Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹6,866Cr
Rev Gr TTM
Revenue Growth TTM
27.70%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

RATEGAIN
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 69.6 | 79.8 | 88.4 | 82.2 | 39.8 | 21.2 | 18.1 | 10.6 | 1.9 | 5.0 | 6.4 | 93.8 |
| 151 | 177 | 188 | 201 | 202 | 210 | 217 | 217 | 200 | 223 | 241 | 453 |
Operating Profit Operating ProfitCr |
| 17.6 | 17.6 | 19.8 | 20.3 | 21.2 | 19.1 | 21.7 | 22.1 | 23.2 | 18.2 | 18.2 | 16.1 |
Other Income Other IncomeCr | 5 | 6 | 4 | 11 | 21 | 18 | 17 | 20 | 20 | 21 | 22 | -18 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 |
Depreciation DepreciationCr | 11 | 11 | 10 | 10 | 10 | 9 | 9 | 8 | 8 | 9 | 9 | 28 |
| 26 | 32 | 39 | 52 | 65 | 58 | 69 | 73 | 72 | 61 | 66 | 29 |
| -8 | 7 | 9 | 12 | 15 | 13 | 16 | 17 | 18 | 14 | 15 | 2 |
|
Growth YoY PAT Growth YoY% | 191.0 | 195.8 | 131.8 | 205.5 | 48.0 | 82.2 | 73.8 | 39.9 | 9.6 | 3.4 | -2.3 | -53.2 |
| 18.5 | 11.6 | 12.8 | 16.0 | 19.6 | 17.4 | 18.8 | 20.3 | 21.0 | 17.2 | 17.3 | 4.9 |
| 3.1 | 2.3 | 2.8 | 3.6 | 4.3 | 3.9 | 4.4 | 4.8 | 4.7 | 4.0 | 4.3 | 2.2 |
| Financial Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 52.4 | -37.1 | 46.2 | 54.2 | 69.3 | 12.5 | 27.1 |
| 240 | 424 | 245 | 336 | 480 | 767 | 845 | 1,118 |
Operating Profit Operating ProfitCr |
| 8.3 | -6.3 | 2.5 | 8.3 | 15.0 | 19.8 | 21.6 | 18.3 |
Other Income Other IncomeCr | 11 | 59 | 13 | 16 | 20 | 42 | 76 | 45 |
Interest Expense Interest ExpenseCr | 3 | 9 | 8 | 5 | 2 | 1 | 1 | 13 |
Depreciation DepreciationCr | 20 | 43 | 36 | 30 | 36 | 41 | 35 | 54 |
| 9 | -18 | -25 | 11 | 67 | 189 | 272 | 228 |
| -2 | 2 | 4 | 2 | -1 | 43 | 63 | 49 |
|
| | -282.2 | -42.1 | 129.5 | 712.5 | 112.6 | 43.7 | -14.2 |
| 4.2 | -5.0 | -11.4 | 2.3 | 12.1 | 15.2 | 19.4 | 13.1 |
| 1.2 | -2.3 | -3.1 | 0.8 | 6.3 | 13.0 | 17.7 | 15.2 |
| Financial Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 1 | 1 | 1 | 11 | 11 | 12 | 12 | 12 |
| 142 | 137 | 244 | 608 | 699 | 1,444 | 1,676 | 1,805 |
Current Liabilities Current LiabilitiesCr | 93 | 117 | 91 | 130 | 193 | 248 | 193 | 213 |
Non Current Liabilities Non Current LiabilitiesCr | 49 | 142 | 104 | 32 | 42 | 33 | 29 | 28 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 168 | 171 | 267 | 528 | 505 | 1,313 | 1,414 | 1,580 |
Non Current Assets Non Current AssetsCr | 117 | 226 | 173 | 253 | 441 | 418 | 490 | 478 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 36 | 19 | 21 | 17 | 52 | 152 | 120 |
Investing Cash Flow Investing Cash FlowCr | -3 | -112 | -82 | -295 | 13 | -568 | -45 |
Financing Cash Flow Financing Cash FlowCr | -6 | 73 | 93 | 240 | -2 | 581 | -2 |
|
Free Cash Flow Free Cash FlowCr | 34 | 14 | 20 | 13 | 48 | 148 | 114 |
| 328.2 | -95.2 | -72.1 | 199.6 | 75.9 | 104.4 | 57.4 |
CFO To EBITDA CFO To EBITDA% | 166.4 | -76.4 | 334.4 | 55.0 | 61.3 | 80.0 | 51.7 |
| Financial Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 0 | 3,586 | 3,716 | 8,437 | 5,251 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 428.4 | 54.4 | 58.0 | 25.1 |
Price To Sales Price To Sales | 0.0 | 0.0 | 0.0 | 9.8 | 6.6 | 8.8 | 4.9 |
Price To Book Price To Book | 0.0 | 0.0 | 0.0 | 5.8 | 5.2 | 5.8 | 3.1 |
| 0.4 | -4.2 | 9.7 | 109.9 | 41.7 | 42.5 | 21.2 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 8.3 | -6.3 | 2.5 | 8.3 | 15.0 | 19.8 | 21.6 |
| 4.2 | -5.0 | -11.4 | 2.3 | 12.1 | 15.2 | 19.4 |
| 6.4 | -3.3 | -4.5 | 2.5 | 9.4 | 12.9 | 16.1 |
| 7.7 | -14.6 | -11.7 | 1.4 | 9.6 | 10.0 | 12.4 |
| 3.9 | -5.1 | -6.5 | 1.1 | 7.2 | 8.4 | 11.0 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Company Overview**
