📊 Affle India Ltd – Equity Research Note

is a unique play in digital advertising, leveraging its conversion-linked CPCU model and proprietary AI platforms. Strong balance sheet, scalable tech, and focus on emerging markets support structural growth. Fundamentals Revenue (TTM): ₹23.7B | Net Profit: ₹4.0B Margins: EBITDA ~25%, Net ~17% Balance Sheet: Net cash ~₹14B, negligible debt Valuation: P/E ~60x, reflecting premium growth expectations Edge: CPCU model ensures ROI-driven spend; platforms (MAAS, RevX, Vizury, Jampp) aid targeting, fraud detection, and engagement. Technicals Daily Chart: Bullish Engulfing candle signals reversal. Trend: Above 100 & 200 EMA; Supertrend bullish. Momentum: RSI bounced from 41, showing fresh buying. Levels: Entry above ₹1,930; resistance at ₹1,960–1,970; breakout above ₹1,980 may drive momentum. Targets: ₹2,100–₹2,300 (3–6 months) | Stop Loss: ₹1,750. Risks Regulatory tightening in digital ads Margin pressure from overseas scaling Intense competition from Google/Meta Elevated valuation risk if growth slows View Affle India is an AI-driven ad-tech growth story with strong fundamentals and a bullish technical setup. Suitable for medium-term accumulation post confirmation above ₹1,930. Recommendation: BUY | Target: ₹2,100–₹2,300 | Stop Loss: ₹1,750 Disclosure & Disclaimer: I, the author, and my family have no financial interest in Affle India. I am a SEBI-registered Research Analyst. This note is informational, not investment advice. Equity markets are risky; past performance is not indicative of future results.