Affle (India) Limited (AFFLE) fair value: what the stock is really worth
We calculate from audited financials what Affle (India) Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range ₹767.23 – ₹2,147 · fair‑value band ₹859.04 – ₹2,338 · the ₹1,568 price screens above the ₹1,429 fair value. Dashed = 300-day average. As of Sep 13, 2026.
Affle 3i Limited, together with its subsidiaries, provides mobile advertisement services through information technology and software development services for mobiles in India and internationally.
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Affle 3i Limited, together with its subsidiaries, provides mobile advertisement services through information technology and software development services for mobiles in India and internationally. It operates Appnext, an app discovery platform that displays contextual and personal app recommendations; Mediasmart, an omnichannel programmatic advertising platform; Jampp, a programmatic platform to grow app business; RevX, a programmatic advertising for app marketers; and YouAppi, a programmatic mobile app retargeting solution. The company was formerly known as Affle (India) Limited and changed its name to Affle 3i Limited in April 2025. Affle 3i Limited was incorporated in 1994 and is based in Gurugram, India.
Stock analysis
Affle (India) Limited (AFFLE) currently trades at ₹1,568, while our model-based Fair Value estimate is ₹1,429, implying the stock looks roughly 9.7% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹1,503 per share, and 0 of the 26 models we run sit above the ₹1,568 price.
Bear case: the Asset-Based group reads lowest at ₹173.99, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹859.04 (bear) to ₹2,338 (bull), the price of ₹1,568 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Affle (India) Limited reported revenue of ₹27.1B in FY2026 versus ₹10.8B in FY2022, a compound +25.8%/yr. Reported net income was ₹4.5B in FY2026, compounding +20.8%/yr from FY2022.
Key figures
Market cap ₹221B (≈ $2.3B) · P/E ratio 48.5 · P/S ratio 8.14 · EPS (TTM) ₹32.33 · Dividend yield 0.0% · Net margin 16.8% · Return on equity 13.8% · Return on assets (EBIT) 10.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 20% fair-value upside, at −9%, AFFLE screens richer than that median.
Fair Value models
Bear ₹859.04Fair Value ₹1,429Bull ₹2,338
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (₹14.79 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+39.3%
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+54.3%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+25.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+25.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.25% vs 68%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 18%
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+17.0%
Yearly sales growth analysts expect, extended to five years.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Advertising Agencies · 198 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−32% · Below median
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)17% · Top 25%
Operating margin (TTM)18% · Top 25%
Growth and dividend
Revenue growth20% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.00× · Below median
Valuation Multiplesvs Advertising Agencies median · lower = cheaper
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Is Affle (India) Limited (AFFLE) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of ₹1,429 versus a price of ₹1,568, about −9% upside (fairly valued).
What is the fair value of AFFLE?
Our model-based fair value for Affle (India) Limited is ₹1,429 (as of Sep 13, 2026), built from audited fundamentals. The current price: ₹1,568.
What is the quality score of AFFLE?
Affle (India) Limited has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Affle (India) Limited (AFFLE)?
Our model-based price target is the fair value of ₹1,429 (as of Sep 13, 2026) from 26 valuation models. Cautious scenario ₹859.04, optimistic scenario ₹2,338. It is a calculation from audited fundamentals, not an analyst target.
What is the Affle (India) Limited stock forecast for 2026?
Our models put fair value at ₹1,429, about −9% upside versus a price of ₹1,568 (fairly valued). Cautious scenario ₹859.04, optimistic scenario ₹2,338. The calculation is refreshed regularly with new filings.
What is the revenue of Affle (India) Limited (AFFLE)?
Affle (India) Limited reported trailing-twelve-month revenue of about ₹27.1B (latest available figure, as of Sep 13, 2026).
Does Affle (India) Limited pay a dividend?
Affle (India) Limited currently shows a dividend yield of about 0.04% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Affle (India) Limited (AFFLE)?
For today's price to be fair in a discounted-cash-flow model, Affle (India) Limited would have to grow free cash flow by +34.3 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +39.3 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of AFFLE use?
