RateGain Travel Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Marketing Technology: 69.1% • Data as a Service: 20.2% • Distribution: 10.7%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Latest quarter profit grew 102.2% YoY, showing strong momentum
- Company has delivered good sales growth of 48.7% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.92x)
- Working capital cycle has improved - days down from 415 to 56
- Company comfortably covers its interest (7.4x coverage)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Contingent liabilities are large at 67.5% of net worth
- Valuation is stretched - P/E of 41.2 is well above its own 5-year median (26.7)
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2209.00 | 16.05 | 799235.53 | 4.98 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1035.00 | 13.87 | 420027.06 | 4.64 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1226.55 | 19.10 | 332844.59 | 4.40 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1502.25 | 28.67 | 147240.59 | 3.39 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4403.10 | 24.97 | 130605.33 | 1.70 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11623.00 | 29.66 | 101216.72 | 3.44 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5390.00 | 44.21 | 85027.25 | 0.74 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1846.90 | 46.57 | 81813.62 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2311.65 | 23.10 | 44125.99 | 2.68 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3360.55 | 27.01 | 35647.89 | 1.73 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| RATEGAIN | 841.65 | 41.16 | 9976.32 | 0.00 | 949.10 | 1922.29 | 7850.12 | 2776.40 | 12.63 | 21.85 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 214 | 235 | 252 | 256 | 260 | 277 | 279 | 261 | 273 | 295 | 540 | 716 | 785 | |
| 177 | 188 | 201 | 202 | 210 | 217 | 217 | 200 | 223 | 241 | 453 | 569 | 668 | |
| Operating Profit | 38 | 46 | 51 | 54 | 50 | 60 | 61 | 61 | 50 | 54 | 87 | 147 | 117 |
| OPM % | 17.62% | 19.77% | 20.34% | 21.21% | 19.14% | 21.72% | 22.06% | 23.24% | 18.20% | 18.18% | 16.13% | 20.55% | 14.96% |
| 6 | 4 | 11 | 21 | 18 | 17 | 20 | 20 | 21 | 22 | -18 | 3 | 3 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 18 | 17 |
| Depreciation | 11 | 10 | 10 | 10 | 9 | 9 | 8 | 8 | 9 | 9 | 28 | 35 | 38 |
| Profit before Tax | 32 | 39 | 52 | 65 | 58 | 68 | 73 | 72 | 61 | 66 | 29 | 96 | 121 |
| Tax % | 22.45% | 23.55% | 22.30% | 23.58% | 22.08% | 23.80% | 22.69% | 24.27% | 23.48% | 22.16% | 8.51% | 27.23% | 21.27% |
| Net Profit | 0 | 0 | 0 | 0 | 45 | 52 | 57 | 55 | 47 | 51 | 26 | 70 | 95 |
| 2.30 | 2.77 | 3.59 | 4.25 | 3.85 | 4.43 | 4.80 | 4.65 | 3.98 | 4.32 | 2.24 | 5.93 | 8.03 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 262 | 399 | 251 | 367 | 565 | 957 | 1,077 | 1,824 | 2,336 | |
| 239 | 423 | 244 | 335 | 479 | 766 | 843 | 1,478 | 1,930 | |
| Operating Profit | 23 | -24 | 7 | 32 | 87 | 191 | 234 | 345 | 405 |
| OPM % | 8.70% | -6.05% | 2.90% | 8.75% | 15.33% | 19.98% | 21.72% | 18.92% | 17.35% |
| 11 | 59 | 13 | 16 | 20 | 42 | 76 | 27 | 9 | |
| Interest | 4 | 10 | 9 | 7 | 3 | 3 | 3 | 39 | 48 |
| Depreciation | 20 | 43 | 36 | 30 | 36 | 41 | 35 | 81 | 110 |
| Profit before Tax | 9 | -18 | -25 | 11 | 67 | 189 | 272 | 252 | 311 |
| Tax % | -16.31% | -13.19% | -16.03% | 22.31% | -1.70% | 23.02% | 23.25% | 22.85% | 22.11% |
| Net Profit | 11 | -20 | -29 | 8 | 68 | 145 | 209 | 194 | 242 |
| EPS | 1.24 | -2.27 | -3.09 | 0.83 | 6.29 | 12.34 | 17.71 | 16.46 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 49%
- 3 Years:
- 48%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 42%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 14%
- 1 Year:
- 36%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 10%
- 3 Years:
- 13%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 11 | 11 | 12 | 12 | 12 |
| 144 | 131 | 206 | 589 | 687 | 1,424 | 1,655 | 1,977 | |
| 46 | 139 | 101 | 20 | 29 | 18 | 13 | 726 | |
| Trade Payables | 19 | 39 | 24 | 42 | 82 | 80 | 98 | 238 |
| 85 | 99 | 127 | 116 | 120 | 177 | 103 | 439 | |
| Total Liabilities | 295 | 408 | 459 | 777 | 930 | 1,710 | 1,882 | 3,392 |
| 106 | 216 | 168 | 222 | 396 | 364 | 348 | 2,403 | |
| 41 | 45 | 129 | 165 | 140 | 179 | 319 | 25 | |
| 0 | 0 | 0 | 0 | 0 | 205 | 212 | 471 | |
| Cash & Bank | 45 | 24 | 57 | 245 | 201 | 391 | 350 | 173 |
| 103 | 123 | 104 | 145 | 192 | 571 | 653 | 320 | |
| Total Assets | 295 | 408 | 459 | 777 | 930 | 1,710 | 1,882 | 3,392 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 39 | 23 | 23 | 20 | 64 | 152 | 120 | 234 | |
| Cash from Investing | -3 | -112 | -82 | -295 | 13 | -568 | -45 | -1,282 |
| Cash from Financing | -6 | 73 | 93 | 240 | -2 | 581 | -2 | 836 |
| 27 | -20 | 32 | -38 | 63 | 165 | 73 | -212 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Rategain Travel Technologies Limited has informed the Exchange regarding a press release dated September 10, 2026, titled "Press Release on RateGain s UNO Channel Manager Wins Trip.com Favoured ConnectivityPartner Recognition for the Third Consecutive Year ".
2026-09-03 - Rategain Travel Technologies Limited has informed the Exchange regarding allotment of 69870 securities pursuant to ESOP/ESPS at its meeting held on September 03, 2026
2026-08-27 - Rategain Travel Technologies Limited has informed the Exchange regarding a press release dated August 27, 2026, titled "Press Release on RateGain Recognized for Building Future-Ready Skills at People Matters Infini-T Awards India 2026 ".
2026-08-25 - Rategain Travel Technologies Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-24 - Rategain Travel Technologies Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-24 - Rategain Travel Technologies Limited has informed the Exchange regarding a press release dated August 24, 2026, titled "Appointment of New CHRO".
2026-08-24 - Rategain Travel Technologies Limited has informed the Exchange about change in Management
2026-08-20 - Rategain Travel Technologies Limited has informed the Exchange about General Updates
2026-08-19 - Rategain Travel Technologies Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for RATEGAIN
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