Affle 3i Limited (AFFLE)

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Affle 3i Limited (AFFLE) · mywealthgrid

About

Affle 3i: IT-enabled services in India's IT sector, ₹23,496.7 Cr market cap. Consolidated revenue ₹700–750 Cr/quarter at 22–23% margins. Zero debt.

Face value: ₹2

Market cap

₹20,410 Cr

P/E

42.7×

P/B

5.6×

Dividend yield

ROE

13.8%

ROCE

16.9%

Debt / equity

OPM

22.5%

EPS (TTM)

₹34.0

Book value

₹259.8

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

High valuation: PE 49.18 vs. ROE 13.79% suggests growth expectations exceed earnings power; verify trajectory.

Margin volatility: Standalone fell to 10.83% (Sep 2025) vs. typical 15–16% range; clarify if temporary or structural.

Stock down 14.42% YoY, 22% below ₹2,146.7 high; verify if fundamentals deteriorated or valuation reset.

Generated analysis · source review pending

Growth drivers

Consolidated revenue grew from ₹646.72 Cr (Sep 2025) to ₹747.16 Cr (Jun 2026); verify if 15.5% growth sustains or is cyclical given sequential deceleration.

Consolidated (₹747 Cr) >> standalone (₹240 Cr) revenue; verify if non-standalone segments have higher growth potential.

Zero debt and 22%+ margins provide balance-sheet strength; verify if management deploys into capacity or M&A for growth.

Generated analysis · source review pending

1,761 historical price candles were omitted because the exchange source has not been verified.

₹1,449.6-3.4%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 22.5%
+Profit CAGR of 27.5% over the last 5 years
+Revenue CAGR of 39.3% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 107.2×

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

60/100

Business quality: 67
Growth: 83
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 50 NIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	334	517	1,082	1,434	1,843	2,266	2,709
	246	387	869	1,146	1,483	1,783	2,099
	88	130	213	288	360	483	610
OPM %	26.3%	25.1%	19.7%	20.1%	19.5%	21.3%	22.5%
Depreciation	13	20	32	49	72	97	124
Interest	1	4	7	11	19	13	5
	6	42	72	54	57	94	78
Profit before tax	79	148	245	282	327	468	559
Tax	14	13	30	36	30	86	104
Tax %	17.3%	8.7%	12.3%	12.8%	9%	18.3%	18.6%
	66	135	215	245	297	382	455
PAT margin %	19.6%	26.1%	19.9%	17.1%	16.1%	16.9%	16.8%
EPS (₹)	26.1	53	16.2	18.4	21.9	27.2	32.4
EPS adjusted (₹)	5.1	10.6	16.1	18.4	21.2	27.2	32.4
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	24	26	26	27	27	28	28	28
Reserves	48	204	333	1,151	1,438	2,470	2,918	3,624
Minority interest	—	—	0	1	2	—	—	—
	9	64	117	148	103	178	77	12
	77	107	277	499	440	607	598	757
Total equity & liabilities	158	400	753	1,827	2,011	3,283	3,622	4,421
	57	159	361	699	783	1,138	1,216	1,391
CWIP	—	—	—	—	0	0	0	—
Investments	0	0	76	135	0	37	63	114
	101	241	316	993	1,227	2,108	2,343	2,917
Total assets	158	400	753	1,827	2,011	3,283	3,622	4,421

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2023 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Outside India	965.68	203.63	—	439.81
India	494.8	90.04	—	103.72

SegmentFigure

India · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	26.3%	25.1%	19.7%	20.1%	19.5%	21.3%	22.5%
EBIT margin %	22.3%	21.3%	16.7%	16.7%	15.7%	17.1%	17.9%
PAT margin %	19.6%	26.1%	19.9%	17.1%	16.1%	16.9%	16.8%
Working capital
Receivable days	81	76	79	62	63	48	52
Inventory days	—	0	0	0	0	0	0
Payable days	—	119	108	80	94	83	103
NWC days	—	-43	-28	-18	-31	-35	-51
Leverage
Current ratio	1.82	1.29	2.2	2.55	2.86	3.25	3.41
Debt to EBITDA	0.73	0.9	0.7	0.36	0.49	0.16	0.02
Debt to equity	0.28	0.33	0.13	0.07	0.07	0.03	0
Interest coverage	56.8	41.6	35.6	25.7	18.3	38.1	107.2
Asset turnover	0.83	0.69	0.59	0.71	0.56	0.63	0.61
Return ratios
Return on assets %	16.4%	17.9%	11.8%	12.2%	9.1%	10.5%	10.3%
Return on capital employed %	29.6%	36.5%	25.8%	19.5%	16.3%	17%	16.9%
Return on equity %	28.6%	37.6%	18.2%	16.8%	11.9%	13%	12.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.89%	56.93%	56.92%	55.14%	55.09%	55.03%	55.02%	55%	54.97%	54.95%	54.92%	54.91%
	9.66%	14.35%	14.79%	15.3%	15.55%	16.5%	16.09%	18.41%	19.01%	17.79%	16.66%	15.38%
	14.27%	14.71%	14.72%	16.2%	15.59%	14.58%	15.31%	13.81%	14.67%	16.36%	17.9%	18.78%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	16.12%	13.95%	13.5%	13.32%	13.68%	13.8%	13.48%	12.69%	11.24%	10.8%	10.41%	10.81%
No. of shareholders	—	—	—	—	—	—	—	—	2,52,674	2,47,224	2,40,775	2,43,769

