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RateGain Travel Technologies Ltd.
(RATEGAIN)
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Rating:73Outperform
Price Target:
₹923.00
▲(2.42% Upside)
Action:Reiterated
Date:07/03/26
The score is driven primarily by strong financial performance (growth, improved profitability, and solid free cash flow), tempered by elevated FY2026 leverage and weaker net-income conversion. Technicals are supportive but overbought signals add near-term risk, while a high P/E multiple with no dividend yield meaningfully constrains the valuation component.
Positive Factors
Recurring SaaS business model
Recurring subscription revenue can provide greater predictability than one-time sales and supports sustained customer relationships. RateGain’s integrations with travel technology and distribution partners also increase product utility, which can strengthen retention and support durable expansion.
Negative Factors
Sharp FY2026 debt increase
The sudden increase in debt reduces the conservatism previously evident in RateGain’s balance sheet and raises financial risk if earnings or cash generation weaken. Higher leverage may also constrain investment and capital allocation flexibility over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS business model
Recurring subscription revenue can provide greater predictability than one-time sales and supports sustained customer relationships. RateGain’s integrations with travel technology and distribution partners also increase product utility, which can strengthen retention and support durable expansion.
Read all positive factors
RateGain Travel Technologies Ltd. (RATEGAIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹98.04B
Dividend YieldN/A
Average Volume (3M)19.27K
Price to Earnings (P/E)40.4
Beta (1Y)1.15
Revenue Growth114.36%
EPS Growth14.91%
CountryIN
Employees713
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)20.52
Shares Outstanding118,532,880
10 Day Avg. Volume17,762
30 Day Avg. Volume19,269
Financial Highlights & Ratios
PEG Ratio-4.10
Price to Book (P/B)2.82
Price to Sales (P/S)3.10
P/FCF Ratio24.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)31.65
Revenue Forecast (FY)₹31.58B
RateGain Travel Technologies Ltd. Business Overview & Revenue Model
Company Description
RateGain Travel Technologies Limited, an India-based Software-as-a-Service (SaaS) provider founded in Noida in 2004, delivers technology solutions for the global hospitality and travel sectors. Its extensive reach covers India, North America, the ...
How the Company Makes Money
RateGain primarily makes money by selling subscription-based SaaS products to travel and hospitality customers. Revenue is typically generated through recurring fees for access to its platforms (e.g., modules for rate intelligence, distribution/ch...
RateGain Travel Technologies Ltd. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.36B | 18.24B | 10.77B | 9.57B | 5.65B | 3.67B |
| Gross Profit | 11.75B | 11.12B | 6.78B | 5.77B | 3.12B | 991.73M |
| EBITDA | 4.83B | 3.64B | 2.32B | 2.33B | 1.06B | 474.73M |
| Net Income | 2.42B | 1.94B | 2.09B | 1.45B | 684.01M | 84.19M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 35.60B | 19.04B | 17.31B | 9.45B | 7.81B |
| Cash, Cash Equivalents and Short-Term Investments | 2.10B | 2.10B | 5.53B | 10.60B | 3.17B | 3.87B |
| Total Debt | 0.00 | 9.49B | 160.49M | 166.61M | 176.91M | 90.89M |
| Total Liabilities | -20.06B | 15.54B | 2.21B | 2.81B | 2.36B | 1.62B |
| Stockholders Equity | 20.06B | 20.06B | 16.83B | 14.50B | 7.10B | 6.19B |
Cash Flow | ||||||
| Free Cash Flow | 474.94M | 2.30B | 1.13B | 1.48B | 474.96M | 132.09M |
| Operating Cash Flow | 501.95M | 2.34B | 1.20B | 1.52B | 519.18M | 168.05M |
| Investing Cash Flow | 58.77M | -12.82B | -453.85M | -5.68B | 125.81M | -2.95B |
| Financing Cash Flow | -19.50M | 8.36B | -17.42M | 5.81B | -17.01M | 2.40B |
RateGain Travel Technologies Ltd. Technical Analysis
Negative
901.15
Price Trends
903.67
Negative
853.59
Negative
719.44
Positive
Market Momentum
-21.83
Positive
37.56
Neutral
13.69
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RATEGAIN, the sentiment is Negative. The current price of 901.15 is above the 20-day moving average (MA) of 861.27, below the 50-day MA of 903.67, and above the 200-day MA of 719.44, indicating a neutral trend. The MACD of -21.83 indicates Positive momentum. The RSI at 37.56 is Neutral, neither overbought nor oversold. The STOCH value of 13.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RATEGAIN.
RateGain Travel Technologies Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹14.21B | 6.65 | ― | 0.69% | 35.35% | 59.52% | |
73 Outperform | ₹98.04B | 40.38 | ― | ― | 114.36% | 14.91% | |
73 Outperform | ₹48.33B | 34.63 | ― | 0.40% | 1.83% | -12.91% | |
70 Outperform | ₹198.44B | 30.37 | ― | 2.34% | 5.19% | -12.17% | |
57 Neutral | ₹19.13B | 37.87 | ― | 0.16% | 3.73% | -49.32% | |
56 Neutral | ₹21.82B | 50.79 | ― | ― | 15.71% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
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RateGain Travel Technologies Ltd. Corporate Events
RateGain Wins ET Enterprise AI Award as Fastest Growing SaaS Firm
Sep 18, 2026
RateGain Travel Technologies, founded in 2004 and headquartered in India, has built a strong position at the intersection of AI, data and travel technology, working with 33 of the top 40 hotel chains, four of the top five airlines and seven of the...
RateGain boosts share capital with employee stock allotment under SAR 2022
Sep 3, 2026
RateGain Travel Technologies Ltd. has increased its paid-up equity share capital through the allotment of 69,870 equity shares of face value Re. 1 each to eligible employees under its Stock Appreciation Rights Scheme 2022, approved by the Nominati...
RateGain Appoints New Chief Human Resources Officer Amid Planned Leadership Transition
Aug 24, 2026
RateGain Travel Technologies Ltd. has announced a leadership change in its human resources function, appointing Ms. Shobana Vinodh Kailash as Chief Human Resources Officer and Senior Management Personnel effective August 25, 2026. The decision was...
RateGain Names New CHRO to Drive AI-First Global People Strategy
Aug 24, 2026
RateGain Travel Technologies Ltd., a global leader in AI-powered SaaS for the travel and hospitality sector, has appointed Shobana Kailash as Chief Human Resources Officer, based in Noida. The company, which is evolving into a connected travel-com...
VIETJET QAZAQSTAN adopts RateGain’s AirGain to sharpen Central Asia pricing strategy
Aug 18, 2026
RateGain Travel Technologies Ltd., a global player in AI-driven SaaS for travel and hospitality, announced that Kazakhstan-based carrier VIETJET QAZAQSTAN has chosen its AirGain airfare pricing intelligence platform to support the airline’s ...
RateGain Grants 66,598 Stock Appreciation Rights Under 2022 Scheme
Jul 31, 2026
RateGain Travel Technologies Ltd. has granted 66,598 Stock Appreciation Rights (SARs) under its 2022 SAR scheme, with units priced at different levels and vesting over four years on a staggered schedule. The grants are structured to be exercisable...
RateGain Deregisters Non-Operational Hong Kong Subsidiary
Jul 21, 2026
RateGain Travel Technologies Ltd. has deregistered Sojern Hong Kong Limited, an indirectly wholly owned subsidiary, from the Companies Registry in Hong Kong with effect from July 10, 2026, leading to the legal dissolution of the entity. The subsid...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.