RATEGAIN - Rategain Travel
📢 Recent Corporate Announcements
RateGain Travel Technologies Limited has officially cancelled its scheduled analyst and institutional investor meetings. These meetings were originally planned to take place from March 16, 2026, to March 19, 2026. The company had previously notified the exchanges about these meetings on March 11, 2026. No specific reason for the cancellation was provided in the regulatory filing submitted on March 14, 2026.
- Cancellation of investor meetings scheduled between March 16 and March 19, 2026
- Follow-up to the initial meeting intimation dated March 11, 2026
- Compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015
- No alternative dates or reasons for cancellation were provided in the current update
RateGain has entered a strategic partnership with Juspay to launch 'RG Pay,' an embedded financial technology platform for the global travel and hospitality sector. By integrating Juspay's payment orchestration stack, which processes over 300 million daily transactions and $1 trillion in annual payment value, RateGain will now manage the full transaction lifecycle for its clients. This move allows RateGain to offer its 13,000+ customers localized payment options and intelligent routing with 99.999% uptime. The expansion into fintech represents a significant evolution from booking optimization to transaction processing.
- Launch of 'RG Pay' in partnership with Juspay to provide high-performance payment orchestration for travel brands.
- Juspay's technology stack handles 300M+ daily transactions and over $1 trillion in annual payment volume.
- The platform will serve RateGain's existing base of 13,000+ customers and 700+ partners across 160+ countries.
- Enables RateGain to capture the full transaction lifecycle, including payment processing and intelligent routing.
- Targets 33 of the top 40 hotel chains and 4 of the top 5 airlines already using RateGain's ecosystem.
RateGain Travel Technologies has launched RG Pay, a unified fintech infrastructure designed to embed payment processing directly into its travel commerce platform. This strategic move allows RateGain to capture the transaction layer of travel bookings, addressing friction in checkout and cross-border settlements for its 13,000+ global customers. By expanding from distribution and pricing intelligence into payments, the company aims to increase its revenue per transaction and deepen its integration with 33 of the top 40 global hotel chains. The solution is currently entering pilot deployment in key markets before a global scale-up.
- RG Pay integrates localized payment acceptance, BNPL/EMI options, and multi-currency VCC management into a single layer.
- The solution targets RateGain's existing network of 13,000+ customers and 700+ partners across 160+ countries.
- RateGain currently serves 33 of the top 40 hotel chains and 4 of the top 5 airlines globally.
- The launch marks a strategic shift from being a SaaS distribution provider to a full-stack commerce backbone.
- Pilot deployments are scheduled for key markets to validate revenue realization and margin control benefits.
RateGain has launched Agentic ARI, an AI-driven intelligence layer for its UNO Central Reservation System, aimed at optimizing hotel rate and inventory distribution. The solution addresses the critical industry trend where nearly 70% of hotel bookings occur within a 30-day window, requiring faster, prioritized updates to prevent revenue leakage. By prioritizing high-impact pricing changes, the system reduces ARI traffic by 30-40% for demand partners while improving booking accuracy. This innovation strengthens RateGain's competitive position among its 13,000+ global customers and 33 of the top 40 hotel chains.
- Introduced Agentic ARI, making UNO the industry's first CRS with intelligent, AI-led distribution logic
- Targets the 70% of hotel bookings that occur within 30 days of check-in to reduce stale pricing and inconsistencies
- Delivers a 30-40% reduction in ARI traffic for demand partners, enhancing operational efficiency and reliability
- Strengthens service offerings for a client base including 33 of the top 40 global hotel chains and 13,000+ customers
RateGain Travel Technologies has announced the strategic consolidation of its Adara and Sojern business units under the single Sojern brand. This move creates the world's largest source of travel intent data, integrating AI-powered SaaS solutions to drive direct bookings for hospitality and travel brands. The unified entity will leverage RateGain's massive scale, which currently serves over 13,000 customers and 700 partners across 160 countries. This alignment is designed to streamline operations and enhance the company's predictive traveler insights and global media activation capabilities.
- Consolidation of Adara and Sojern into a single global entity under the Sojern brand.
- Creates the world's largest source of travel intent data for the hospitality industry.
- RateGain's ecosystem includes 13,000+ customers and 700+ partners across 160+ countries.
- The company works with 33 of the Top 40 Hotel Chains and 4 of the Top 5 Airlines globally.
- Strategic focus on building an AI-powered growth platform to maximize direct bookings.
