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Model Note · RATEGAIN TRAVEL TECHN LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RATEGAIN TRAVEL TECHN LTD Discounted cash flow · base FY26
RATEGAIN TRAVEL TECHN LTD
Value per share, this model₹371
CMP 2026-09-10₹878.55
Difference(57.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RATEGAIN TRAVEL TECHN LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
30% a year
FY26 69.4% · 5-yr CAGR —%
EBITDA margin
16.6%
FY26 16.6% · 5-yr average 16.2%
Depreciation · capex, % of revenue
4.4% · 0.2%, fading to 1.2× depreciation
FY26 4.4% · 0.2%
Working capital, % of added revenue · tax
12.8% · 22.9%
47 working-capital days · effective 22.9%
Discount rate
11.00%
1-yr beta 1.41
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹748 · ₹0 · ₹0 cr
FY26 net debt ₹748 cr
Shares
11.84 crore
11.84 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
1,824
2,371
3,082
4,006
5,208
6,771
growth %
69.4
30.0
30.0
30.0
30.0
30.0
EBITDA
303
394
512
665
865
1,124
Depreciation
(81)
(104)
(136)
(176)
(229)
(298)
NOPAT
171
223
290
377
490
637
less capex
(4)
(5)
(45)
(110)
(209)
(357)
less working-capital build
—
(70)
(91)
(118)
(154)
(200)
Free cash flow to firm
—
253
289
325
356
377
Present value
240
247
250
247
236
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · RATEGAIN TRAVEL TECHN LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,221
PV of the terminal value (76% of EV)
3,918
Enterprise value
5,139
less net debt
(748)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,391
÷ 11.84 crore shares
₹371
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
385
418
458
506
567
10.5%
351
378
410
449
497
11.0%
321
344
371
403
441
11.5%
295
315
338
364
395
12.0%
273
290
309
331
357
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
