought the AdColony purchase, the Bobble insolvency admission, and 74 lakh warrants allotted to the promoter at ₹1,487 each. On 5 June 2026 promoters revised their takeover-regulation disclosure to record all promoter shares pledged as security for a USD 80 million facility.

Earlier history sits in the filings. A qualified institutional placement of 1,153,845 shares raised ₹590.7 crore net of expenses. Of that, ₹565.3 crore has been used. A preferential issue of 69,00,000 shares went to Gamnat Pte. Ltd. at a premium of ₹1,083.54. It raised ₹737.4 crore net, of which ₹238.3 crore has been used. The rest sits in fixed and other deposits. A monitoring agency reported no deviation in the use of those proceeds for the quarter ended 30 June 2026, a filing whose entire content is that nothing happened.

SEBI, the market regulator, issued an administrative warning in November 2024 for disclosure errors. In May 2023 subsidiary Affle International bought all of YouAppi Inc for ₹375 crore. YouAppi is a gaming-focused platform for automated marketing of mobile apps.

Business model

Affle is paid per converted user, not per impression and not per click. The measure is called cost per converted user, or CPCU: payment lands when a person completes the advertised action. In the three months to June 2026 it accounted for 99.8% of revenue from contracts with customers. The other 0.2% comes from outside that model, kept alive for reasons the filings do not give.

The arithmetic is almost aggressively simple: conversions multiplied by the average rate gives CPCU revenue. The quarter brought 123.9 million conversions at an average rate of ₹60.2. That produced ₹745.5 crore. A three-variable business model puts it in rare company alongside toll roads and vending machines.

Underneath sits the Affle Consumer Platform Stack. It runs demand-side platforms named Appnext, Jampp, MDSP and Mediasmart, along with Newton and RevX. A demand-side platform is software that buys advertising space automatically on an advertiser's behalf. The names read like Formula 1 teams from an alternate timeline. Reach is stated at more than 4 billion connected devices in the year to June 2026. Coverage is stated across Asia, North America, South America and Europe, as well as Africa, in more than 130 markets.

Customers are sorted into four groups labelled E, F, G and H. E covers e-commerce, entertainment and edtech. F covers fintech, FMCG and foodtech. G covers gaming, government and groceries, where citizen services sit beside skill-gaming apps and somebody ordering onions. H covers healthtech, hospitality and travel, and home and other utilities. Together the four letters account for all revenue.

The company reports 39 unique patents, 18 of them granted and the rest filed and pending. They span India, the United States and Singapore. Two Indian grants cover interaction inside podcasts through voice and gesture, and machine-learning detection of app install advertising fraud. There is a fraud platform called mFaas, described as award-winning. The company also holds ISO 27001:2022 certification and Data Protection Trustmark accreditation.

Named clients across the filings include AngelOne, Max Fashion, Lactogrow and Papaya, and Yemeksepeti appears as well. Case studies in the quarter's deck cover Domino's India on connected television with smart QR codes, and Traveloka in Indonesia. Connected television means an internet-connected TV set. Others cover Localiza in Latin America, the airline TransNusa, and German quick-commerce firm Flink expanding into the Netherlands. Somewhere in the stack, the same code sells pizza in Pune and groceries in Rotterdam. The company says direct customers supplied 79% of quarterly revenue, against 74% in the year to March 2026.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Affle 3i Limited.

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