Citi has initiated coverage on Affle India with a Buy rating and a target price (TP) of ₹1,600 per share. This TP is based on a 48x FY26E P/E multiple, reflecting a 50 per cent premium to global ad-tech peers but a 35 per cent and 10 per cent discount to large-cap and mid-cap Indian internet stocks, respectively.

Citi’s pecking order in the large-cap segment includes Zomato, MakeMyTrip (MMYT), and Info Edge (INED), while in the mid-cap segment, it prioritizes Delhivery, Affle, and CarTrade. This strategic coverage highlights Citi’s confidence in Affle’s growth potential within the ad-tech industry and its competitive positioning among Indian internet stocks.