Concall transcript
Transcript Of Fourteenth (14Th) Annual General Meeting 5 Oct
Source: Bse
Rategain Travel Technologies Limited (RATEGAIN)
Micro CapIT stocks · Micro cap · NSE
RateGain provides an integrated AI-powered technology platform for the travel and hospitality sector, enabling customers to increase revenue through guest acquisition, retention, and wallet share expansion. It serves 25 Global Fortune 500 companies, 33 of Top 40 Hotel Chains, and leading OTAs.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result06 Aug, 07:01 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
66BullishSMA20 -6.0% / mo · MACD − · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 44
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RATEGAIND candles · FIT view+35.6%Latest close ₹799.55 on 2026-10-19
Bar
-3.3%
RSI
36
MACD hist
-1.31
52W pos
59%
2026-10-19O ₹826.70H ₹826.70L ₹791.05C ₹799.55Vol 3.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RATEGAINNifty ITNifty 500
- RATEGAIN
- -15.7%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- -10.1 pp
Chart stats
19 Oct 2026- From 52W high
- -23.9%
- 52W range position
- 59%
- ATR (14)
- 3.9%
- Volume vs 20D
- 1.26x
- Avg traded value
- ₹20.5 Cr
- 20D price channel
- ₹791.1 - ₹891
₹1,050
₹437 - ₹1,050
₹31
Latest completed session
20-session average
31.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent95
Revenue +187.6% · PAT +102.1% YoY
Technical
Bullish66
Price trend and sector-relative-strength timing.
Valuation
Legacy model-21.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 95/100Rev +188% YoY · PAT +102% YoY · margin expansion · +10% QoQ
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹785 Cr | +187.6% | +9.6% |
| EBITDA | ₹172 Cr | +244.0% | +17.0% |
| Operating margin | 22.0% | +400 bps | +100 bps |
| PAT | ₹95 Cr | +102.1% | +35.7% |
| PAT margin | 12.1% | -512 bps | +232 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 39.20
- P/B
- 5.08
- EV/EBITDA
- 19.65
- Market Cap
- 10232.00Cr
Profitability
- ROE
- 11.90%
- ROCE
- 13.90%
- ROA
- 7.07%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 49.00%
- EPS 5Y
- 55.00%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 48.00%
Balance Sheet
- Debt/Equity
- 0.56
- Interest Coverage
- 9.56×
- Altman Z
- 5.51
- Book Value
- 170.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 234.00 Cr
- EPS TTM
- 20.49
Shareholding
- Promoter Hold
- 48.78%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 69%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 785+9.6% vs prev
Net Profit
₹ CrLatest: 95.0+35.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 36.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.3% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 24% off 52W high · 83% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
80
RS percentile
Stage 2 UptrendEstablished S2
1M return
-6.9%
3M return
-15.7%
6M return
+39.3%
1Y return
+24.2%
RS 1D
-1
RS 20D
-4
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 2.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.2%.
50-DMA
price below
200-DMA
price above
S2 entered
05 Jun 2026
S2 age
95 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 131.47-2.34%
RS vs Nifty 500131
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth22/25
Quality2/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 22/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -21.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
39.2
PB
5.1
EV/EBITDA
19.6
ROE
11.9%
ROCE
13.9%
FCF Yield
—
Debt/Equity
0.6
MoS
-21.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-21.6%
Previous: -21.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
40
40
40
40
40
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹279.95
-185.6% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹657.73
-21.6% MoS
PEG
0.75
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PAISALO
Small
Paisalo Digital Limited
IT Services / Digital
match 158
31
29.4
14.4%
+10%
OVERVALUED
RELIABLE
Small
Reliable Data Services Limited
IT Services / Digital
match 152
43
16.0
10.9%
+53%
WATCHLIST
STYL
Micro
Seshaasai Technologies Limited
IT Services / Digital
match 148
56
21.0
23.3%
+25%
FAIR VALUE
ZENTEC
Large
Zen Technologies Limited
IT Services / Digital
match 143
43
80.9
10.7%
-107%
WATCHLIST
HAPPSTMNDS
Micro
Happiest Minds Technologies Limited
IT Services / Digital
match 134
35
20.8
13.8%
-34%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T13:37:39.007Z
Management commentary snapshot
RateGain reports robust Q4FY26 revenue growth of 174.5% YoY, driven by Sojern integration, with Adj. EBITDA margin at 23.5%. FY26 revenue grew 69.4% YoY, but Adj. PAT margin declined to 13.7% from 19.4% in FY25.
