Geopolitical uncertainty impacting advertiser budgets
Management noted that global geopolitical tensions could cause advertisers to pull back spending, affecting Q4 and beyond.
AFFLE / Q3-FY26 / risks
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Affle 3i · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Inventory cost investment may pressure near-term margins
Data and inventory costs rose as a percentage of revenue due to investments in verticalization for international markets; management expects this to continue for a few more quarters.
Real money gaming ban impact on India revenue
The RMG ban resulted in a ~INR 10-12 crore revenue loss in Q3 compared to base, though offset by broad-based growth.
Agency payment cycles causing temporary OCF dip
OCF/PAT ratio fell to 75.8% due to agency audits; management expects normalization but any delay could affect cash flows.