Affle 3i Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Affle 3i Ltd trades at ₹1,669, in a downtrend and 35 weeks into that stage. That is +6.5% against its own 200-day average. It sits at 53% of a 52-week range of ₹1,286 to ₹2,006. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a downtrend — week 35 of stage 4, confirmed. At ₹1,669 it trades +6.5% versus its 200-day average and sits at 53% of its 52-week range (₹1,286–₹2,006).

Against the market, two honest reads. Cumulative: over the last 7.0 years the stock moved +890% while the NIFTY 500 moved +163% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Affle 3i Ltd trades at 49.2× P/E, near the bottom of its own range — cheaper only 12% of the time. Its long-run median P/E is 64.0×, measured across 7.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 49.2× is near the bottom of its own range — cheaper only 12% of the time, against a long-run median of 64.0× measured over 7.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +18.9% against a −15.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +14.7%/yr price move, ~+23.6%/yr came from earnings growth and ~−8.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Affle 3i Ltd was priced for profit growth of about 25.2% a year. Profit itself has compounded 41.7% a year over the past 8 years. The market pays that at 49.2× P/E, the 12th percentile of its own 7-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Affle 3i Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 16.9% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

4-Factor Sector Score

56.6/100 — rank 2 of 2 in Advertisement · 97% evidence confidence

Affle 3i Ltd scores 56.6 out of 100 against the 2 companies it is compared with in Advertisement, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21.3 + 15.6 + 10.2 + 9.5 = 56.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Affle 3i Ltd reported ₹747 Cr of revenue in the Jun 26 quarter, +20.3% year on year. That is the 12th straight quarter of year-on-year growth. Over 8 years it has compounded at 41.7% a year. The last full year, FY26, came in at ₹2,709 Cr. The last four reported quarters add to ₹2,835 Cr.

FY26 revenue came in at ₹2,709 Cr (+19.5% on the year), capping 8 years at 41.7% compound. The latest quarter (Jun 26) printed ₹747 Cr, +20.3% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +19.7% growth against the decade's 41.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +19.7% over the last 4 quarters against +20.4%/yr over the last 8 — stabilising; TTM profit +19.2% vs +22.6%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Affle 3i Ltd's operating margin is 22.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 20.0% to 28.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 22.0%, −1.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 20.0%–28.0%.

🚨 Why the margin moved: operating margin went −0.1 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Affle 3i Ltd earned ₹128 Cr of net profit in the Jun 26 quarter, +20.8% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹455 Cr. The 8-year compound rate is 41.7%. That is 17.1% of the quarter's revenue. The same quarter a year earlier earned ₹106 Cr.

Jun 26 profit was ₹128 Cr, +20.8% year on year — the 12th consecutive quarter of growth. On the full year, FY26 printed ₹455 Cr (+19.1%), and the 8-year compound rate is 41.7%.

Why profit moved: revenue contributed +20.3% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +19.3% vs revenue +19.7%. Profit and revenue are moving roughly in step.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 105% of Affle 3i Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹502 Cr of operating cash against ₹455 Cr of profit. After ₹317 Cr of capital spending, ₹185 Cr was left as free cash.

FY26: operating cash of ₹502 Cr against reported profit of ₹455 Cr, leaving free cash of ₹185 Cr after ₹317 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 105% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 105%: the cash cycle tightened 24 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 3.4× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Affle 3i Ltd's cash conversion cycle runs 52 days in FY26, down from 76 days in FY21. Capital spending ran ₹983 Cr over the last 3 years. At FY26 sales of ₹2,709 Cr each day of that cycle holds about ₹7.4 Cr, so roughly ₹386 Cr sits inside the business at any moment.

FY26: debtors at 52 days (an asset-light business — no inventory to speak of) — for a full cycle of 52 days, tighter than FY21's 76.

In money terms: at FY26 sales of ₹2,709 Cr, each day of the cycle holds about ₹7.4 Cr — so the 52-day loop keeps roughly ₹386 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹983 Cr over the last 3 fiscal years against ₹293 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Affle 3i Ltd earns a ROCE of 17% in FY26. That is up from a trough of 16% in FY24. Return on invested capital clears the cost of that capital by +6.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 16.8% net margin on 0.61× asset turns.

FY26 ROCE is 17%, recovered from a FY24 trough of 16% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 16.8% net margin × 0.61× asset turns × 1.21× balance-sheet leverage ≈ 12.4% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 18.4% − 12.0% = a +6.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Affle 3i Ltd carries total debt of ₹15.0 Cr against shareholder equity of ₹3,652 Cr as of Mar 26, a debt-to-equity of 0.00 — effectively unlevered. On the annual view that ratio went from 0.13 in FY22 to 0.00 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹15.0 Cr against shareholder equity of ₹3,652 Cr — a debt-to-equity of 0.00. On the annual view, debt-to-equity went from 0.13 (FY22) to 0.00 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 2.6 points of Affle 3i Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 18.8% of the company. Promoters moved −0.2 points over the same window, to 54.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +2.6 points over 8 quarters to 18.8%; Promoters: −0.2 points over 8 quarters to 54.9%; Foreign institutions: +0.1 points over 8 quarters to 15.4%.

Why the register moved: domestic institutions drove it (+2.6 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Affle 3i Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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