While top-line growth is robust post-Sojern acquisition, key efficiency metrics like NRR and LTV to CAC have softened. Increased GTM investments and higher attrition are impacting profitability, suggesting integration and organic growth execution require close monitoring.
Current business mix
Revenue by Industry Type (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Hospitality45.3%
DMOs24.2%
OTAs11.0%
Airlines5.8%
Car Rentals3.3%
Others8.4%
Growth engines
Customer Growth
Leveraging large customer base to drive cross-sell and up-sell through a 'Land & Expand' strategy.
AI-powered Product Innovation
Leveraging large data assets to launch AI solutions and features to offer incremental value to customers.
Geographic Expansion
Investing in Go-To-Market (GTM) teams to build presence in high-growth geographies.
Martech Expansion
Streamlining Martech offering under a unified platform to deliver predictive traveler insights and drive incremental value.
Tailwinds
Global Travel Demand Resilience
Global travel demand remains resilient, with APAC and Latin America showing strong performance.
Sojern Integration Success
Sojern integration delivered ahead of plan, building the world's largest travel intent data platform.
AI-driven Product Innovation
AI is generating measurable commercial outcomes for customers across acquisition, distribution, and engagement.
Headwinds
Geopolitical Tensions
Geopolitical tensions are creating strong regional divergence in travel demand, impacting growth uniformity.
Increased Employee Attrition
Employee attrition is higher sequentially due to market conditions and the Sojern integration.
GTM Investment Impact on Margins
Margins are impacted due to increased investments in GTM motion to drive higher growth and consolidation of Sojern.
Risk radar
Deferred Deal Consideration
EBITDA and PAT are impacted by deferred deal consideration related to the Sojern acquisition, to be paid over 3 years ending Q3FY29.
Softening Efficiency Metrics
Net Revenue Retention (NRR) declined to 99.6% and LTV to CAC decreased to 12.8x, indicating potential challenges in client expansion and acquisition efficiency.
Integration Execution
While Sojern integration is ahead of plan, continued focus is needed to ensure sustained benefits and avoid further impact on employee attrition.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial to assess the full impact of the Sojern acquisition on revenue and profitability. QoQ comparison is important for tracking sequential momentum, integration benefits, and margin trends post-acquisition.
Sector KPIs management disclosed
Customer Count
13,410 customers in FY26, with customers added through Sojern Acquisition.
LTV to CAC
UNDER_STRESS12.8x in FY26, compared to 13.6x in FY25. (Excludes Sojern)
Gross Revenue Retention (GRR)
94.9% in FY26, compared to 95.1% in FY25.
Net Revenue Retention (NRR)
UNDER_STRESS99.6% in FY26, compared to 100.5% in FY25.
Management forward view
FY26 as Transformative Year
FY26 was the year RateGain became a structurally different company, with Sojern integration delivered ahead of plan and AI generating measurable commercial outcomes.
Confidence in FY27 Priorities
Management enters FY27 with stronger capabilities, sharper execution, and a clear line of sight to its $1 billion ambition.
Focus on Profitable Growth
The company's financial position, operating rigor, and continued focus on profitable growth give confidence to deliver on FY27 priorities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Revenue Retention (NRR) | 99.6% (FY26) | Improvement above 100% to demonstrate effective cross-sell/up-sell and client stickiness. |
| LTV to CAC | 12.8x (FY26) | Stabilization or improvement, indicating efficient customer acquisition and long-term value generation. |
| Adj. EBITDA Margin | 19.6% (FY26) | Expansion, demonstrating effective cost management and realization of integration synergies despite GTM investments. |
| Employee Attrition | 14.7% (12 trailing months) | Decline, indicating successful integration of Sojern and improved employee retention. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
66Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 45th percentile within IT. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
75 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · IT: 45th pctile, median 69 · Micro: 29th pctile, median 73
Evidence depth
Financial-only
75 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE trend is -2.1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Rategain Travel Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - Sojern executive Sylvia Weiler named 2026 AdExchanger Top Women in Media and Ad Tech honoree.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Sep - RateGain releases State of Distribution 2026 report on hotel AI adoption and hospitality technology trends.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 27 Aug - RateGain recognized at People Matters Infini-T Awards India 2026 for Skills Transformation in AI/digital future skills.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Aug - Publication of information regarding 14th Annual General Meeting of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Newspaper Advertisement regarding 14th Annual General Meeting of the Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Aug - VIETJET QAZAQSTAN selected AirGain for real-time fare intelligence on key routes.
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 11 Aug
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.