NSE: RATEGAIN · BSE: 543417
RATEGAIN TRAVEL TECHN LTD
Operates a Software-as-a-Service business selling technology platforms to the travel and hospitality industry, with revenue earned through subscriptions and usage-based fees from hotels, airlines, and travel intermediaries. The portfolio is split across product lines including UNO (an integrated hotel platform covering guest acquisition, website, booking conversion, distribution, and pricing), AirGain (an AI-driven airline pricing intelligence tool), Agentic ARI / Enterprise Connectivity (a hotel channel manager and demand distribution layer), and Sojern (a digital marketing platform for travel demand). Recent commercial wins include a Philippine Airlines deployment of AirGain for daily route-level pricing, a Citrus Leisure rollout of UNO across three Sri Lankan hotels, a connectivity partnership with Duetto to push rate updates across 400+ demand channels, and a distribution tie-up with last-minute booking app Cinko. The business is asset-light: capex is 0.2% of revenue, materials are 0%, while employee cost is 39% of revenue and other operating expenses (covering cloud, data, marketing, third-party content) are 42.5%. Revenue in FY26 was ₹1,823.554 crore with a 19.97% EBITDA margin and net profit of ₹194.387 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. UNO hospitality platform, AirGain airline pricing intelligence, Agentic ARI / Enterprise Connectivity, Sojern digital marketing. Asset-light, subscription-driven SaaS for travel and hospitality
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 367 | 565 | 957 | 1,077 | 1,824 |
| EBITDA (ex other income) | 30 | 85 | 190 | 232 | 303 |
| margin % | 8.1 | 15.0 | 19.8 | 21.6 | 16.6 |
| Owners' profit | 8 | 0 | 145 | 209 | 194 |
| EPS, as reported (₹) | 0.84 | 6.33 | 13.01 | 17.73 | 16.47 |
| ROE % · ROCE % | 1.4 · 2.5 | 9.6 · 9.1 | 10.0 · 12.8 | 12.4 · 16.0 | 9.7 · 9.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.46 |
| Cash from operations | 20 | 52 | 152 | 120 | 234 |
| Capex | (4) | (4) | (4) | (6) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 277 | 279 | 261 | 273 | 295 | 540 | 716 | 785 |
| Profit before tax | 69 | 73 | 72 | 61 | 66 | 29 | 96 | 121 |
| Net profit | 52 | 57 | 55 | 47 | 51 | 26 | 70 | 95 |
| EPS (₹) | 4.43 | 4.80 | 4.65 | 3.98 | 4.32 | 2.24 | 5.93 | 8.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 9,03,878 | 18.1 | 8.33 | 12.4 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,71,713 | 15.7 | 5.06 | 9.9 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,85,530 | 22.1 | 5.13 | 13.8 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,85,195 | 14.8 | 2.10 | 8.8 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,77,517 | 31.3 | 5.90 | 19.9 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,20,167 | 23.0 | 4.98 | 14.5 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 92,008 | 47.4 | 11.74 | 31.5 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 88,367 | 40.6 | 9.13 | 31.5 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.0 | 15.1 | 55 of 65 | 16% |
| P/B | 4.7 | 2.6 | 44 of 65 | 33% |
| ROCE | 8.7 | 14.2 | 52 of 76 | 32% |
| ROE | 9.7 | 11.5 | 41 of 64 | 37% |
| Debt / Equity | 0.5 | 0.0 | 55 of 65 | 16% |
| EBITDA margin | 22.2 | 18.4 | 22 of 65 | 67% |
| Revenue growth | 187.6 | 10.6 | 3 of 63 | 97% |
| Profit growth | 102.2 | 6.7 | 6 of 62 | 92% |
| Market cap | 9469 | 425 | 16 of 76 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Allotment of 16,705 equity shares under SAR 2022 scheme | capital market events | low | — | — |
| 8 Oct 2026 · Sojern hosts second annual European Destinations Advisory Board in Athens | business updates | low | — | — |
| 7 Oct 2026 · RateGain partners with Vietnam Airlines for AirGain pricing platform | business updates | high | — | — |
| 5 Oct 2026 · RateGain 14th AGM: Sojern integration complete, Q1 FY27 strong start | investor communications | medium | — | — |
| 30 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 28 Sept 2026 · RateGain grants 48,193 SAR units to employees under SAR-2022 scheme | business updates | low | — | — |
| 28 Sept 2026 · RateGain appoints Chetan Garg as Chief Financial Officer | management changes | high | — | — |
| 28 Sept 2026 · KMP details disclosed under SEBI LODR Reg 30(5) | compliance | minimal | — | — |
| 28 Sept 2026 · New CFO Chetan Prakash Garg appointed; Ankit Aggarwal steps down as Interim CFO | management changes | high | — | — |
| 25 Sept 2026 · RateGain schedules AI Landscape Demo with investors on Sept 30 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.