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RateGain Travel Technologies Ltd.
(RATEGAIN)
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Rating:73Outperform
Price Target:
₹1,054.00
▲(16.96% 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
Revenue Growth
Very strong multi‑year revenue growth, including a sharp acceleration in FY2026, indicates durable market demand for RateGain’s travel SaaS. Sustained top‑line momentum improves scale economics, funds product development and cross‑sell, and strengthens its competitive position over months.
Negative Factors
FY2026 Debt Spike
A large step‑up in total debt in FY2026 materially alters the company’s leverage profile and reduces financial flexibility. Higher indebtedness raises refinancing and covenant risk, limits capacity for opportunistic investment, and increases vulnerability to demand shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Very strong multi‑year revenue growth, including a sharp acceleration in FY2026, indicates durable market demand for RateGain’s travel SaaS. Sustained top‑line momentum improves scale economics, funds product development and cross‑sell, and strengthens its competitive position over months.
Read all positive factors
RateGain Travel Technologies Ltd. (RATEGAIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹102.46B
Dividend YieldN/A
Average Volume (3M)28.74K
Price to Earnings (P/E)41.8
Beta (1Y)1.13
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. Volume20,959
30 Day Avg. Volume28,742
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)31.92
Revenue Forecast (FY)₹31.50B
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. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹14.59B | 6.95 | ― | 0.66% | 35.35% | 59.52% | |
73 Outperform | ₹102.46B | 41.83 | ― | ― | 114.36% | 14.91% | |
73 Outperform | ₹48.75B | 35.80 | ― | 0.39% | 1.83% | -12.91% | |
70 Outperform | ₹210.90B | 31.09 | ― | 2.25% | 5.19% | -12.17% | |
57 Neutral | ₹18.99B | 38.28 | ― | 0.16% | 3.73% | -49.32% | |
56 Neutral | ₹21.24B | 51.10 | ― | ― | 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 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...
RateGain, ZentrumHub Form Connectivity Alliance to Streamline Hotel Distribution
Jun 9, 2026
RateGain Travel Technologies has entered a strategic connectivity partnership with ZentrumHub to streamline hotel distribution and reduce integration complexity across the travel ecosystem. By combining RateGain’s Smart Distribution platform...
RateGain Plans Virtual Investor Meet at InsightX Forum
Jun 8, 2026
RateGain Travel Technologies has scheduled an interaction with analysts and institutional investors via a virtual group meeting at the Choice Institutional Equities InsightX Virtual Forum on June 12, 2026. The company stated that discussions in th...
RateGain Schedules Singapore Investor Meetings with Investec
Jun 2, 2026
RateGain Travel Technologies has disclosed that it will hold one-on-one and group meetings with investors organized by Investec in Singapore on June 8–9, 2026. The interactions will be based on publicly available information, underscoring th...
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.