RateGain's hospitality-focused social media solution, SoHo, has secured eight prestigious HSMAI Adrian Awards for its performance-driven campaigns. The recognition highlights the platform's ability to convert social engagement into measurable revenue, achieving up to a 235:1 return on ad spend for clients. Key results include over $224,000 in directly attributable revenue and a 615% increase in conversion rates compared to previous benchmarks. This validation of RateGain's AI-powered SaaS capabilities strengthens its competitive position among top global hotel chains.
- Won 8 HSMAI Adrian Awards for AI-powered social media marketing performance in the hospitality sector.
- Achieved a significant return on ad spend (ROAS) of up to 235:1 for various global hotel brands.
- Generated over $224,000 in directly attributable revenue and 200+ incremental bookings through social campaigns.
- Reported a 615% increase in conversion rates and 2x year-over-year growth in audience interaction.
RateGain has integrated global payment leader Stripe into its UNO Booking Engine to enhance cross-border payment processing for hotels worldwide. This integration aims to reduce booking drop-offs and improve conversion rates by offering secure, multi-currency payment options including digital wallets and cards. The move supports RateGain's 'Direct Stack' strategy, helping its 13,000+ customers reduce reliance on intermediaries and grow direct-to-consumer revenue. By streamlining the checkout process, RateGain strengthens its competitive position among the 33 of the top 40 hotel chains it currently serves.
- Integration of Stripe into UNO Booking Engine to facilitate seamless cross-border payments across 160+ countries.
- Supports multiple payment methods including cards and digital wallets to improve guest checkout conversion and trust.
- Advances the 'Direct Stack' vision by unifying demand, booking, distribution, and payments into a single platform.
- RateGain currently processes transactions for 13,000+ customers and works with 33 of the top 40 global hotel chains.
RateGain Travel Technologies has officially released the transcript of its earnings conference call held on February 16, 2026. The call focused on the company's financial and operational performance for the third quarter and nine-month period ended December 31, 2025. This routine disclosure provides investors with the full dialogue between management and institutional investors regarding the company's business outlook. The filing follows the initial earnings results and presentation submitted to the exchanges on February 13, 2026.
- Earnings conference call for Q3 and 9M FY26 was concluded on February 16, 2026.
- Transcript of the interaction with analysts and funds is now publicly available on the company website.
- The discussion covered published financial results, general industry trends, and business strategy.
- Filing made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
RateGain's subsidiary Sojern released its 2026 State of Destination Marketing Report, highlighting a major shift toward performance-led marketing among 350+ global organizations. The report reveals that 72% of marketers now prioritize measuring economic impact over brand awareness, which saw a sharp decline from 59% to 25% in focus. AI adoption for data analysis has nearly doubled in a year, rising from 28% to 51%, aligning with RateGain's core AI-powered SaaS offerings. This thought leadership reinforces RateGain's strategic acquisition of Sojern and its positioning in the high-growth AI travel tech sector.
- 72% of DMOs globally now prioritize economic impact and ROI over traditional metrics like brand awareness
- AI usage for data analysis and insights surged from 28% to 51% in just one year among surveyed organizations
- Focus on brand awareness dropped significantly from 59% in 2025 to 25% in 2026 as budgets tighten
- 88% of DMOs in the AMEA region identify conversion as their most critical performance metric
- Digital channel usage is shifting, with YouTube growing to 55% while TikTok adoption fell to 28%
RateGain Travel Technologies has announced its participation in three significant institutional investor conferences scheduled for February 2026. The company will engage with investors at the Dolat Capital Corporate Conference on February 18, IIFL's 17th Enterprising India Global Investors' Conference on February 25, and the Kotak Chasing Growth 2026 conference on February 26. All meetings are scheduled to be held physically in Mumbai and will include both one-on-one and group formats. The company clarified that discussions will be based on publicly available information.
- Participation in 3 major institutional investor conferences within a 9-day span in February 2026.
- Events include Dolat Capital (Feb 18), IIFL Global Investors (Feb 25), and Kotak Chasing Growth (Feb 26).
- Interaction formats involve both One-on-One and Group Meetings to engage with diverse institutional stakeholders.
- All three events are physical conferences taking place in Mumbai, indicating active investor relations outreach.
RateGain Travel Technologies has approved the conversion of an inter-corporate loan and accrued interest totaling approximately $112.2 million (GBP 82.5 million) into equity shares of its UK-based subsidiary, RG UK. This internal restructuring strengthens the subsidiary's balance sheet by replacing debt with equity, reflecting a cleaner capital structure for the material entity. RG UK has shown robust growth, with its turnover more than doubling from £12.3 million in FY22 to £26.2 million in FY25. The transaction maintains RateGain's 100% ownership and is expected to be completed by March 31, 2026.