Our models discount Affle (India) Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.16, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Affle (India) Limited that is +34.3 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Affle (India) Limited (AFFLE) delivered so far?
Over the past 5 years revenue at Affle (India) Limited grew +39.3 % a year. The price currently implies +34.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Affle (India) Limited (AFFLE) growing?
The median revenue growth in the sector is +1.9 % a year. That is the yardstick for the growth priced into Affle (India) Limited (+34.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Affle (India) Limited (AFFLE)?
The free-cash-flow yield on the price is 1.51 %: that much free cash flow Affle (India) Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Affle (India) Limited (AFFLE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Affle (India) Limited it is ₹1,429 per share (as of Sep 13, 2026), against a price of ₹1,568. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Affle (India) Limited stock overvalued or undervalued in 2026?
As of Sep 13, 2026, AFFLE trades above its calculated fair value: price ₹1,568, fair value ₹1,429, a gap of about −9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AFFLE?
No. The price is what the market pays today (₹1,568); the fair value is what the company's own numbers justify (₹1,429). For Affle (India) Limited the two are ₹138.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is Affle (India) Limited worth?
The market values Affle (India) Limited at about ₹221B (market capitalisation, as of Sep 13, 2026). Per share that is ₹1,568; our models calculate a fair value of ₹1,429 per share.
What do the bullish and bearish scenarios say about AFFLE?
Our models span a range for Affle (India) Limited: cautious scenario ₹859.04, base ₹1,429, optimistic ₹2,338 per share (as of Sep 13, 2026, price ₹1,568). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AFFLE?
Affle (India) Limited trades at a price-to-earnings ratio of 48.5 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,429 is built from several models across several years. Other multiples: P/B 5.6, P/S 7.5, EV/EBITDA 31.2.
How solid is the balance sheet of Affle (India) Limited (AFFLE)?
Balance-sheet figures for Affle (India) Limited (as of Sep 13, 2026): return on equity 13.8%, debt of 0.00 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is AFFLE from its 52-week high?
Affle (India) Limited trades at ₹1,568, about 28% below its 52-week high of ₹2,186 and 25% above the low of ₹1,251 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,429 is for.
Which stocks are comparable to Affle (India) Limited?
From the same area (Communication Services) we also value AppLovin Corporation, Publicis Groupe S.A, Omnicom Group, Focus Media Information Technology Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Affle (India) Limited stock attractive at the current price?
The data as of Sep 13, 2026: price ₹1,568, calculated fair value ₹1,429 (−9%), Quality Score 59/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AFFLE calculated?
We run Affle (India) Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,429, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Affle (India) Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with Affle (India) Limited right now?
The model range is unusually wide (₹859.04 to ₹2,338). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Key figures of Affle (India) Limited
How large is the market capitalisation of Affle (India) Limited (AFFLE)?
The market capitalisation of Affle (India) Limited is ₹221B (≈ $2.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Affle (India) Limited (AFFLE)?
The price-to-sales ratio of Affle (India) Limited is 8.14 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Affle (India) Limited (AFFLE)?
Earnings per share at Affle (India) Limited are ₹32.33 (price ÷ EPS = P/E 48.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Affle (India) Limited (AFFLE)?
The dividend yield of Affle (India) Limited is 0.0% (payout 1.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Affle (India) Limited (AFFLE)?
The net margin of Affle (India) Limited is 16.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Affle (India) Limited (AFFLE)?
The return on equity (ROE) of Affle (India) Limited is 13.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Affle (India) Limited (AFFLE)?
On an EBIT basis the return on assets of Affle (India) Limited is 10.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Affle (India) Limited (AFFLE)?
The operating margin of Affle (India) Limited is 17.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Affle (India) Limited (AFFLE)?
Revenue at Affle (India) Limited is growing +20.3% versus a year earlier (3y avg +23.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Affle (India) Limited (AFFLE)?
Earnings per share at Affle (India) Limited are growing +15.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Affle (India) Limited (AFFLE) hold?
Affle (India) Limited holds more cash than debt, ₹12.8B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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