Affle 3i Limited (AFFLE) share price
₹1567.60 on NSE as of 2026-09-11. -1.66% on the day. market cap ₹22,071 Cr. P/E 46.1. 52-week range ₹1268.70 to ₹2146.70. Information Technology.
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 closed the June 2026 quarter with revenue of ₹747 Cr, operating profit of ₹168 Cr and PAT of ₹128 Cr. Management called it the fourteenth consecutive quarter of sequential top-line growth, which is the kind of streak that stops being a milestone and starts being a personality trait.
The quarter's conversions came in at 123.9 million — users nudged, tapped and converted at an average CPCU of ₹60.2. That is a number of humans roughly equivalent to the population of Japan, all of whom downloaded something because an algorithm in Gurugram decided the moment was right.
Elsewhere in the quarter: Affle MEA signed an Asset Purchase Agreement on June 11, 2026 to buy the AdColony business from Digital Turbine for USD 4.70 million (about ₹44.4 Cr). On June 12, the Delhi Bench of the NCLT admitted an insolvency petition against investee company Talent Unlimited Online Services ("Bobble"), where Affle carries a 24.07% stake at ₹135.8 Cr; the company has appealed to the NCLAT. On the same date, in-principle exchange approval arrived for 7,400,000 convertible warrants to promoter Affle Holdings at ₹1,487 apiece. June 12, 2026 was, by any measure, a busy Friday at the compliance desk.
Borrowings on the FY2026 balance sheet stand at ₹15 Cr against a net worth of ₹3,652 Cr. Working capital days moved from 25 to 82 over the year. The financials, and the conversion machine behind them, follow.
Introduction
Incorporated in 1994, Affle is a global technology company running a proprietary consumer intelligence platform that turns ads into recommendations, helping marketers identify, engage, acquire and transact with users. Thirty-two years is a long runway for a company whose entire modern business depends on devices that did not exist when it was registered.
The company was, until recently, Affle (India) Limited; every filing now carries "(Formerly known as Affle (India) Limited)" in parentheses, a corporate ritual of self-introduction that will presumably continue until the last shareholder stops asking.
The recent record is dense. In January 2026 the company appointed Sameer Sondhi as CEO, North America, with a dual role as Chief Strategic Investments Officer, citing his leadership experience at Verve Group across North America, Europe and Asia. In March 2026 came the announcement that co-founder Anuj Kumar would exit his roles effective April 16, 2026, resigning as Non-Executive Director and from subsidiaries. In May 2026 the board met to approve FY26 results and a proposed USD 120 million preferential issue. In June, the AdColony asset purchase, the Bobble insolvency admission, and 74 lakh warrants allotted to the promoter at ₹1,487 each. On June 5, 2026, promoters revised their SAST disclosure to record 100% of promoter shares encumbered for a USD 80 million facility.
Earlier corporate history from the filings: a QIP of 1,153,845 shares raising ₹590.7 Cr net, of which ₹565.3 Cr has been utilised; and a preferential issue of 69,00,000 shares to Gamnat Pte. Ltd. at a ₹1,083.54 premium, raising ₹737.4 Cr net, of which ₹238.3 Cr is utilised and the rest sits in fixed and other deposits. A monitoring agency reported no deviation in the use of those proceeds for the quarter ended June 30, 2026 — the rare filing whose entire content is "nothing happened," submitted with full formality.
Also on the record: a SEBI administrative warning in November 2024 for disclosure errors. And, in May 2023, subsidiary Affle International acquired 100% of YouAppi Inc, a gaming-focused programmatic mobile app marketing platform, for ₹375 Cr.
Business model
Affle gets paid per converted user. Not per impression, not per click — per human who actually did the thing. The model is called CPCU, Cost Per Converted User, and in Q1 FY2027 it accounted for 99.8% of revenue from contracts with customers. The remaining 0.2% is presumably the last surviving relic of an older business, kept alive for sentimental reasons.
The arithmetic is almost aggressively simple: number of conversions × average CPCU rate = CPCU revenue. Q1 FY2027: 123.9 million conversions at ₹60.2, giving ₹745.5 Cr. A three-variable business model, which puts it in rare company alongside toll roads and vending machines.
Underneath sits the Affle Consumer Platform Stack, running demand-side platforms named Appnext, Jampp, MDSP, Mediasmart, Newton and RevX — a naming convention that reads like a list of Formula 1 teams from an alternate timeline. Reach is stated at 4 billion+ connected devices over the twelve months to June 30, 2026, across Asia, North America, South America, Europe and Africa, with 130+ global markets covered.
Customers are organised into four verticals labelled E, F, G and H, which sounds like a filing system until you learn what's inside. E is E-commerce, Entertainment, Edtech. F is Fintech, FMCG, Foodtech. G is Gaming, Government and Groceries — a category where citizen services distribution sits beside skill-gaming apps and someone ordering onions, united by nothing except the first letter. H covers Healthtech, Hospitality & Travel, and Home & Other Utilities. Together these four letters drive 100% of revenue, which is either elegant taxonomy or the world's most committed mnemonic.
The tech credentials: 39 unique patents, 18 granted and the rest filed and pending, spanning India, the US and Singapore. Two were granted in India covering app installation and user interaction within podcasts via voice and gesture engagement, and machine-learning detection of app install ad fraud. There is an award-winning fraud platform called mFaas, ISO 27001:2022 certification, and Data Protection Trustmark accreditation. The company also says 79% of quarterly revenue came from direct customers, against 74% in FY2026.
Named clients across the filings include AngelOne, Max Fashion, Lactogrow, Papaya and Yemeksepeti. Case studies in the Q1 deck cover Domino's India on CTV with smart QR codes, Traveloka in Indonesia, Localiza in Latin America, TransNusa airlines, and German quick-commerce firm Flink expanding into the Netherlands. Somewhere in the stack, the same code is selling pizza in Pune and groceries in Rotterdam.
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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