Affle 3i Ltd — Q4 FY26
Affle 3i delivered a steady Q4 FY26 with revenue of INR 7.24B (+20.3% YoY) and EBITDA of INR 1.61B (+20.3% YoY), marking the 13th consecutive quarter of sequential topline growth.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
46%Questions answered3Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
How is competitive dynamics evolving in gen AI era?
Asked by Ashwin Ma, Amit Capital
Management gave a broad overview but no specifics on competitive dynamics or market share.
no specific metricsgeneric response
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Question
how is the comp competitive dynamics evolving in the genai era especially from wallet guard wallet gardens as well as the geni natives
Anuj (CEO)
Regarding the competitor ecosystem evolving you know there's not any no significant change. I think all of the competitors are responding towards AI in their own sort of initiatives
Partial answer
High priority
Why are gross margins declining and what is the outlook?
Asked by Aron Prasad, Aendas Park
Acknowledged investment but did not quantify impact or timeline for margin recovery.
no specific margin targetdeferred to long-term
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Question
this gross margin reduction is it a because competi we are responding to the competition or is it because of the vertical exchange or is it the conscious decision
Anuj (CEO)
We are very range bound I think is within within our unit economic model. We're very disciplined in how we execute this.
Evasive
High priority
When will gross margins return to 37-38%?
Asked by Aron Prasad, Aendas Park
No specific timeline or commitment to margin recovery.
no timeline givenvague 'hopefully'
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Question
how long does it take to these investments to pay off I mean how long this can we can get back to say 38 37 38%age kind of a margins
Anuj (CEO)
hopefully around that time onwards we should see another year of bringing it back to you know high better levels
Declined
High priority
Is the M&A ticket size around $200 million and what assets are targeted?
Asked by Chain, City Group
Management declined to provide any specific size or details on targets.
refused to give sizevague on assets
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Question
are we looking at somewhere around you know $200 million is the ticket size I understand it can go up and down but is that the general ballpark
Anuj (CEO)
I wouldn't want to give any color to the size of the transaction because there are few transactions that we talking about very very small transactions
Partial answer
Medium priority
What is the current SDK integration footprint and trend?
Asked by Chain, City Group
Answered with a broader metric but avoided specific SDK integration numbers.
did not give SDK-specific numbersreframed to broader footprint
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Question
if you can give me a color on what your current footprint is of in terms of your active SDK integration that you have with app publishers and how that has trended
Anuj (CEO)
our footprint not of the SDK alone but across all the channels that we have to reach out to the consumer conversions directly has over 4 billion connected devices footprint
Partial answer
High priority
What capabilities are you looking for in acquisitions and timeline?
Asked by Adel Khan, ICA Predential Life Insurance
Gave general strategic intent but no specifics on capabilities or exact timeline.
no specific capabilities namedtimeline vague
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Question
what kind of capabilities are we looking for in these companies? And secondly if you could give us a timeline.
Anuj (CEO)
our focus is to take on direct access to a lot more advertisers and sales force out there with certain levels of initial integrations
Partial answer
High priority
How much more investment is needed in gross margins and when will it taper?
Asked by Vive Ma, Invesco India
Gave a rough timeline but no specific investment amount or margin impact.
no quantitative amountvague timeline
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Question
with respect to the gross margins what the investment we are doing can you give some context as to how much more investments are pending and when should we expect these investments to taper off
Anuj (CEO)
I did mention that will take about a year more and then we will start seeing greater benefits of that in the second year
Answered
Medium priority
Will acquired companies be converted to CPCU model?
Asked by Anal, Jam Capital
Clearly stated intent to convert to CPCU model over time.
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Question
in case we acquire something can we look to operate at different model like cost per impression or cost per click or would we want to convert that company to the CPCU model itself
Anuj (CEO)
our endeavor would be to convert and transform over a period of time but not doing it in an abnormal or a not in the natural course of business.
Evasive
High priority
Are global brands tightening marketing budgets due to recession?
Asked by Hari Goyel, New Mutual Fund
Did not directly answer whether budgets are tightening; instead promoted CPCU model.
did not confirm tighteningdeflected to model resilience
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Question
are we seeing the global brands are tightening their marketing budget and how can we see its impact on FL per se?
Anuj (CEO)
the CPCO business model is going to be resilient is in fact going to be the go-to business model for the advertisers because the businesses don't when recession happens
Partial answer
Medium priority
Why warrants instead of QIP and source of funding for Apple Holdings?
Asked by SPN, JM Financial
Answered why warrants but declined to disclose funding source for Apple Holdings.
did not explain source of funding for Apple Holdings
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Question
why a warrants route instead of a QIP. Thank you.
Kapil (CFO)
we already have a substantial amount of cash. When we are on a negotiation on the pricing with the target companies, there is a requirement to show the strength on the capital
Answered
Medium priority
Why did other expenses decline and other income decline?
Asked by Pavish Parik, 361 Capital
Clearly attributed decline to moderation in business promotion expenses.
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Question
would you attribute this entire decline to moderation in business promotion expenses or is there some other efficiency driving this
Kapil (CFO)
largely it is the decline or the moderation in the business promotion expenses. There is no linear spending on the business promotion expenses.
Partial answer
High priority
Can organic growth exceed 20% with AI tailwinds?
Asked by Onar Gur, Shri Investment
Stated 20% is sensible but did not rule out higher growth; no specific guidance.
no commitment to higher growthdeflected to profitability
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Question
don't you think the growth can be with the tailwind of AI the growth can be much more than the 20% which you have projected for the organic front
Anuj (CEO)
it's a sensible sort of growth calibration at the moment to look at modeling our company for organic growth of over 20%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin target 23-25% over time | 25% | 22% | Overstated vs filing |
| Organic growth target over 20% for next 5 years | 20% | 20.3% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.