RATEGAIN
Rategain Travel Technologies share price & financials
- Price
- ₹867.7
- Market cap
- ₹11.1k Cr
- Sector
- Information Technology
- Calls analysed
- 4
Rategain Travel Technologies Limited Q1 FY27
What went well
- Highest ever quarterly operating revenue of INR785 crores, marking a 188% year-on-year increase.
- Achieved a record adjusted EBITDA margin of 24.6%, with adjusted EBITDA of INR193 crores, up 189% year-on-year.
- Strong organic revenue growth for the combined entity at 17.5% year-on-year.
What to watch
- Revenue from the Middle East region has declined from $970,000 to $425,000 per month, serving as a headwind.
- One-time revenue uplift of USD2.5 million in Q1 from FIFA World Cup is not expected to repeat at the same scale in Q2, potentially normalizing growth marginally.
What Rategain Travel Technologies Limited does
RateGain Travel Technologies runs a cloud-based, AI-powered SaaS platform for the travel and hospitality industry, organised into three reporting segments: DaaS (real-time competitive rate intelligence and travel-intent data), Distribution (connectivity between hotels and OTAs/GDS/metasearch channels), and MarTech (paid digital marketing, social-media management and guest-engagement tools). It ingests pricing and demand data from hundreds of external sources and serves hotels, airlines, car-rental companies, cruise lines, OTAs and destination marketing organizations across more than 100 countries. Revenue is earned through a mix of subscription, transactional and hybrid customer contracts. The company has expanded its data and marketing capabilities through acquisitions such as Adara, myhotelshop and Sojern.
Segments
- DaaS
- Distribution
- MarTech
- Active customers
- 13,410
- Countries served
- 100+
- Hotel properties on distribution network
- 190,000+
- OTA/GDS connections in distribution network
- 400+
- External pricing/demand data sources ingested
- 500+
- Cumulative price-point searches processed
- 148 billion+
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 5 delivered 0 missed 10 open- FY26 Consolidated Revenue Growth delivered said Q2 FY26 Promised: 55%-60% year-on-year growth for the full year over FY25 Q1 FY27: Promise relates to the completed FY26 and remains achieved.
- Distribution Business Growth revised up said Q2 FY26 Promised: double-digit growth in FY27 Q1 FY27: Management is now 'quite hopeful' that the distribution business will show double-digit growth by the end of the fiscal year, citing traction from new products. This revises the outlook upwards from Q4.
- Net Debt Status on track said Q3 FY26 Promised: net debt positive within 30 months Q1 FY27: Net debt further reduced to INR 615.4 cr. An additional $16M was repaid, bringing total repayment to $47.5M (38% of original loan). Progress remains firmly on track.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 187.5%, net profit up 102.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 277 | 279 | 261 | 273 | 295 +6% | 540 +94% | 716 +174% | 785 +188% |
| EBITDA | 60 | 61 | 61 | 50 | 54 −10% | 87 +43% | 147 +141% | 172 +244% |
| Net profit | 52 | 57 | 55 | 47 | 51 −2% | 26 −54% | 70 +27% | 95 +102% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +37.8% 1Y
1Y: ₹637.5 on 10 Sept 2025 → ₹878.25. High ₹990.05 (21 Aug 2026), low ₹438.15 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.4%
- 6 Aug
- Q4 FY26
- −1.1%
- 21 May
- Q3 FY26
- −1.7%
- 16 Feb
- Q2 FY26
- −2.3%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 63.9% a year over 3 years, FY23 to FY26. Operating margin widened to 18.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹414 Cr | ₹957 Cr | ₹1.1k Cr | ₹1.8k Cr |
| Operating profit | ₹46 Cr | ₹189 Cr | ₹232 Cr | ₹338 Cr |
| Operating margin | 11.1% | 19.7% | 21.5% | 18.5% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹30 Cr |
| Depreciation | ₹25 Cr | ₹41 Cr | ₹34 Cr | ₹81 Cr |
| Net profit | ₹32 Cr | ₹145 Cr | ₹209 Cr | ₹194 Cr |
| Net margin | 7.7% | 15.2% | 19.4% | 10.6% |
| Cash from operations | ₹52 Cr | ₹152 Cr | ₹120 Cr | ₹234 Cr |
| Free cash flow | ₹48 Cr | ₹148 Cr | ₹114 Cr | ₹230 Cr |
| ROCE | 10.0% | 17.0% | 17.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹11 Cr | ₹11 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹244 Cr | ₹608 Cr | ₹699 Cr | ₹1.4k Cr | ₹1.8k Cr | ₹2.0k Cr |
| Borrowings | ₹117 Cr | ₹18 Cr | ₹18 Cr | ₹17 Cr | ₹15 Cr | ₹949 Cr |
| Other liabilities | ₹78 Cr | ₹140 Cr | ₹208 Cr | ₹255 Cr | ₹226 Cr | ₹468 Cr |
| Total liabilities | ₹440 Cr | ₹777 Cr | ₹936 Cr | ₹1.7k Cr | ₹2.1k Cr | ₹3.4k Cr |
| Fixed assets | ₹168 Cr | ₹222 Cr | ₹396 Cr | ₹364 Cr | ₹351 Cr | ₹2.4k Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹129 Cr | ₹165 Cr | ₹140 Cr | ₹179 Cr | ₹332 Cr | ₹25 Cr |
| Other assets | ₹143 Cr | ₹390 Cr | ₹399 Cr | ₹1.2k Cr | ₹1.4k Cr | ₹996 Cr |
| Total assets | ₹440 Cr | ₹777 Cr | ₹936 Cr | ₹1.7k Cr | ₹2.1k Cr | ₹3.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −2.68 pp while the public added +1.79 pp. The shareholder count shrank 7% to 90,004.
