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SaaS platform for hotels, airlines and travel companies to manage pricing, distribution and market intelligence.
SaaS platform for hotels, airlines and travel companies to manage pricing, distribution and market intelligence.
Earns subscription fees for its pricing and market-data software and transaction-based fees on bookings routed through its distribution network, so revenue grows with the volume of hotel and airline activity flowing through it. Buying the US travel-marketing firm Sojern added advertising for hotels and destinations.
In one line: A travel-focused SaaS pricing/distribution vendor.
Moat: narrow (switching costs, data). Embedded revenue-management workflows and aggregated travel pricing data are sticky for hotel/airline clients.
Headquarters: Noida, India · Founded: 2004 · Employees: 759
Size RateGain Travel Technologies (RATEGAIN.NS) is an India Information Technology company (Packaged Software) with a market value of $910M, the 624th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹726.35 on 6 Nov 2026.
Performance Over six months the shares gained 14.5%, against -12.8% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 114.4% over the last twelve months (peer median +14.0%); the operating margin is 15.0% (peer median 4.5%).
Valuation It trades at 22.9× forward earnings against a peer median of 26.8× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +49%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.7 points below its cost of capital (16.8% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹23.4B | ₹18.2B | ₹10.8B | ₹9.57B | ₹5.65B |
| Revenue growth | — | +69% | +13% | +69% | — |
| Gross profit | ₹3.50B | ₹8.53B | ₹5.27B | ₹4.32B | ₹2.13B |
| EBITDA | ₹4.59B | ₹3.46B | ₹2.34B | ₹1.92B | ₹868M |
| Net income | ₹2.42B | ₹1.94B | ₹2.09B | ₹1.45B | ₹684M |
| Free cash flow | n/a | ₹2.36B | ₹1.78B | ₹1.74B | ₹658M |
| Capital expenditure | n/a | ₹41.5M | ₹64.9M | ₹37.3M | ₹44.2M |
| Total debt | n/a | ₹9.49B | ₹160M | ₹167M | ₹177M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| RateGain Travel Technologies RATEGAIN.NS | $910M | +15% | +114% | 15% | 22.9× | 32.4% |
| Sabre SABR | $680M | -18% | -3% | 14% | 23.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RATEGAIN.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.0% | +1.2% | lowest of 21 |
| 6-month return | +14.5% | -12.8% | 5th highest of 20 |
| Distance from 52-week high | -30.8% | -41.8% | 6th highest of 21 |
| Revenue growth (TTM) | +114.4% | +14.0% | highest of 21 |
| Operating margin | 15.0% | 4.5% | 6th highest of 21 |
| Forward P/E | 22.9× | 26.8× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 32.4% | 15.5% | most demanding of 13 |
| Growth delivered (Del g) | +48.7% | +12.3% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -16.3 pp | -0.2 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | -3.7 pp | -0.5 pp | 10th lowest of 20 |
| EV / EBITDA | 18.7× | 15.8× | 3rd most expensive of 9 |
| Net debt / EBITDA | 1.6× | -0.4× | 4th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RateGain Travel Technologies RATEGAIN.NS | India | $910M | +15% | +114% | 15% | 22.9× | 32.4% | +48.7% |
| Tier IV 593A.T | Japan | $913M | n/a | +66% | -164% | n/a | n/a | n/a |
| N-able NABL | United States | $914M | -1% | +10% | 3% | 11.6× | 26.5% | +10.9% |
| Asiainfo Security Technologies 688225.SS | China | $917M | -4% | -4% | -7% | 89.9× | n/a | n/a |
| Dmall 2586.HK | Hong Kong | $922M | +8% | +19% | 7% | 25.2× | 6.6% | +34.6% |
| BZS (Beijing) Technology Development 603082.SS | China | $925M | +9% | +22% | 6% | n/a | 19.0% | +13.7% |
| Hangzhou Raycloud Technology 688365.SS | China | $926M | -27% | +14% | -1% | 1,448.0× | n/a | n/a |
| Playtika PLTK | United States | $931M | -33% | +6% | 17% | 3.8× | -16.4% | +3.0% |
| ODDITY Tech ODD | United States | $931M | +36% | -10% | -1% | 19.7× | n/a | n/a |
| Guotai Epoint Software 688232.SS | China | $932M | -13% | -9% | 0% | 87.7× | 29.4% | -3.0% |
| Qt Group Plc QTCOM.HE | Finland | $887M | +62% | +17% | 16% | 26.8× | 16.4% | +22.2% |
| HealthStream HSTM | United States | $884M | +21% | +10% | 8% | 38.7× | 14.6% | +4.4% |
| Beijing CTJ Information Technology 301153.SZ | China | $939M | -15% | +23% | 15% | 40.9× | 17.7% | +7.0% |
| Shandong Extreme Vision Technology 6636.HK | Hong Kong | $939M | -34% | +14% | -19% | 281.5× | n/a | n/a |
| Timee 215A.T | Japan | $878M | +9% | +56% | 18% | 21.0× | 0.0% | +89.1% |
| Beijing Shenzhou Aerospace Software Technology 688562.SS | China | $878M | -21% | +24% | -5% | n/a | n/a | n/a |
| Montnets Cloud Technology 002123.SZ | China | $875M | -21% | -30% | -11% | 22.8× | n/a | n/a |
| BlackSky Technology BKSY | United States | $873M | -46% | +4% | -43% | n/a | n/a | n/a |
| Frequentis FQT.DE | Germany | $870M | -15% | +34% | 9% | 19.0× | -7.6% | +14.1% |
| Rastar 300043.SZ | China | $870M | -20% | -43% | 20% | n/a | 10.6% | +3.7% |
| Appier 4180.T | Japan | $869M | +50% | +28% | 7% | 30.7× | 19.5% | +37.3% |