Ahead, the brokerage expects the full ~3% RMG impact (i.e., Rs 170-180 m/quarter) to playout in Q3 (and continue till H1 FY27), partially offset by festive season in India and revival in developed markets (from ~20.2% YoY in H1 FY26), as US marketing budgets ramp-up.
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Anand Rathi Report
With Affle 3i Ltd.'s optimistic of ~18-20% YoY topline growth in near-term (20%+ YoY thereafter) and post-correction valuation comfort, Anand Rathi upgrades rating to Buy with an unrevised target price of Rs 2,000 (valuing at 45x Sep'27e earnings), implying an upside of 21% from the current market price of Rs 1648.
Near-term key trigger would be good inorganic acquisitions as the company has ~Rs 14.6 billion net cash on its books (H1 FY26).
Valuation
Ahead, the brokerage expects the full ~3% RMG impact (i.e., Rs 170-180 m/quarter) to playout in Q3 (and continue till H1 FY27), partially offset by festive season in India and revival in developed markets (from ~20.2% YoY in H1 FY26), as US marketing budgets ramp-up.
With company optimistic of ~18-20% YoY topline growth in near-term (20%+ YoY thereafter) and post-correction valuation comfort, the brokerage upgrade its rating to Buy.
Key Risks
Adverse changes in data protection and data privacy policy.
Lower marketing spends by customers.
Inability to turn around the acquired companies.
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