revenue growth
70 pct
FY 2027
official guidance
RATEGAIN TRAVEL TECHNOLOGIES LIMITED
Last · NSE₹878.25+11.80 (+1.36%)close · yahoo · 47h ago
Market cap₹104.0B118.4M sh
P/E · TTM42.9fwd 23.9 · eps 20.46
Beta0.81vs S&P 500
Div yield—annual · TTM
52w range
₹437.00₹1050.00
Volume249.3Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Execution is improving, but the call lacks valuation and leaves material normalization and leverage questions.
No conviction after a strong quarter:
Q1 revenue was INR785 crore, up 187.6% year-on-year, with 24.6% adjusted EBITDA margin and 78.8% free-cash-flow conversion. The bull case is rapid Sojern cross-sell and debt reduction, but the quarter benefited from a USD2.5 million FIFA uplift, distribution grew only 3.1%, and adjusted profit excludes recurring deferred consideration.
Themes
- Sojern Integration
- Organic Growth
- Debt Repayment
- Martech
- Distribution
- Travel Intent Data
Near term
FIFA-related revenue uplift is not expected to repeat at the same scale in Q2, while Middle East monthly revenue remains about USD425,000 versus USD970,000 before disruption.
Distribution's 3.1% year-on-year growth must accelerate; management's RateIQ, Agentic ARI, direct-stack and APMEA pipeline claims have not yet converted into reported growth.
Debt fell to USD77.5 million after USD47.5 million of repayments, but finance cost was INR16.5 crore and net debt remained INR615.4 crore.
Longer term
The investment case depends on monetizing the combined travel-intent data and cross-selling across more than 14,000 customers, rather than merely completing integration.
Martech is now over 81% of revenue and grew 18.2% organically; sustained organic growth in the 15% to 20% range would validate the platform thesis.
AI products may improve pricing, bidding and distribution efficiency, but adoption and durable pricing power remain the key proof points.
Red flags
Adjusted EBITDA adds back deferred Sojern consideration of roughly INR80 crore to INR90 crore annually through Q3 FY29; reported EBITDA margin was 21.9% versus 24.6% adjusted.
Management would not commit to gross-margin expansion beyond the current range and could not attribute profitability or growth between Adara and Sojern after integration.
New contract wins are largely new logos and exclude upsizing, making the disclosed INR141 crore KPI a weak standalone indicator of demand.
Forward outlook
operating margin
22.5–23.5 pct
FY 2027
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
- Issuer IR
rategain transcript q3fy26 feb16 2026
RATEGAIN TRAVEL TECHNOLOGIES LIMITED
- Issuer IR
transcript q1 2025 26
RATEGAIN TRAVEL TECHNOLOGIES LIMITED
- Issuer IR
transcript q4 2024 25
RATEGAIN TRAVEL TECHNOLOGIES LIMITED
- Issuer IR
transcript q2 2024 25
RATEGAIN TRAVEL TECHNOLOGIES LIMITED
- Issuer IR
transcript q1 2024 25
RATEGAIN TRAVEL TECHNOLOGIES LIMITED
- Issuer IR
transcript q4 2023 24
RATEGAIN TRAVEL TECHNOLOGIES LIMITED
Documents
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