Promoter holding down 4.98 percentage points since Sep 2023.

11 disclosures

Person	Deal	Shares	Value	Holding	Filed
Affle (India) Limited Employees Welfare TrustOther	SellESOP	8,500	₹1.54 cr	0.13% → 0.12%	6 Nov 20257(2)
Kapil Mohan BhutaniKey Managerial Personnel	BuyESOP	4,500	₹47.25 L

31 deals · 4 Jan 2022 – 26 Jun 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
26 Jun 2024	AFFLE HOLDINGS PTE LTD	Bulk	NSE	Sell	25,00,000	₹1,290.00	₹322.50 Cr
26 Jun 2024	MONETARY AUTHORITY OF SINGAPORE	Bulk	NSE	Buy	16,16,856	₹1,290.00	₹208.57 Cr
26 Jun 2024	ICICI PRUDENTIAL MUTUAL FUND	Bulk	NSE	Buy	7,75,194	₹1,290.00	₹100.00 Cr
19 May 2023	SECTOR INVESTMENT FUNDS PLC SECTOR GLOBAL EMERGING MARKETS FUND	Block	BSE	Buy	1,69,354	₹911.75	₹15.44 Cr
19 May 2023	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	BSE	Sell	1,69,354	₹911.75	₹15.44 Cr
15 May 2023	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	BSE	Sell	1,69,355	₹919.85	₹15.58 Cr
15 May 2023	SECTOR INVESTMENT FUNDS PLC SECTOR GLOBAL EMERGING MARKETS FUND	Block	BSE	Buy	1,69,355	₹919.85	₹15.58 Cr
11 May 2023	SECTOR INVESTMENT FUNDS PLC SECTOR GLOBAL EMERGING MARKETS FUND	Block	BSE	Buy	1,69,355	₹936.80	₹15.87 Cr
11 May 2023	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	BSE	Sell	1,69,355	₹936.80	₹15.87 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,79,610	₹1,190.40	₹21.38 Cr

1–10 of 31

1 / 4

Mr. ANUJ KHANNA SOHUMExecutive Director-Chairperson-CEO-MD
Mr. VIVEK NARAYAN GOURNon-Executive - Non Independent Director
Mr. CHARLES YONG JIEN FOONGNon-Executive - Non Independent Director
Mr. SANJIV KUMAR CHAUDHARYNon-Executive - Independent Director
Ms. RESHMA PRASAD VIRMANINon-Executive - Independent Director
Ms. HANNY KUSNADINon-Executive - Independent Director
Mr. SIMON ARTHUR CHESTERMANNon-Executive - Independent Director
Mr. PIYUSH GUPTANon-Executive - Independent Director
Mr. Kapil Mohan BhutaniChief Financial & Operations Officer
Ms. Parmita ChoudhuryCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

6.03%

of the company's equity

All mutual funds

15.26%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

51 schemes · 13 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	25.88 L	413.48	0.5%	1.838%	-0
India Opportunities Fund	ICICI Prudential Mutual Fund	21.24 L	339.43	0.89%	1.509%	-0
Small Cap Fund	Axis Mutual Fund	12.82 L	204.92	0.65%	0.911%	+29,453
DIGITAL INDIA FUND	Tata Mutual Fund	4.09 L	65.4	0.63%	0.291%	-0
Business Cycle Fund	ICICI Prudential Mutual Fund	3.02 L	48.18	0.3%	0.214%	-0
Technology Fund	ICICI Prudential Mutual Fund	2.74 L	43.84	0.32%	0.195%	-0
(LIVE SCHEMES)	ITI Mutual Fund	2.37 L	37.86	1.05%	0.168%	-12,488
Innovation Fund	Axis Mutual Fund	1.75 L	27.96	2.05%	0.124%	-0

1–8 of 51

1 / 7

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results8 Aug 2026

1

Face value ₹10 → ₹27 Oct 2021 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