- Promoters
- 48.8%
- FIIs
- 5.8%
- DIIs
- 20.9%
- Public
- 24.5%
- Others
- 0.1%
Since Jun 2025
- DIIs −2.68 pp
- Public +1.79 pp
- Promoters +0.62 pp
How it drifted, 12 quarters
Over this window promoters fell from 55.7% to 48.8% — −6.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.7%, FIIs 5.4%, DIIs 17.8%, Public 21.1%.Dec '23: Promoters 51.3%, FIIs 8.7%, DIIs 18.8%, Public 21.3%, Others 0.0%.Mar '24: Promoters 51.3%, FIIs 10.5%, DIIs 17.3%, Public 20.9%, Others 0.1%.Jun '24: Promoters 48.3%, FIIs 9.5%, DIIs 21.7%, Public 20.5%, Others 0.1%.Sep '24: Promoters 48.2%, FIIs 10.2%, DIIs 20.6%, Public 21.0%, Others 0.1%.Dec '24: Promoters 48.2%, FIIs 8.3%, DIIs 22.6%, Public 20.8%, Others 0.1%.Mar '25: Promoters 48.2%, FIIs 7.6%, DIIs 23.0%, Public 21.2%, Others 0.1%.Jun '25: Promoters 48.2%, FIIs 5.5%, DIIs 23.5%, Public 22.7%, Others 0.1%.Sep '25: Promoters 48.2%, FIIs 5.5%, DIIs 21.6%, Public 24.7%, Others 0.1%.Dec '25: Promoters 48.5%, FIIs 5.0%, DIIs 20.6%, Public 25.8%, Others 0.1%.Mar '26: Promoters 48.8%, FIIs 5.3%, DIIs 20.9%, Public 25.0%, Others 0.1%.Jun '26: Promoters 48.8%, FIIs 5.8%, DIIs 20.9%, Public 24.5%, Others 0.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Large & Mid Cap Fund Mutual fund newly disclosed 1.85% held
- Sundaram Mutual Fund A/C Sundaram Small Cap Fund Mutual fund +1.77 pp 5.46% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund +1.16 pp 2.93% held
The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Rategain Travel Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bhanu Chopra | 38.31% | unchanged |
| Megha Chopra | 9.41% | unchanged |
| Sundaram Mutual Fund A/C Sundaram Small Cap Fund Mutual fund | 5.46% | +1.77 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Sma Mutual fund | 4.49% | unchanged |
| Paisabuddy Finance Private Limited | 3.80% | −0.10 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund | 2.93% | +1.16 pp |
| ICICI Prudential Large & Mid Cap Fund Mutual fund | 1.85% | newly disclosed |
| Plutus Wealth Management Llp | 1.69% | unchanged |
| Cif Iii Scheme I AIF | 1.23% | unchanged |
| Usha Chopra | 1.05% | unchanged |
| Ruhaan Shankar Chopra | 0.01% | unchanged |
| ICICI Prudential Technology Fund Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in RATEGAIN
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹498 Cr
- 1 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹498 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹498 Cr | held | Sep '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +220%
- vs est. average cost
- Held by funds
- ₹498 Cr
- 1 schemes · ≈ 4.2% of the company
Shares held by these funds −36%
Aug '23 53.15 L shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹878, this stock must grow earnings at 28% every year for 7 years. Our analysis caps realistic growth at ~76%. At that growth it is worth ₹7184 — upside of 718%.
- Growth the price implies
- 27.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 82.3% a year
- net profit, FY23–FY26 · EPS 75.6%
- The gap
- -0.5 pp
- 718% downside if it only repeats history
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Rategain Travel Technologies Limited
Guides on how to read this kind of business and the numbers that matter.