External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Affle 3i Ltd is a global ad-tech company specializing in consumer intelligence and engagement solutions.</li><li>It has built a strong presence in digital advertising with a conversion model through mobile devices.</li><li>Diversified Presence in High-Growth Categories Affle is well diversified across 8-10 consumer categories, which include e-commerce, fintech, foodtech, entertainment, and travel, reducing its dependence on a single vertical, broadening its advertiser base with lower revenue volatility. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Affle 3i Ltd is a global ad-tech company specializing in consumer intelligence and engagement solutions.It has built a strong presence in digital advertising with a conversion model through mobile devices.Diversified Presence in High-Growth Categories Affle is well diversified across 8-10 consumer categories, which include e-commerce, fintech, foodtech, entertainment, and travel, reducing its dependence on a single vertical, broadening its advertiser base with lower revenue volatility. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PICK OF THE WEEK: Affle 3i Limited - 15th November, 2025

<ul><li>Growth across Markets: In Q2FY26, India and Global Emerging Markets collectively contributed 73.9% to revenue, growing by 20% YoY, indicating strong regional demand.</li><li>Developed markets registered a 16.8% YoY growth, contributing 26.1%, driven by deeper customer engagements.</li><li>Patent Grant: The company received two new patents in the US, bringing its total IP portfolio to 16 patents. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Growth across Markets: In Q2FY26, India and Global Emerging Markets collectively contributed 73.9% to revenue, growing by 20% YoY, indicating strong regional demand.Developed markets registered a 16.8% YoY growth, contributing 26.1%, driven by deeper customer engagements.Patent Grant: The company received two new patents in the US, bringing its total IP portfolio to 16 patents. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Affle 3i Ltd. - Mixed Performance; Strong Momentum to Continue

<ul><li>Growth across markets: In Q1FY26, India and Global Emerging Markets collectively contributed 72.3% to revenue, growing by 18.1% YoY, indicating strong regional demand.</li><li>Developed markets registered a 23.3% YoY growth, contributing 27.7%, driven by deeper customer engagements.</li><li>Patent Grant: The company received a 14th patent grant in India for a "Method and System to Detect Advertisement Fraud," enhancing fraud detection capabilities across connected devices.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Growth across markets: In Q1FY26, India and Global Emerging Markets collectively contributed 72.3% to revenue, growing by 18.1% YoY, indicating strong regional demand.Developed markets registered a 23.3% YoY growth, contributing 27.7%, driven by deeper customer engagements.Patent Grant: The company received a 14th patent grant in India for a "Method and System to Detect Advertisement Fraud," enhancing fraud detection capabilities across connected devices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Affle 3i Ltd - Mix Bag Performance; Strong Momentum to Continue

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Affle’s revenue grew 10.8% q-o-q/20.6% y-o-y to Rs. 602 crore, beating our estimate of Rs. 591 crore.</li><li>EBITDA margin improved 96 bps q-o-q/245 bps y-o-y to 21.8%, beating our estimate of 21%.</li><li>Converted users grew 9% q-o-q/23.3% y-o-y to 103.3 crore. Despite global macroeconomic uncertainty, management is confident of achieving and sustaining over 20% growth in FY25, as industry tailwinds remain intact.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Affle’s revenue grew 10.8% q-o-q/20.6% y-o-y to Rs. 602 crore, beating our estimate of Rs. 591 crore.EBITDA margin improved 96 bps q-o-q/245 bps y-o-y to 21.8%, beating our estimate of 21%.Converted users grew 9% q-o-q/23.3% y-o-y to 103.3 crore. Despite global macroeconomic uncertainty, management is confident of achieving and sustaining over 20% growth in FY25, as industry tailwinds remain intact.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Reported revenue grew 4.5% q-o-q/25.9 y-o-y to Rs. 543 crore, beating our estimates of Rs. 533 crore.</li><li>EBITDA margin improved 76 bps q-o-q/65 bps y-o-y to 20.9%, beating our estimates of 20.3%.</li><li>Converted users grew 4.4% q-o-q/31.7% y-o-y to 9.5 crore. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reported revenue grew 4.5% q-o-q/25.9 y-o-y to Rs. 543 crore, beating our estimates of Rs. 533 crore.EBITDA margin improved 76 bps q-o-q/65 bps y-o-y to 20.9%, beating our estimates of 20.3%.Converted users grew 4.4% q-o-q/31.7% y-o-y to 9.5 crore. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Affle (India) Ltd - Strong Q2, Maintain Buy

India

Affle (India) Limited operates as a technology company. The Company offers consumer intelligence platform that delivers consumer engagements, acquisitions, and transactions through mobile advertising, as well as platform aims to enhance returns on marketing investment through contextual mobile ads and also by reducing digital ad fraud. Affle (India) serves customers worldwide.

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Affle (India) Limited (AFFLE IN)

PICK OF THE WEEK: Affle 3i Limited - 15th November, 2025

Affle 3i Ltd is a global ad-tech company specializing in consumer intelligence and engagement solutions. It has built a strong presence in digital...

Axis Direct

Affle 3i Ltd. - Mixed Performance; Strong Momentum to Continue

Growth across Markets: In Q2FY26, India and Global Emerging Markets collectively contributed 73.9% to revenue, growing by 20% YoY, indicating...

Axis Direct

Affle 3i Ltd - Mix Bag Performance; Strong Momentum to Continue

Growth across markets: In Q1FY26, India and Global Emerging Markets collectively contributed 72.3% to revenue, growing by 18.1% YoY, indicating...

Axis Direct

Affle (India) Ltd - Robust Quarter

Affle’s revenue grew 10.8% q-o-q/20.6% y-o-y to Rs. 602 crore, beating our estimate of Rs. 591 crore. EBITDA margin improved 96 bps q-o-q/245 bps y...

Sharekhan

Affle (India) Ltd - Strong Q2, Maintain Buy

Reported revenue grew 4.5% q-o-q/25.9 y-o-y to Rs. 543 crore, beating our estimates of Rs. 533 crore. EBITDA margin improved 76 bps q-o-q/65 bps y...

Sharekhan

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