Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹20,010Cr
Rev Gr TTM
Revenue Growth TTM
19.21%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 12.9 | 17.0 | 21.6 | 32.6 | 42.3 | 27.8 | 25.9 | 20.6 | 19.0 | 19.5 | 19.1 | 19.3 |
| 287 | 328 | 344 | 402 | 408 | 415 | 430 | 470 | 468 | 481 | 501 | 554 |
Operating Profit Operating ProfitCr |
| 19.4 | 19.2 | 20.2 | 19.4 | 19.4 | 20.1 | 20.9 | 21.8 | 22.2 | 22.5 | 22.6 | 22.7 |
Other Income Other IncomeCr | 18 | 10 | 10 | 10 | 27 | 25 | 29 | 21 | 19 | 17 | 22 | 18 |
Interest Expense Interest ExpenseCr | 3 | 3 | 6 | 5 | 5 | 4 | 4 | 3 | 2 | 2 | 1 | 1 |
Depreciation DepreciationCr | 14 | 14 | 18 | 18 | 20 | 19 | 25 | 26 | 27 | 26 | 32 | 33 |
| 70 | 70 | 73 | 83 | 100 | 107 | 114 | 124 | 124 | 129 | 135 | 146 |
| 7 | 4 | 6 | 7 | 13 | 20 | 22 | 24 | 21 | 24 | 25 | 27 |
|
Growth YoY PAT Growth YoY% | -9.2 | 20.3 | 13.2 | 11.2 | 40.2 | 30.9 | 37.8 | 30.5 | 17.8 | 21.8 | 20.1 | 19.1 |
| 17.5 | 16.3 | 15.5 | 15.4 | 17.3 | 16.7 | 16.9 | 16.7 | 17.1 | 17.0 | 17.1 | 16.6 |
| 4.7 | 5.0 | 5.0 | 5.7 | 6.5 | 6.2 | 6.6 | 7.2 | 7.3 | 7.5 | 7.9 | 8.5 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 49.1 | 33.8 | 54.8 | 109.3 | 32.6 | 28.5 | 23.0 | 14.2 |
| 122 | 179 | 246 | 387 | 869 | 1,145 | 1,483 | 1,783 | 2,004 |
Operating Profit Operating ProfitCr |
| 27.2 | 28.2 | 26.3 | 25.1 | 19.7 | 20.1 | 19.5 | 21.3 | 22.5 |
Other Income Other IncomeCr | 0 | 0 | 6 | 42 | 71 | 54 | 57 | 94 | 76 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 4 | 7 | 11 | 19 | 13 | 7 |
Depreciation DepreciationCr | 8 | 10 | 13 | 20 | 32 | 49 | 72 | 97 | 118 |
| 37 | 60 | 79 | 148 | 245 | 282 | 327 | 468 | 535 |
| 9 | 11 | 14 | 13 | 30 | 36 | 30 | 86 | 96 |
|
| | 75.4 | 34.2 | 106.1 | 59.0 | 14.3 | 21.1 | 28.5 | 14.8 |
| 16.6 | 19.6 | 19.6 | 26.1 | 19.9 | 17.1 | 16.1 | 16.9 | 16.9 |
| 11.5 | 20.1 | 5.2 | 10.6 | 16.2 | 18.4 | 21.9 | 27.2 | 31.3 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 24 | 24 | 26 | 26 | 27 | 27 | 28 | 28 | 28 |
| 6 | 48 | 204 | 333 | 1,151 | 1,447 | 2,481 | 2,934 | 3,228 |
Current Liabilities Current LiabilitiesCr | 44 | 77 | 130 | 194 | 429 | 403 | 643 | 629 | 625 |
Non Current Liabilities Non Current LiabilitiesCr | 1 | 9 | 43 | 200 | 219 | 140 | 142 | 47 | 33 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 48 | 99 | 232 | 251 | 943 | 1,163 | 1,974 | 2,176 | 2,259 |
Non Current Assets Non Current AssetsCr | 29 | 59 | 170 | 502 | 884 | 848 | 1,309 | 1,446 | 1,655 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 42 | 48 | 72 | 102 | 206 | 260 | 262 | 426 |
Investing Cash Flow Investing Cash FlowCr | -29 | -50 | -163 | -175 | -556 | -197 | -577 | -114 |
Financing Cash Flow Financing Cash FlowCr | -4 | 8 | 139 | 53 | 615 | -59 | 783 | -92 |
|
Free Cash Flow Free Cash FlowCr | 33 | 33 | 41 | 52 | 133 | 168 | 147 | 266 |
| 150.5 | 97.9 | 109.7 | 75.3 | 95.9 | 106.0 | 88.2 | 111.5 |
CFO To EBITDA CFO To EBITDA% | 92.0 | 68.0 | 81.8 | 78.4 | 96.7 | 90.1 | 72.9 | 88.2 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 2,586 | 13,916 | 16,778 | 13,143 | 14,582 | 22,595 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 39.5 | 103.2 | 78.5 | 53.7 | 49.0 | 59.1 |
Price To Sales Price To Sales | 0.0 | 0.0 | 7.8 | 26.9 | 15.5 | 9.2 | 7.9 | 10.0 |
Price To Book Price To Book | 0.0 | 0.0 | 11.3 | 38.8 | 14.2 | 8.9 | 5.8 | 7.6 |