Rategain Travel Technologies Ltd is a global leader in **AI-powered SaaS solutions** for the **travel and hospitality industry**, headquartered in India. Founded in 2004, the company serves over **3,200 customers and 700 partners across more than 100 countries**, including **26 of the top 30 hotel chains**, **25 of the top 30 OTAs**, **3 of the top 4 airlines**, and **15–16 Fortune 500 companies**. Rategain is recognized as the largest SaaS provider in India’s hospitality technology sector and one of the world’s largest processors of electronic travel transactions, pricing data, and travel intent data.
The company is driving intelligent revenue growth through a unified platform focused on **guest acquisition, retention, and wallet share expansion**, leveraging AI across its core business segments: **Data-as-a-Service (DaaS)**, **Marketing Technology (Martech)**, and **Distribution**.
---
### **Strategic Growth & Financial Highlights (H1 FY26) – November 2025**
- **Martech Segment**: Achieved **14.1% YoY revenue growth**, reinforcing its position as the highest-performing segment. In H1 FY26, it contributed **48.2% of total revenue**, up from previous fiscal years.
- **DaaS Segment**: Grew **3.7% YoY**, with **organic DaaS revenue accelerating to 12.0%** (vs. 5.9% in Q1 FY26), signaling strong momentum in data intelligence services.
- **Distribution Segment**: Declined by **10.6% YoY**, affected by short-term OTA channel changes, though distribution transaction volumes still grew by **21% YoY** in FY25 due to new client wins.
- **Revenue Mix (9MFY25)**: Martech (48.2%), DaaS (31.9%), Distribution (19.9%).
---
### **Product & Platform Innovation (2025)**
Rategain continues to lead in AI-driven innovation, launching cutting-edge tools that transform revenue operations for travel companies:
#### **1. AI-Powered Booking & Conversational Commerce**
- **Industry’s First MCP Integration (Model Context Protocol)**: Launched in Nov 2025, this allows **AI assistants (e.g., ChatGPT, Claude)** to access live hotel rates, availability, and booking capabilities — enabling travelers to book directly within AI chat interfaces without redirects.
- **UNO Booking Engine AI**: Makes hotel inventory AI-discoverable and AI-bookable, increasing direct booking conversions and reducing drop-off.
#### **2. AirGain Platform (Airlines Focus)**
- **AirGain VUE Dashboard**: A next-gen pricing intelligence platform with real-time competitive insights, fare evolution analytics, and demand tracking. Now integrated with **AirGain Price Parity**, offering unified monitoring.
- **AI-Powered Route Performance Digest**: Delivers prioritized route-level pricing insights to airline revenue teams, enabling proactive response to market shifts.
- **Recent Airline Partners (2025)**:
- **Tigerair Taiwan** (Asia expansion)
- **Air Astana Group** (Central Asia leader)
- **Sky Airline (Chile)**, **Cyprus Airways**, **Nok Air (Thailand)**, **Vietjet Thailand**, **TAAG Angola Airlines**, **Tunisair**, **Sunrise Airways**, and **TezJet (Kyrgyzstan)**.
- **Integration with Sales Agents**: Partnerships with **Summerwind GSA**, **Best Airlines Rep**, and **Profitroom** to extend AirGain’s pricing insights to over **20 international carriers**.
#### **3. UNO Platform (Hospitality Hub)**
- **UNO Suite**: An AI-first, integrated platform combining:
- Channel Manager (UNO Channel Manager)
- Central Reservation System (CRS)
- Booking Engine
- **UNO VIVA**: AI-powered voice agent for reservation handling in **18+ languages** — launched Q2 2025.
