Archive · 10 Dec 2025
Anand Rathi Upgrades Affle 3i to Buy
Anand Rathi, a brokerage firm, has changed its opinion about Affle 3i Ltd and now recommends buying its stock.
They think the stock is a good deal after it went down a lot in price.
They believe the company will make more money in the next few years because of better technology and more customers.
They also think the company is prepared for new data protection rules.
However, they warn that changes in data rules, less spending by customers, and problems with the companies they buy could be risks.
Anand Rathi upgraded Affle 3i Ltd to a 'Buy' rating with a target price of ₹2,000, implying a 22% upside potential.
The stock's correction was driven by lower-than-estimated CPCU revenue and a partial impact from RMG in India.
Anand Rathi expects revenue to grow at a CAGR of 20.4% over FY26–28, driven by user conversions and expansion across verticals and regions.
The brokerage anticipates EBITDA to grow at a CAGR of 23% over FY26–28, with margins increasing to around 23.5%.
Key risks include adverse changes in data protection policies, lower marketing spending by customers, and potential inability to turn around acquired companies.
- Who
- Anand Rathi, Affle 3i Ltd
- What
- Stock upgrade to 'Buy' with a target price of ₹2,000
- When
- After a 25% crash from recent highs
- Where
- India
- Why
- Alignment of fundamentals with valuations, expected revenue and EBITDA growth
- Company
- Affle 3i Ltd
- Brokerage
- Anand Rathi
- Rating
- Buy
- Target Price
- ₹2,000
- Upside Potential
- 22%
- Current Share Price
- ₹1,642
- Expected Revenue CAGR
- 20.4% (FY26–28)
- Expected EBITDA CAGR
- 23% (FY26–28)
- Expected EPS CAGR
- 21.5% (FY26–28)
- Key Risks
- Data protection policies, lower marketing spending, acquisition challenges