| -0.4 | -0.3 | 28.8 | 107.8 | 76.6 | 43.6 | 37.6 | 44.0 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 27.2 | 28.2 | 26.3 | 25.1 | 19.7 | 20.1 | 19.5 | 21.3 |
| 16.6 | 19.6 | 19.6 | 26.1 | 19.9 | 17.1 | 16.1 | 16.9 |
| 123.8 | 74.5 | 27.2 | 31.7 | 19.0 | 18.6 | 12.8 | 15.8 |
| 91.3 | 67.4 | 28.6 | 37.6 | 18.2 | 16.7 | 11.8 | 12.9 |
| 36.6 | 30.9 | 16.3 | 17.9 | 11.8 | 12.2 | 9.1 | 10.5 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Unified Consumer Platform Stack**
- Built over more than two decades, this is a **unified, omnichannel consumer intelligence platform** designed for mobile-first, connected ecosystems.
- Integrates multiple **Demand-Side Platforms (DSPs)** with its proprietary **ConvergeAI Supply Cloud**, enabling supply optimization and fraud prevention.
- Powered by **mDMP (mobile Data Management Platform)**, which leverages deterministic and probabilistic signals to deliver hyper-personalized targeting at scale.
### **Proprietary Technologies**
- **Opticks AI**: Generative AI-powered creative engine enabling real-time generation of thousands of hyper-contextual, localized ad creatives. Automates Custom Product Pages (CPPs), keyword planning, and dynamic ad variations tailored to language, region, and user behavior.
- **ConvergeAI Supply Cloud**: Optimizes media supply quality and transparency across inventory channels.
- **mFaaS (Fraud Analytics as a Service)**: Real-time fraud detection powered by supervised and unsupervised machine learning, analyzing data from connected devices including smartphones, IoT, wearables, and CTVs.
### **Patents & R&D**
- Holds **36 unique patent filings globally**, with **16 granted** (including in U.S., India, and Singapore). Active in AI, machine learning, blockchain, conversational AI, and ad fraud prevention.
- Key patents include:
- *Consumable Advertising* – privacy-conscious ad delivery
- *In-app ad interaction during podcasts*
- *AI-based user identification and device linking*
- *Cross-device fraud detection and real-time blocking*
- Has filed **15+ new patent claims related to Generative AI** (2024–2025), focusing on vernacular creative generation, contextual personalization, identity resolution, and anti-fraud.
Affle achieved **ISO/IEC 27001:2022 certification**, validating its robust information security and data governance practices.
---
## **Target Verticals: EFGH Framework**
Affle organizes its business around four high-growth vertical categories known as **EFGH**, which collectively drive **100% of revenue**:
- **E**: E-commerce, Entertainment, EdTech
- **F**: Fintech, Foodtech, FMCG
- **G**: Gaming, Groceries, Government
- **H**: Healthtech, Hospitality & Travel, Home & Utilities
The company employs **dedicated vertical-focused teams and platform optimizations** to deliver industry-specific KPIs with deeper user intent insights, enhancing client ROI.
---
## **Market Presence & Geographic Reach**
Affle 3i operates globally across **Asia, North America, South America, Europe, and Africa**, serving both emerging and developed markets.
### **Revenue Distribution (H1 FY26):**
- **73.1%** – India & Emerging Markets
- **26.9%** – Developed Markets
The company maintains **on-the-ground teams in key regions** to deliver culturally relevant, region-specific advertising solutions aligned with local consumer behavior, language, and media habits.
