1. REMO, first AI employee, introduced soon after Q4 FY25 Delivered - At the Q4 FY25 PPT, the company said it was "soon introducing our first AI employee to capture continuous, anonymous feedback" for real-time employee sentiment. REMO, RateGain's first AI employee, was introduced in Q1 FY26, with over 300 employees trained on core AI concepts.
2. Scale Adara's contributions after CY 2023 acquisition Delivered - In the FY24 annual report, the company laid out plans to scale Adara's contributions following the CY 2023 acquisition, leveraging the RateGain brand and existing travel/hospitality relationships. Adara grew \~19.8% YoY in Q3 FY26, renewals were up 41% versus Q1 last year with renewals trending "north of 35%", and Adara was unified with Sojern under a single brand.
3. Adjacent verticals and new geographies via partnerships Delivered - In the FY23 and FY24 annual reports, strategy was to extend offerings into adjacent verticals and new geographies cost-effectively through partnerships with revenue management solution providers. Partnerships followed: TezJet, Air Montenegro, Cypress Airways and Cloudbeds, FLYR for Navigator plus Air Astana and Sunrise Airways, and Philippine Airlines, Duetto, Cinko, ZentrumHub, BoxPay and Citrus Leisure in Q1 FY27.
4. Expand Martech into UAE, Indian Ocean, parts of Europe Delivered - In the FY23 annual report, the company planned to expand Martech offerings such as Social Media Monitoring and Reputation Management into high-growth sectors including the UAE, the Indian Ocean and parts of Europe. By Q2 FY26 it had entered Maldives, Sri Lanka, Phuket and select Middle East and Africa destinations; LATAM grew over 52%, and APAC and Middle East GTM teams delivered their best quarter for new sales.
5. Migrate DHISCO platform to AWS next year Delivered - In the FY23 annual report, the company planned to migrate the DHISCO platform to AWS and modernize the Push connectivity platform as part of next-year DaaS initiatives. Distribution migration to AWS Cloud was completed with the stack modernized from Java 7.0 to 17,.NET 2.0 to 8.0 and Angular 11 to 18; the cloud transition begun in FY 2023-24 is nearing completion.
6. QIP proceeds for strategic investments and acquisitions Delivered - At the Q1 FY25 call, the QIP-funded object was strategic investments, acquisitions and inorganic growth at Rs 5,861.50 million original cost, with general corporate purposes capped at 25% of gross proceeds, about 150 crore. Net proceeds were revised to 586.29 crore, and the Sojern acquisition was completed in November 2025 with \~INR 1,090 crores utilized towards it.
7. IPO proceeds of ₹375 crore utilized for earmarked purposes Delivered - At the Q2 FY23 call, the CFO said the ₹375 crore IPO proceeds were being utilized for their earmarked purposes, focused on building capabilities toward a revenue maximization platform. Over 83% of proceeds were utilized, most recently for the Adara acquisition completed in January 2023; the IPO object was changed to AWS migration in November 2022, with INR 2,937.49 mn of INR 3,567.18 mn utilized.
8. EBITDA margin up 150-200 bps over FY25 from \~20% Delivered - At the Q1 FY25 call, management guided EBITDA margin expansion of about 150 to 200 basis points over the fiscal year from a base of about 20%. FY25 EBITDA came in at ₹232.06 crore with a 21.6% margin, +22% YoY, within the guided range.
9. Double revenue from \~INR 1,000 crores to INR 2,000 crores by FY27 Delivered - At the Q2 FY26 call, management said the FY24-laid-out vision of doubling revenue from \~INR 1,000 crores to INR 2,000 crores by FY27 - about 26% CAGR organically and inorganically - was on track to be met a year early at a FY26 run rate of INR 2,700 crores. FY26 revenue was INR1,824 crores, up 69.4% YoY, with a record INR2,850 crores run rate, rising to INR3,140 crores in Q1 FY27.
10. AirGain to launch industry's first agentic AI interface Delivered - At the Q4 FY26 call, management said AirGain was preparing to launch the industry's first agentic AI interface for airlines. By Q1 FY27, AirGain AI Digest was live with all customers, extending AirGain into conversational analytics, and AirGain NLQ was listed among AI products in active rollout.
