RATEGAIN
Micro CapRategain Travel Technologies Limited
IT
RateGain provides an integrated AI-powered technology platform for the travel and hospitality sector, enabling customers to increase revenue through guest acquisition, retention, and wallet share expansion. It serves 25 Global Fortune 500 companies, 33 of Top 40 Hotel Chains, and leading OTAs.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +174% YoY · PAT +27% YoY · +33% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹716 Cr | +174.3% | +32.6% |
| EBITDA | ₹147 Cr | +141.0% | +69.0% |
| Operating margin | 21.0% | -200 bps | +500 bps |
| PAT | ₹70 Cr | +27.3% | +169.2% |
| PAT margin | 9.8% | -1129 bps | +497 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
RateGain reports robust Q4FY26 revenue growth of 174.5% YoY, driven by Sojern integration, with Adj. EBITDA margin at 23.5%. FY26 revenue grew 69.4% YoY, but Adj. PAT margin declined to 13.7% from 19.4% in FY25.
While top-line growth is robust post-Sojern acquisition, key efficiency metrics like NRR and LTV to CAC have softened. Increased GTM investments and higher attrition are impacting profitability, suggesting integration and organic growth execution require close monitoring.
Revenue by Industry Type (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Customer Growth
Leveraging large customer base to drive cross-sell and up-sell through a 'Land & Expand' strategy.
AI-powered Product Innovation
Leveraging large data assets to launch AI solutions and features to offer incremental value to customers.
Geographic Expansion
Investing in Go-To-Market (GTM) teams to build presence in high-growth geographies.
Martech Expansion
Streamlining Martech offering under a unified platform to deliver predictive traveler insights and drive incremental value.
Global Travel Demand Resilience
Global travel demand remains resilient, with APAC and Latin America showing strong performance.
Sojern Integration Success
Sojern integration delivered ahead of plan, building the world's largest travel intent data platform.
AI-driven Product Innovation
AI is generating measurable commercial outcomes for customers across acquisition, distribution, and engagement.
Geopolitical Tensions
Geopolitical tensions are creating strong regional divergence in travel demand, impacting growth uniformity.
Increased Employee Attrition
Employee attrition is higher sequentially due to market conditions and the Sojern integration.
GTM Investment Impact on Margins
Margins are impacted due to increased investments in GTM motion to drive higher growth and consolidation of Sojern.
Deferred Deal Consideration
EBITDA and PAT are impacted by deferred deal consideration related to the Sojern acquisition, to be paid over 3 years ending Q3FY29.
Softening Efficiency Metrics
Net Revenue Retention (NRR) declined to 99.6% and LTV to CAC decreased to 12.8x, indicating potential challenges in client expansion and acquisition efficiency.
Integration Execution
While Sojern integration is ahead of plan, continued focus is needed to ensure sustained benefits and avoid further impact on employee attrition.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial to assess the full impact of the Sojern acquisition on revenue and profitability. QoQ comparison is important for tracking sequential momentum, integration benefits, and margin trends post-acquisition.
Customer Count
13,410 customers in FY26, with customers added through Sojern Acquisition.
LTV to CAC
UNDER_STRESS12.8x in FY26, compared to 13.6x in FY25. (Excludes Sojern)
Gross Revenue Retention (GRR)
94.9% in FY26, compared to 95.1% in FY25.
Net Revenue Retention (NRR)
UNDER_STRESS99.6% in FY26, compared to 100.5% in FY25.
FY26 as Transformative Year
FY26 was the year RateGain became a structurally different company, with Sojern integration delivered ahead of plan and AI generating measurable commercial outcomes.
Confidence in FY27 Priorities
Management enters FY27 with stronger capabilities, sharper execution, and a clear line of sight to its $1 billion ambition.
Focus on Profitable Growth
The company's financial position, operating rigor, and continued focus on profitable growth give confidence to deliver on FY27 priorities.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Revenue Retention (NRR) | 99.6% (FY26) | Improvement above 100% to demonstrate effective cross-sell/up-sell and client stickiness. |
| LTV to CAC | 12.8x (FY26) | Stabilization or improvement, indicating efficient customer acquisition and long-term value generation. |
| Adj. EBITDA Margin | 19.6% (FY26) | Expansion, demonstrating effective cost management and realization of integration synergies despite GTM investments. |
| Employee Attrition | 14.7% (12 trailing months) | Decline, indicating successful integration of Sojern and improved employee retention. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +15.7% / mo · near 52W high
Technical chart
RATEGAINweekly · 3Y-8.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 65. Wait for confirmation.
- SMA20 rising (~13.6% over last month) — short-term momentum positive.
- RSI(14) at 65 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 77% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 21/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -26.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 61st percentile of the scored universe and 54th percentile within IT. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -2.3%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 54th pctile, median 68 · Micro: 44th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸6/8 recent quarters had positive YoY PAT growth.
Trust risks
- ▸ROCE trend is -2.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 39.90
- P/B
- 4.39
- EV/EBITDA
- 23.35
- Market Cap
- 8812.00Cr
Profitability
- ROE
- 12.00%
- ROCE
- 13.70%
- ROA
- 5.45%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 49.00%
- EPS 5Y
- 55.00%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 49.00%
Balance Sheet
- Debt/Equity
- 0.56
- Interest Coverage
- 10.53×
- Altman Z
- 4.47
- Book Value
- 170.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 234.00 Cr
- EPS TTM
- 16.45
Shareholding
- Promoter Hold
- 48.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.