### **Device Reach:**
- Reaches **3.8 billion connected devices globally** (up from 3.6 billion in earlier 2025)
- Campaigns active in **over 130 countries**
---
## **Strategic Growth Initiatives**
### **Affle 3i Vision: 10X Growth Roadmap (2025–2035)**
Launched in August 2025, the **"Affle 3i" strategy** is focused on achieving **10X growth** over the next decade through:
- AI-led systems and automation
- Global platform scaling
- Expansion into new ad formats and geographies
- Operational excellence in a privacy-first world
### **Growth Vision 2030**
- Expand reach to **10 billion connected devices** beyond smartphones (e.g., CTV, wearables, smart home devices)
- Deliver **hyper-personalized, omnichannel experiences** across online and offline consumer journeys
- Build on core strengths in AI, vernacular content, and verticalization
---
## **Key Differentiators**
1. **CPCU-Based Performance Model**: Only charge on measurable conversions, not impressions or clicks. This drives advertiser trust and long-term retention.
2. **Global Emerging Markets Focus**: Unlike most listed adtech firms focused on North America and gaming, Affle has deep expertise in **India, LATAM, ASEAN, and Africa**, giving it a competitive edge.
3. **Vernacular & Video Led Engagement**: Pioneering in local language (non-English) advertising across Tier-2, Tier-3, and rural markets via AI-driven multilingual creative localization.
4. **Connected TV (CTV) Innovation**:
- **CTV AI**: Proprietary platform enabling **AI-led, hyper-local, performance-driven CTV ads** on smart TVs and OTT platforms.
- Launched **self-serve CTV advertising** for SMBs, lowering entry barriers.
- Uses **Household ID Sync technology** for cross-device targeting between CTV and mobile.
5. **Generative AI Integration**:
- Over **100 AI agents live** across coding, creatives, campaign management, and customer success.
- Automates ad creative generation, keyword planning (e.g., on Apple Search Ads), and CPP optimization.
- Enables **zero-latency creative localization** in multiple Indian and international languages.
---
## **Client Success & Industry Use Cases**
- **PolicyBazaar (India)**: Full-funnel strategy expanded online insurance adoption.
- **Fetch (USA)**: CTV-led campaign drove user growth using rewards and retargeting.
- **Casas Bahia (Brazil)**: Targeted premium iOS users to drive retail sales growth.
- **FREENOW (EU)**: Advanced data models and weather-based dynamic creatives increased **ROAS by 42%** and ride revenue by 20%.
- **Pick n Pay (South Africa)**: Gen AI-powered multilingual strategy raised ROAS by **55%**.
- **Naranja X (Argentina)**: Used Apple’s SKAN 4.0 for privacy-first user acquisition in fintech.
- **Zepto (India)**: Gen AI keyword automation drove **2.4X growth in monthly conversions**.
- **Tata Neu**: Multichannel campaign via mDMP led to **4.1X increase in monthly conversions**.
Affle has been recognized as **Apple-certified Ads Partner**, enhancing its credibility in the iOS ecosystem.
---
## **Acquisitions & Integration Strategy**
Affle follows a disciplined **inorganic growth strategy**, acquiring platform businesses and integrating them into a **single cash-generating unit**.
Key acquisitions:
- **Jampp** (acquired 2021): Strengthened iOS and Latin American presence; now among top 10 platforms on Apple’s SKAN Index.
- **Mediasmart** (2020): Enhanced European and APAC operations.
- **Appnext** (2020–2021): Expanded app discovery via OEM partnerships.
- **YouAppi** (2023, $45M): U.S.-based gaming-focused app marketing platform, now integrated into Affle2.0 stack.
All acquired platforms are **fully integrated** into the **Affle 2.0 Consumer Platform**, leveraging shared DMP, cloud, and AI infrastructure to unlock cross-selling and synergies.
---
## **Partnerships & Ecosystem**
- **Strategic OEM & MNO alliances**: Deep integrations with Samsung, Lenovo, and others across 12+ device-level touchpoints (e.g., Galaxy App Store, Discover).
- **Open Internet Champion**: Positions itself as a key alternative to Google and Facebook walled gardens, especially for advertisers seeking diversified digital spend.
- **CTV & Programmatic Partnerships**: Integrated with mobile operators, ad exchanges, and content providers to offer full-funnel, cross-screen advertising.