11. Double down on GTM machinery investments Delivered - At the Q1 FY26 call, management said they would continue to double down on investments in GTM machinery and the AI-powered product suite as traction built in key markets including APAC. GTM investment of $5 million to $6 million was executed over the following 9-12 months, with \~$5 million in APAC growing that team from about 15 people to almost 85, and the playbook set to be replicated in Europe.
12. Scale UNO RevMax platform in the coming few quarters Delivered - At the Q1 FY26 call, management committed to scaling up the UNO RevMax platform within distribution "in the coming few quarters". UNO RevMax then had its best-ever quarter for new wins including Royal Orchid Hotel, UNO VIVA launched with measurable booking conversions, and by Q1 FY27 agentic ARI delivered 30%-40% ARI optimization and Uno Viva supported 50-plus languages including WhatsApp.
13. Active M&A conversations; "something can happen this year" Delivered - At the Q1 FY26 call, management said they were in "very, very active conversations" on a robust pipeline and "something can happen this year, absolutely"; by Q1 FY27 they expected any next event in 2027. Sojern was acquired in November 2025 with \~INR 1,090 crores utilized, and was integrated ahead of schedule.
14. Become the most dominant player in APAC within 1-2 years On track - At the Q1 FY26 call, management expressed confidence that in the next year or two RateGain would be the most dominant player in APAC, "our backyard". APAC team grew from about 15 people at the start of FY26 to almost 85 with \~$5 million invested; APMEA's strongest-ever quarter saw new wins up 200% YoY, and Asia-Pacific delivered a record quarter on Sojern sign-ups.
15. NRR to move up over the next couple of quarters from \~100% Delivered - At the Q1 FY26 call, management expected the NRR number, currently \~100%, to move up over the next couple of quarters, citing GRR hovering around 90%. NRR was 99.6 in FY26 and improved to 106.8 in Q1 FY27, with GRR at 95.6.
16. Martech consolidated to grow 12-15% in FY27 On track - At the Q4 FY26 call, management expected Martech consolidated to grow about 12%-15% in FY27, with properties on the higher side, low double-digit destination growth, and SoHo at 30% plus. In Q1 FY27, Martech grew +341% YoY including Sojern consolidation, with organic growth of about 18.2%; Q4 FY26 Martech excluding Sojern had grown 37.5%.
17. DaaS to grow 10-14% in USD terms in FY27 On track - At the Q4 FY26 call, management guided DaaS to grow at 10%-14% in USD terms in FY27. Q1 FY27 DaaS grew +22.7% YoY with a quarterly run-rate around INR 96-98 crore; Q4 FY26 DaaS had grown 21.5%.
18. Distribution to bottom out, then double-digit growth in FY27 On track - At the Q2 FY26 call, management expected distribution to bottom out "in this quarter or max next quarter" and guided double-digit FY27 growth; this was revised to mid-single-digit at the Q4 FY26 call, then to being "quite hopeful" of double-digit by FY27 end at the Q1 FY27 call. Q1 FY27 Distribution grew +3.1% YoY at a run-rate around INR 50 crore, after FY26 declined -12.4%.
19. Return to double-digit organic growth in FY27, 15-20% near-to-medium term On track - At the Q1 FY26 call, management's endeavour for FY27 and the year after was to get back to double-digit organic growth toward a 20% path; guidance was later set at 12%-15% organic for FY27, with a 15%-20% near-to-medium aspiration reiterated in Q1 FY27. Organic revenue was INR311 crores in Q4 FY26, up 19.3% YoY, and 17.5% YoY in Q1 FY27, with management seeing exit run-rate at "higher end of that 15%-20% range".
20. $1 billion revenue company by FY30/31 On track - At the Q3 FY26 call, Bhanu Chopra set an internal goal of $1 billion in revenue by 2030, and at the Q4 FY26 call and PPT management reiterated the ambition for FY '30, '31 with a "clear line of sight". Q1 FY27 revenue was INR785 crores, up 188% YoY, with an all-time-high annualized run rate of INR3,140 crores after exiting FY26 at INR 2,860 Cr.
