How has been the historical performance of Affle 3i?

Revenue and Profit Growth Trajectory

Affle 3i’s net sales have shown a remarkable upward trajectory, rising from ₹249.40 crores in March 2019 to ₹2,266.31 crores by March 2025. This represents a compounded growth that underscores the company’s expanding market presence and operational scale. Total operating income mirrors this trend, with no other operating income reported, indicating that core business activities drive revenue growth.

Operating profit before other income (PBDIT excl. OI) increased steadily from ₹70.32 crores in 2019 to ₹483.16 crores in 2025, reflecting improved operational efficiency despite rising expenses. Including other income, operating profit rose to ₹576.93 crores in the latest fiscal year. Profit after tax (PAT) also surged from ₹48.82 crores in 2019 to ₹381.87 crores in 2025, demonstrating strong bottom-line growth. Earnings per share (EPS) followed suit, reaching ₹27.21 in 2025, up from ₹20.10 in 2019, adjusted for changes in face value.

Cost Structure and Margins

The company’s expenditure profile reveals rising employee costs and manufacturing expenses, consistent with its growth phase. Employee costs increased from ₹21.23 crores in 2019 to ₹231.27 crores in 2025, while manufacturing expenses rose from ₹134.11 crores to ₹1,379.31 crores over the same period. Despite these increases, Affle 3i maintained healthy operating profit margins, with the operating profit margin excluding other income stabilising around 21.32% in 2025, compared to 28.2% in 2019. Gross profit margin also remained robust at 24.9% in 2025, reflecting effective cost management amid expansion.

Profit after tax margin showed some compression from 26.13% in 2021 to 16.85% in 2025, which may be attributed to scaling costs and investments, yet the absolute profit growth remains strong.

Balance Sheet Strength and Asset Growth

Affle 3i’s total assets expanded significantly from ₹401.94 crores in 2020 to ₹3,607.33 crores in 2025, driven by increases in net block, intangible assets under development, and current assets. Net block grew from ₹159.12 crores in 2020 to ₹1,216.12 crores in 2025, indicating substantial capital expenditure on fixed assets. Intangible assets under development also rose markedly, reflecting ongoing investments in technology and intellectual property.

Current assets increased to ₹2,176.12 crores in 2025, supported by a strong cash and bank balance of ₹1,391.70 crores, up from ₹126.47 crores in 2020. Sundry debtors and other current assets also grew, consistent with higher sales volumes. Shareholder’s funds strengthened from ₹229.16 crores in 2020 to ₹2,946.46 crores in 2025, highlighting retained earnings and equity growth. Book value per share adjusted for face value rose impressively to ₹211.01 in 2025 from ₹17.98 in 2020, signalling enhanced net worth per share.

Liabilities and Debt Profile

Total liabilities increased in line with asset growth, reaching ₹3,607.33 crores in 2025. Long-term borrowings decreased substantially from ₹89.32 crores in 2021 to ₹10.66 crores in 2025, reflecting debt repayment or refinancing. Short-term borrowings fluctuated but stood at ₹66.56 crores in 2025. Other long-term liabilities declined from ₹121.76 crores in 2022 to ₹21.79 crores in 2025, indicating improved liability management. Trade payables and other current liabilities rose proportionally with business scale, maintaining operational liquidity.

Cash Flow Trends

Cash flow from operating activities showed consistent improvement, rising from ₹71 crores in 2020 to ₹425 crores in 2025. This strong cash generation supports the company’s capital expenditure and working capital needs. Investing activities reflected significant outflows, particularly in earlier years, due to asset acquisitions and development, but these outflows moderated to ₹91 crores in 2025. Financing activities varied, with a notable inflow of ₹783 crores in 2024, likely from equity or debt issuance, followed by an outflow of ₹91 crores in 2025. The net cash inflow remained positive, with closing cash and cash equivalents increasing to ₹1,047 crores in 2025 from ₹69 crores in 2021.

Summary and Investor Insights

Affle 3i’s historical performance reflects a company in strong growth mode, with revenues and profits expanding at a rapid pace over the past six years. The firm has successfully scaled its operations while maintaining solid profit margins and improving shareholder equity. Its balance sheet shows a healthy increase in assets and a controlled debt profile, supported by robust cash flows from operations. Investors may note the slight margin compression as the company invests in growth, but the overall financial health remains sound.

Given this track record, Affle 3i presents a compelling case for investors seeking exposure to a growing technology-driven enterprise with a history of consistent financial improvement and prudent capital management.

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