ICICI Securities has issued a buy rating on Affle 3i with a target price of ₹2,000 in its research report dated August 09, 2026. The brokerage maintains its bullish stance on the stock, citing the company's strong quarterly performance and growth prospects. The recommendation is based on 40x FY28E EPS valuation, reflecting confidence in the company's operational metrics and future performance potential.
According to ICICI Securities research report, Affle 3i delivered robust Q1 FY27 results with revenue growing 20.4% YoY to ₹7.5 billion. The growth was driven by CPCU conversions increasing 15.8% YoY and CPCU rate rising 3.9% YoY. India and emerging markets revenue grew 20.2% YoY to ₹5.4 billion, while developed markets revenue was up 20.8% YoY to ₹2.1 billion. Notably, this marked the first quarter in four quarters where developed markets grew faster than India/EM by 0.6 percentage points versus a lag of 2.9 percentage points in Q4 FY26. EBITDA margin remained largely flat YoY at 22.4%, as gross margin compression from elevated inventory and data costs (up 24.9% YoY) was offset by moderating employee cost growth. PAT grew 21.7% YoY to ₹1.3 billion.
Gurugram-based Affle 3i Ltd. is set to announce its unaudited standalone and consolidated financial results for the first quarter ended June 30, 2026, following a meeting of its Board of Directors scheduled for Saturday, August 8. According to reports from NDTV Profit, the company has not indicated any plans to declare a dividend alongside its Q1 FY27 results. Investors will closely track several key performance indicators during the Q1 FY27 earnings announcement, with focus areas including revenue growth, EBITDA margin, CPCU revenue and converted users, international business growth, advertiser additions and conversion pricing. The announcement comes as part of a broader earnings season that includes over 80 companies announcing their Q1 FY27 results today, as reported by NDTV Profit.
Following the results announcement, Affle 3i has scheduled an earnings conference call for investors and analysts on Monday, August 10 at 10:00 a.m. IST. As reported by NDTV Profit, the call will provide an opportunity for investors and analysts to interact with the management to discuss its first-quarter performance and gain insights into the company's operational metrics. The call will focus on CPCU revenue and converted users, international business growth, advertiser additions and conversion pricing. Following the results, several companies will hold earnings calls with investors and analysts to discuss their performance, near-term outlook, and future plans, as reported by NDTV Profit.
Investors will closely track several key performance indicators during the Q1 FY27 earnings announcement, with focus areas including revenue growth, EBITDA margin, CPCU revenue and converted users, international business growth, advertiser additions and conversion pricing. According to ICICI Securities, the brokerage awaits further clarity on the sustainability of the developed markets recovery, the outlook for EMs growth, and contribution/synergies from the AdColony acquisition completed during the quarter. The company's strong quarterly performance across both India/EM and developed markets segments, along with stable EBITDA margins, positions it well for continued growth in the mobile advertising and consumer engagement space.