21. Full Sojern platform migration by end of Q2 FY27 On track - At the Q4 FY26 call, management said full customer migration to the unified Sojern platform was on track for completion by end of Q2. Adara and Sojern were unified under a single brand with technology platforms consolidated; phase one (cost synergies) is complete and people integration substantially complete, but Europe and US property teams are yet to be unified.
22. Sojern cost synergies of $12 million annualized, full impact by Q1 FY27 Delivered - At the Q3 FY26 call, management guided the full impact of $12 million annualized cost savings, $3 million per quarter, to be visible in Q1 FY27, lifting Sojern toward 18.5%-19.5% EBITDA. Within 100 days \~$12 million annualized was executed on Sojern's $24 million EBITDA base, 99.99% done by February 16, 2026; this was exceeded at USD1.5 crore, delivered in Q4, with phase one complete.
23. Net debt positive within 30 months; debt-free by FY28 On track - At the Q3 FY26 call, management aimed to be net debt positive within 30 months of the Sojern acquisition, and at the Q4 FY26 call said "By fiscal year '28 end, we will be debt free", on track as of Q1 FY27. \~$25 million, 20% of the gross loan, was repaid in the first 90 days, rising to USD47.5 million repaid, 38% of the original loan, by the Q1 FY27 call, with net debt at INR615.4 crores.
24. FY27 free cash flow to EBITDA conversion above 75% On track - At the Q4 FY26 call, management expected free cash flow to EBITDA conversion to be higher than 75% in FY27, reiterated at the Q1 FY27 call as 75% or better for the full year. Q1 FY27 free cash flow was INR135.2 crores with 78.8% conversion, the highest ever.
25. FY27 EBITDA of INR650-700 crores at 21.5-22.5% margin On track - At the Q4 FY26 call, management guided FY27 EBITDA of INR650 crores to INR700 crores at a 21.5% to 22.5% margin, excluding the Sojern earn-out; at the Q1 FY27 call the margin guidance was raised to 22.5%-23.5%, a roughly 100 basis points uplift. Q1 FY27 adjusted EBITDA was INR193 crores at a record 24.6% margin, up 289.3% YoY.
26. FY27 revenue of INR3,000-3,100 crores, 65-70% growth On track - At the Q4 FY26 call, management guided FY27 revenue of INR3,000-3,100 crores, 65%-70% growth over FY26, implying 12%-15% organic growth for the combined entity; this was raised at the Q1 FY27 call to around INR3100 crores, "the number we should definitely beat". Q1 FY27 revenue was INR785 crores, up 188% YoY, with the annualized run rate at INR3,140 crores.
27. FY26 cash conversion of about 75% Delivered - At the Q2 FY26 call, the CFO guided FY26 cash conversion of about 75% for the full year with no softening expected. Full year FY26 free cash flow was INR230 crores, including INR82 crores in Q4 FY26; management's own Q1 FY27 scorekeeping treats the conversion as on track at or near target.
28. FY26 EBITDA margin of 15-17%, consolidated 16-17% with Sojern Delivered - At the Q1 FY26 call, management reiterated FY26 margin guidance of 15% to 17%; this was revised at the Q2 FY26 call to \~16%-17% consolidated considering Sojern's 14% EBITDA margin, with Q3 FY26 guidance to "meet or exceed" and organic EBITDA of 17.5% to 18%. FY26 adjusted EBITDA margin came in at 19.6%, with Q4 FY26 at 23.5% and organic Q4 at 20%, "ahead of the stated guidance".
29. FY26 revenue growth of 6-8% organic, raised to 55-60% consolidated Delivered - At the Q1 FY26 call, management reiterated FY26 revenue growth guidance of 6% to 8% organic with an endeavour to "meet and beat it", raised at the Q2 FY26 call to \~55%-60% YoY including Sojern, with Q3 FY26 guidance to beat even the organic 6%-plus plan. FY26 revenue was INR1,824 crores, up 69.4% YoY, "ahead of the revised guidance", with organic Q4 revenue up 19.3% YoY.