130 announcementsExport CSV

30 Sept 2026, 5:29 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	26.3%	25.1%	19.7%	20.1%	19.5%	21.3%	22.5%
EBIT margin %	22.3%	21.3%	16.7%	16.7%	15.7%	17.1%	17.9%
PAT margin %	19.6%	26.1%	19.9%	17.1%	16.1%	16.9%	16.8%
Working capital
Receivable days	81	76	79	62	63	48	52
Inventory days	—	0	0	0	0	0	0
Payable days	—	119	108	80	94	83	103
NWC days	—	-43	-28	-18	-31	-35	-51
Leverage
Current ratio	1.82	1.29	2.2	2.55	2.86	3.25	3.41
Debt to EBITDA	0.73	0.9	0.7	0.36	0.49	0.16	0.02
Debt to equity	0.28	0.33	0.13	0.07	0.07	0.03	0
Interest coverage	56.8	41.6	35.6	25.7	18.3	38.1	107.2
Asset turnover	0.83	0.69	0.59	0.71	0.56	0.63	0.61
Return ratios
Return on assets %	16.4%	17.9%	11.8%	12.2%	9.1%	10.5%	10.3%
Return on capital employed %	29.6%	36.5%	25.8%	19.5%	16.3%	17%	16.9%
Return on equity %	28.6%	37.6%	18.2%	16.8%	11.9%	13%	12.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
L&T Technology Services LimitedLTTSLTTS	₹34,671 Cr	₹34,671 Cr	₹11,701 Cr	₹2,074 Cr	17.6%	₹1,320 Cr	11.7%	24.9%	20.4%	29
Inventurus Knowledge Solutions LimitedIKSIKS	₹30,483 Cr	₹31,124 Cr	₹3,347 Cr	₹1,149 Cr	34.2%	₹764 Cr	22.6%	33.8%	31.4%	39
Tata Technologies LimitedTATATECHTATATECH	₹28,378 Cr	₹29,044 Cr	₹5,926 Cr	₹920 Cr	15.5%	₹557 Cr	9.9%	19.3%	14.6%	33
Netweb Technologies India LimitedNETWEBNETWEB	₹25,721 Cr	—	₹724 Cr	₹103 Cr	14.2%	₹76 Cr	10.5%	—	—	—
Affle 3i LimitedAFFLEAFFLE	₹20,410 Cr	₹20,422 Cr	₹2,836 Cr	₹638 Cr	22.5%	₹478 Cr	16.8%	16.9%	13.8%	-51
Sagility LimitedSAGILITYSAGILITY	₹20,209 Cr	₹21,320 Cr	₹7,617 Cr	₹1,849 Cr	24.5%	₹993 Cr	12.9%	13.3%	10.3%	78
Esds Software Solution LimitedESDSESDS	₹16,809 Cr	—	₹208 Cr	₹47 Cr	22.9%	₹-22 Cr	-10.8%	0.8%	-10.9%	—
Black Box LimitedBBOXBBOX	₹14,134 Cr	₹14,961 Cr	₹6,654 Cr	₹614 Cr	9%	₹226 Cr	3.4%	21.7%	21.3%	-10
E2e Networks LimitedE2EE2E	₹13,323 Cr	₹13,482 Cr	₹366 Cr	₹234 Cr	51.4%	₹31 Cr	-6.3%	-0.5%	-1%	-45
Cyient LimitedCYIENTCYIENT	₹12,272 Cr	₹12,438 Cr	₹7,632 Cr	₹944 Cr	12.5%	₹378 Cr	6.4%	12.4%	7.8%	119
Amagi Media Labs LimitedAMAGIAMAGI	₹11,984 Cr	₹11,984 Cr	₹1,506 Cr	₹50 Cr	3.4%	₹72 Cr	4.8%	5.2%	4.1%	40
Emudhra LimitedEMUDHRAEMUDHRA	₹4,802 Cr	₹4,826 Cr	₹745 Cr	₹174 Cr	22.7%	₹115 Cr	15.7%	14.9%	13%	36

Date	Category	Subject	Filing
30 Sept 2026, 5:29 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 5:44 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
22 Sept 2026, 5:43 pm	Company Update Amendments to Memorandum & Articles of Association	Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association	PDF
22 Sept 2026, 5:36 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
22 Sept 2026, 5:32 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
21 Sept 2026, 7:00 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
18 Sept 2026, 8:31 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
15 Sept 2026, 5:56 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	102	206	260	262	426	502
	-175	-556	-197	-577	-114	-374
	53	615	-59	783	-92	-43
Net cash flow	-20	265	4	468	220	85
Free cash flow	52	133	168	147	266	291
CFO / Operating profit %	78.4%	96.7%	90.1%	72.9%	88.2%	82.3%

Affle 3i Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

India · revenue

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

1

Announcements

Not in the F&O segment

1

1

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

India · revenue

Compounded sales growth

Compounded profit growth

Return on equity

Affle 3i Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

India · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Stock splits1

Announcements

Ratio timeline

Not in the F&O segment

Board meetings1

Stock splits1

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

India · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1

1

1