- **Oracle OPERA Cloud Integration**: Deep integration allows hotels to manage global distribution seamlessly via RateGain’s network of 400+ demand partners.
- **Clients Adopted**: **Royal Orchid Hotels**, **ICONIQA Hotels & Resorts**, **Kamat Hotels (India)**, **Caesars Entertainment**, **GHL Hoteles**, and **Posadas (Mexico)**.
#### **4. Rev-AI (Car Rental Revenue Optimization)**
- AI-powered dynamic pricing and demand forecasting platform.
- **Proven Results**:
- **Payless Costa Rica**: 21% bookings growth, 94% forecast accuracy.
- **Budget Car & Truck Rental (Calgary)**: $1 million incremental revenue, 15,000 rate updates/hour.
- **Green Motion International**: Deployed across franchise network for hyper-local demand forecasting.
- Adopted by **Malco Enterprises**, **Green Motion South Africa** (51.8% revenue growth), and **largest Budget Group franchise in the U.S.**
#### **5. SoHo – Social for Hospitality**
- Launched in **Oct 2025**, this AI-powered platform turns **social media engagement into measurable revenue**.
- Addresses key traveler behavior trends (62% influenced by online content, 72% by influencers).
- Integrates content creation, publishing, influencer marketing, and reputation management into a command center for guest-led journeys.
---
### **Strategic Partnerships & Integrations (2025)**
- **FLYR Hospitality**: Integration allows FLYR’s RMS users to access RateGain’s **Navigator rate intelligence** — combining real-time data with AI revenue optimization.
- **HotelIQ**: Rategain’s **Navigator** now embedded directly into HotelIQ’s BI platform for seamless rate shopping within the same workflow.
- **Profitroom**: Joint integration connects hoteliers to **400+ demand partners** with **Smart ARI** ensuring rate accuracy, reducing overbookings.
- **Cloudbeds**: Partnership to simplify hotel distribution and enhance automation for independent and mid-size properties.
- **TCA PMS (Latin America)**: Expanded regional footprint by integrating with TCA’s Inssit PMS, supporting faster time-to-market.
---
### **Expansion & Market Positioning**
- **Global Reach**: Active in key regions including **Asia, Middle East, Africa, Europe, North America, and Latin America**.
- **OTA Integration Leadership**: Recognized as **Preferred Partner by Trip.com** — the only tech provider with top-level status across all major OTAs.
- **Adara (Travel Intent Platform)**:
- Powers targeted marketing for **Visit California**, achieving **223x aggregate ROI**, including **3200x for San Francisco Travel Association**.
- Used by **DMOs**, airlines, and luxury retailers to improve audience segmentation and ad performance.
- **Cloud Migration**: Fully migrated DaaS and Distribution platforms to **AWS and Google Cloud** — enhancing scalability, performance, and disaster recovery.
---
### **M&A & Strategic Acquisitions**
Rategain is executing an aggressive inorganic growth strategy to build a unified AI-powered platform:
- **Sojern Inc. (Oct 2025)**: Definitive agreement to acquire the AI-led marketing tech company, strengthening guest engagement and acquisition capabilities.
- **Adara (2023)**: Gave access to **ethical, permissioned travel intent data** from 270+ partners, enhancing personalization and marketing ROI.
- **Myhotelshop GmbH (2021)**, **BCV Social (2019)**, **DHISCO (2018)**: Expanded Martech, social media analytics, and distribution capabilities.
- **RateGain Technologies Japan GK (Dec 2023)**: Strengthened APAC presence.
---
### **Technology & Operational Excellence**
- **AI-First Culture**: AI embedded across product development, customer onboarding, support, and implementation.
- **Product Modernization**: Upgraded tech stack with **Java 17**, **Angular 18**, **.NET 8.0**, **React → Next.js**, and **server-side tracking** for GDPR compliance.
- **Smart ARI**: AI filters redundant rate data, reducing OTA infrastructure load by **30%** and improving accuracy.
- **Connectivity Insights & UNO VIVA**: Solving data fragmentation with unified dashboards and voice-powered CRM.
---
### **Thought Leadership & Executive Moves**
- **Mr. Singh** appointed **Chief Customer Officer (Sep 2025)** to lead customer delivery, AI-enabled implementations, and churn reduction.
- **Peter Strebel** named **President – Americas (Aug 2023)** to drive enterprise growth in North America.
- **Michel Taride** (ex-Hertz) joined as **Board Advisor (Jan 2024)** to guide car rental solutions including Rev-AI.