Anand Rathi Upgrades Affle 3i to 'BUY', Sets Rs 2000 Target

• Anand Rathi recommends "Buy" for Affle 3i with a target price of Rs 2000.
• Affle 3i’s H1FY26 revenue grew ~19.3% y/y to ~Rs 12.7bn, with EBITDA up ~31.2% y/y.
• Recent stock correction was due to lower CPCU revenue from ad-budget shifts and RMG impact.
• The company is optimistic about ~18-20% y/y topline growth in the near term.
• Anand Rathi upgraded the rating to BUY, citing valuation comfort and potential inorganic acquisitions with ~Rs14.6bn net cash.

Why It Matters: Anand Rathi recommends buying Affle 3i stock with a Rs 2000 target.