Rategain Travel Technologies Ltd(RATEGAIN)

NSE: RATEGAINBSE: 543417

₹ 760.35-3.32%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 9,013 crWebsite: www.rategain.comUpdated: 24 Oct 2026

About

RateGain Travel Technologies is an Indian travel-technology SaaS company. It provides pricing intelligence, distribution connectivity and digital marketing to hotels, airlines, OTAs, car-rental firms and destinations through three segments: DaaS, Distribution and Martech. After it bought Sojern in November 2025 for $250 million, the combined company reported Q1 FY27 operating revenue of INR 785 Cr and an annualised run rate of INR 3,140 Cr. It serves 14,158 customers and runs what it calls the world's largest travel intent data platform, tracking 1.5+ billion graph IDs across 320+ data partners.^[1]

Business segments

Martech is the largest and fastest-growing segment. In Q1 FY27 it grew 18.2% YoY organically and 341% YoY in total after Sojern was consolidated. It covers hospitality marketing, destination marketing and social and reputation management (SoHo).^[1]
DaaS (Data as a Service) sells pricing intelligence to hotels, airlines, OTAs and car-rental firms. It grew 22.7% YoY organically in Q1 FY27.^[1]
Distribution, the connectivity hub that links hotels to demand channels, grew 3.1% YoY in Q1 FY27 after falling 12.4% in FY26 because of OTA customer churn.^[1]
Revenue by geography in FY25: US Rs 586.77 Cr, Europe Rs 307.87 Cr, APMEA Rs 170.37 Cr, Others Rs 11.67 Cr.^[2]

Products and platforms

AirGain is a pricing intelligence platform for airlines that monitors 300+ airlines, 170+ OTAs and 50+ meta-search platforms. AirGain VUE, a unified version, was launched in FY25 and all existing AirGain customers moved to it.^[3][2]
Adara and Sojern now share one brand and one technology platform. The combined data asset tracks 1.5+ billion graph IDs across 320+ data partners.^[4]
UNO VIVA is an AI voice agent that takes hotel reservations 24/7 in 30+ languages. A reseller agreement with Aztech Digital covers Greece and Cyprus (Q4 FY26).^[4]
AI Concierge was deployed across Red Roof's 700+ properties in Q4 FY26. The reported results were up to 300% improvement in ancillary revenue and 75% improvement in NPS.^[4]
Agentic ARI is an AI availability and rate engine that cuts OTA traffic by 30-40% for demand partners. One major global OTA was piloting it as of Q4 FY26.^[4]
RateIQ is an AI rate-recommendation product showing 10% - 100% booking uplift for large chains. About a dozen customers were in active discussions as of Q1 FY27.^[1]
Three launches in Q1 FY27: next-gen Parity Plus with automated test-booking, ChatGPT ads on property, and AirGain conversational analytics.^[1]

Operations and scale

As of FY25 the platform processed over 200 billion ARI updates and nearly 148 billion price point searches. Its connectivity platform linked over 191,000 properties to over 400 OTAs and GDSs.^[2]
RG Labs, the company's dedicated R&D unit, had a 36-member team including AI specialists in FY25. R&D spending in FY 2025 was ₹303.50 million.^[2]
Headcount grew 52.9% YoY to 1,255 in Q4 FY26. Revenue per employee was INR 2.3 Cr in FY26, up 74.1% YoY. Voluntary attrition (TTM) was 14.0% in Q1 FY27.^[1]

Key operating numbers

Organic revenue growth for the combined company was 17.5% YoY in Q1 FY27.^[1]
New contract wins were INR 141 Cr in Q1 FY27 and INR 322 Cr for the full FY26. The total pipeline was INR 664 Cr as of Q1 FY27.^[1]
In Q1 FY27 gross revenue retention was 95.6% and net revenue retention was 94.9%. Net revenue retention was 99.6% in FY26.^[1]
LTV:CAC was 10.7x in Q1 FY27, compared with 14.5x in Q1 FY26 and 12.8x in FY26.^[1]

Customers and markets

The customer count was 14,158 as of Q1 FY27, up from 13,410 at the end of Q4 FY26.^[1]
Customers in FY25 included 26 of the top 30 hotel chains, 25 of the top 30 OTAs, 3 of the top 4 airlines and all the top car rentals. 7 of the top 10 customers had been with the company for over 10 years.^[2]
Exports made up 96.47% of the entity's turnover in FY25.^[2]
New customer wins in APMEA grew 200% YoY in Q1 FY27. The regional go-to-market team grew from about 15 to about 85 people during FY26.^[1]
As of Q1 FY27, Middle East monthly revenue had fallen from about $970K to about $425K because of regional disruption. The FIFA World Cup added a one-time $2.5M of revenue.^[1]

Sojern acquisition and integration

Sojern was bought in November 2025 for $250 million, paid as $125M cash and $125M of term debt. At the time it had about $172M of CY24 revenue and 13,000+ hotel customers.^[5]
Phase-I cost savings reached $15M annualised by Q4 FY26, above the initial $12M target. All of the savings came from general and administrative costs.^[4]
Moving all customers onto the unified platform was targeted for completion by the end of Q2 FY27 (September 2026).^[4]
Management targets fully repaying the acquisition debt and reaching a net-debt-free position by FY28.^[1]

Recent developments

October 2026: RateGain announced a partnership to provide AirGain pricing intelligence to Vietnam Airlines.^[3]
September 2026: Chetan Prakash Garg was appointed CFO and key managerial personnel from 29 September 2026. Ankit Aggarwal stepped down as Interim CFO and stayed on as Deputy CFO.^[6]
In Q1 FY27, FY27 adjusted EBITDA margin guidance was raised by 100 basis points to 22.5-23.5%. Revenue guidance was about INR 3,100 Cr, which management called a floor.^[1]
Two subsidiary changes from 1 to 11 April 2025: BCV Social LLC merged into RateGain Adara Inc. from 1 April 2025, and Myhotelshop GmbH was renamed RateGain Germany GmbH on 11 April 2025.^[2]

Market Cap

₹9,013 Cr

High / Low

₹1,053 / 438

Stock P/E

39.1

Price / Book

4.7

Book Value

₹170

EPS

₹16.4

No. of Shares

11.82 Cr

ROCE

13.6%

ROE

10.5%

OPM

16.9%

Debt / Equity

0.46

Sales

₹1,824 Cr

Net Profit

₹194 Cr

Promoter holding

48.8%

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