'Affle 3I, formerly Affle (India), is a global consumer intelligence and adtech platform focused on delivering consumer conversions through its proprietary cost per converted user (CPCU) model. The company enables advertisers to acquire, engage, and retain consumers by driving measurable outcomes such as app installs, transactions, and subscriptions. Its business is entirely digital-first, with 100% of FY2025 revenue generated from mobile advertising via its consumer platform.
Affle operates across 130+ countries, with four offices in India and 13 overseas. Its customer base primarily comprises B2C companies, either directly or through agencies, spanning verticals such as e-commerce, fintech, FMCG, foodtech, gaming, healthtech, hospitality, travel, edtech, entertainment, and government services.
Affle relies on third-party integrations with independent platforms such as Appsflyer and Adjust so that advertisers get transparent, externally validated ROI metrics, aligning spend with a targeted return on ad spend (RoAS).
Affle’s consumer platform now operates across 3.7 billion connected devices globally and it takes that to 10 billion devices by 2030. The expansion could significantly enhance its predictive algorithms and personalization capabilities, reinforcing the company’s positioning as a full-stack, conversion-led adtech platform.
Affle is vertically diversified across eight–10 consumer categories including e-commerce, fintech, foodtech, entertainment, and travel. This reduces its dependence on any single vertical, broadening its advertiser-base, and supporting steadier growth with lower revenue volatility.
Around 72% of Affle’s revenue is derived from India and other emerging markets (South-East Asia, Latin America, Middle East and Africa) where digital ad penetration remains low, competition is less intense as against developed markets, and advertisers are more receptive to outcome-based models. The remaining 28% comes from developed markets such as North America, Europe, Japan, South Korea, and Russia, where growth rates are slower, but CPCU pricing is favorable and the addressable market remains vast.
Consolidated sales grew 19.1% to Rs 3646.72 crore in Q2FY2026 over Q2FY2025. The OPM increased from 20.9% to 22.6%, leading to a 28.9% increase in OP to Rs 146.11 crore. Net profit was up 20.1% to Rs 165.54 crore.
Consolidated sales grew by 19.3% to Rs 1267.46 crore in H1FY2026 over H1FY2025. The OPM increased from 20.5% to 22.6%, leading to a 31.2% increase in OP to Rs 285.83 crore. Net profit was up 21% to Rs 216.01 crore.
Digital advertising spends are expected to report 32.5% and 18% CAGR, respectively, in India and Southeast Asia in the next five years because of rising active internet users, rapid adoption of smart phones and connected devices, and a young population. Mobile advertisement spends are projected to reach 50% of total advertising spends from 25% currently in India over the next three years.
Affle’s exposure in fast-growing markets such as India and SEA and emerging verticals in developed markets and segments such as e-commerce provide a platform for sustainable growth momentum in the long term. With a scalable end-to-end offering across ad-tech value chain and the CPCU model, it is expected that Affle will continue to derive high RoI for advertisers.
Further, India growth for Affle is expected to accelerate going forward supported by increased brand spending to capture incremental consumption demand, aided by fiscal and monetary stimulus. Also, the margins are expected to expand, driven by cost-efficiencies in technology infrastructure (data centres) and tight control on corporate overheads.
The management has guided 10x growth over FY2025-35, underpinned by technology investments, fraud detection, and expansion into high-growth formats like CTV. We expect Affle to register consolidated EPS of Rs 31.6 for FY2026 and Rs 39.3 for FY2027. The scrip was trading around Rs 1537 on the BSE at the close of 27 January 2026.
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