Affle 3i is a global AI-powered consumer intelligence platform that delivers end-to-end mobile advertising conversions for advertisers across e-commerce, fintech, gaming and food tech through its CPCU (Cost Per Converted User) model. The Q2 FY27 print will speak to whether the ~20% organic growth streak and the 23%-25% EBITDA margin target stay on track, alongside updates on the AdColony integration and the larger acquisition due diligence targeted to close by early 2027.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 747.2 Cr |
| Previous quarter PAT | Rs. 128.4 Cr |
| Previous quarter EBITDA margin | 22.4% |
| Market cap | Rs. 19,450.69 Cr |
| CMP | Rs. 1354.8 |
The Board of Affle 3i Limited is scheduled to meet on Friday, October 30, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, under Regulation 29 of SEBI (LODR).
The quarter's central test is whether Affle can hold its ~20% organic growth frame — Q1 FY27 delivered +20.4% YoY revenue growth, the 14th consecutive quarter of sequential top-line growth — while the RMG base effect of INR 10-12 crores from the Q2 FY26 base should be fully lapped this quarter. Demand tailwinds are visible in the festive build-up: calendar 2026 festive ad spend is estimated at Rs. 60,000-62,000 crore, up 13-17% YoY, with digital at 67.8% of it, feeding the e-commerce and fintech verticals that anchor Affle's India & Emerging Markets base (72.2% of Q1 FY27 revenue, +20.2% YoY). On margins, inventory and data costs stood at 63.2% of revenue in Q1 FY27, and consolidated EBITDA margin of 22.4% remains below the guided 23%-25% band, with management having promised 'better margin expansion within the financial year, especially in Developed Markets' for FY2027. The weaker rupee — the FBIL reference rate was 95.79 on 30 Sep 2026 — is a tailwind for the 27.8% Developed-Markets revenue base on USD-linked CPCU realization, but also inflates USD-denominated inventory and international employee costs. Cash conversion is another watch item: Q1's OCF-to-EBITDA conversion was about 41%, with the CFO attributing this to FY2026's 110% OCF-to-PAT front-loading ~INR 40-45 crore of March collections and guiding to about 80%-85% OCF-to-PAT by Q3 FY27. The call should also cover the AdColony acquisition (USD 4.70 Mn, conditions precedent pending as of the August 8 filing) and the larger inorganic acquisition in due diligence with four active targets, targeted to close by early 2027.
Guidance scorecard: Where Affle stands against its stated frameworks heading into Q2 FY27:
Strategic initiative updates
Risks requiring follow-up
Operating metrics
Potential narrative shifts
OCF-to-EBITDA conversion was about 41% in Q1 FY27, which CFO Kapil Bhutani attributed to FY2026's 110% OCF-to-PAT ratio front-loading roughly INR 40-45 crore of collections into March. He said ratios normalize, with about 80%-85% OCF-to-PAT expected by Q3 FY27.
The CFO stated there is 'no reliable basis for permanent impairment at this early stage' on the Rs. 135.83 Cr carrying value (24.07% stake, held for sale). Impairment will be tested after the NCLT appeal is decided; the Supreme Court stayed the CIRP against Bobble on October 16, 2026.
Management disagreed with the maturity concern, saying Affle's smaller base and differentiated model should enable consistent 20%+ growth in Developed Markets, with internal business plans pegged at 25% growth. Growth pegs were cited in Gaming, E-commerce, Entertainment and Healthcare.
Management framed the 7-8 quarter gross-margin reduction as a conscious investment in premium, high-LTV conversions expensed through data and inventory costs, which stood at 63.2% of revenue in Q1 FY27. They expect this to lead to better margins over time.
Management has guided to 80%-85% OCF-to-PAT by Q3 FY27, against Q1 FY27's weak ~41% OCF-to-EBITDA conversion. The Q2 print will show whether normalization is on track.