Affle 3i Management Guidance Tracker

Management reaffirmed ability to deliver ~20% YoY revenue growth despite RMG and US budget rollover headwinds.

Management expects revenue growth in the 18-20% range, with EBITDA growth of 23-25% and margin expansion.

Normal seasonality suggests Q3 is peak; Q4 may see slight dip but could surprise positively if geopolitical conditions remain stable.

EBITDA margin expansion expected to continue, supported by operating leverage and AI-driven cost efficiencies.

Internal KPIs target combined revenue and EBITDA growth of ~45%, with EBITDA growth faster than revenue.

Management guided towards EBITDA margins of 23-25% over a period of time, up from current ~22.3%.

Management is evaluating ~10 acquisition targets with a focus on tech and platform synergies, aiming for one deal per year.

Management shortlisted 4 targets from 12 and expects to close a sizeable acquisition in 2026, following historical playbook.

Management expects to conclude a meaningfully sized acquisition within calendar 2026, funded by the INR 11B warrant issue.

Management reiterated its medium-term guidance of 20%+ organic CAGR, underpinned by AI investments and verticalization.