- Conversion of USD 109.7 million loan and USD 2.46 million accrued interest into 23 equity shares
- Total consideration for the equity acquisition valued at GBP 82.5 million
- RG UK revenue grew from £12.3M in FY22 to £26.2M in FY25, showing strong momentum
- RG UK specializes in DaaS and MarTech products for the travel and hospitality sectors
- Transaction is at arm's length and maintains 100% control of the material subsidiary
RateGain reported a massive 93.8% YoY surge in Q3 FY26 revenue to INR 5,400.3 Mn, primarily driven by the strategic acquisition of Sojern in November 2025. While EBITDA grew 41.7% YoY to INR 871.2 Mn, PAT margins were temporarily compressed to 4.9% due to one-time M&A-related exceptional expenses of INR 324.2 Mn. The MarTech segment showed exceptional growth of 76.4% YoY for 9M FY26, and the company maintains a strong sales pipeline of INR 5,625 Mn. Management highlights that the Sojern integration is progressing well with early signs of operating leverage and a unified go-to-market structure.
- Q3 FY26 Operating Revenue grew 93.8% YoY to INR 5,400.3 Mn, while 9M FY26 revenue reached INR 11,080.0 Mn.
- EBITDA for Q3 FY26 stood at INR 871.2 Mn (16.1% margin), representing a 41.7% YoY growth.
- PAT was impacted by INR 346.2 Mn in one-time exceptional expenses; adjusted PAT margin would have been 11.3% instead of 4.9%.
- The MarTech segment led growth with a 76.4% YoY increase in 9M FY26, while the company added over 10,300 customers via the Sojern acquisition.
- Maintains a healthy LTV to CAC ratio of 13.4x and a robust total sales pipeline of INR 5,625 Mn.
RateGain reported a massive 93.8% YoY increase in operating revenue to INR 5,400.3 Mn, primarily driven by the first full consolidation of the Sojern acquisition. While reported PAT fell 53.2% to INR 264.5 Mn due to one-time acquisition costs and higher amortization, the adjusted PAT grew 8% YoY to INR 610.7 Mn. The company demonstrated strong cash flow generation, repaying 20.2% of its acquisition-related debt (USD 25.25 Mn) during the quarter. EBITDA margins compressed to 16.1% from 22.1% as the company integrates the Sojern business and scales its AI capabilities.
- Operating revenue surged 93.8% YoY to INR 5,400.3 Mn, marking the highest-ever quarterly revenue for the company.
- EBITDA grew 41.7% YoY to INR 871.2 Mn, though margins contracted to 16.1% from 22.1% due to acquisition integration.
- Reported PAT fell 53.2% to INR 264.5 Mn; however, Adjusted PAT (excluding one-time costs) rose 8% YoY to INR 610.7 Mn.
- Aggressively repaid USD 25.25 Mn of acquisition-related debt, representing 20.2% of the total loan amount.
- The Sojern acquisition is now fully integrated, expanding the platform's reach to over 13,000 travel brands globally.
RateGain reported a sharp decline in standalone PAT to ₹2.89 million for Q3 FY26, down from ₹178.23 million YoY, primarily due to exceptional costs and lower other income. The company successfully completed its massive acquisition of Sojern Inc. for approximately ₹22,170.69 million (USD 250.35 million) in November 2025. While standalone revenue from operations grew 17.1% YoY to ₹626.41 million, total income fell due to a significant reduction in other income compared to previous quarters. Exceptional items totaling ₹47.94 million, related to acquisition transaction costs and new labor code provisions, significantly impacted the quarterly bottom line.
- Standalone PAT plummeted to ₹2.89 million in Q3 FY26 from ₹178.23 million in the same quarter last year.
- Revenue from operations increased 17.1% YoY to ₹626.41 million, though it slightly dipped 1.4% sequentially.
- Completed the 100% acquisition of US-based Sojern Inc. for ₹22,170.69 million (USD 250.35 million) on November 6, 2025.
- Exceptional items of ₹47.94 million included ₹25.92 million in M&A costs and ₹22.02 million for labor code compliance.
- The acquisition was financed through USD 125 million in external funds and USD 125.35 million from QIP/internal accruals.
RateGain Travel Technologies has approved the grant of 40,183 Stock Appreciation Rights (SAR) units to employees under its 2022 incentive scheme. The grants are distributed across three tranches with exercise prices set at Rs. 651.5, Rs. 659.9, and Rs. 667.45. These units follow a four-year graded vesting schedule of 10%, 20%, 30%, and 40% respectively. This routine corporate action is designed to align employee performance with long-term shareholder value and talent retention.
- Total grant of 40,183 SAR units approved by the Nomination and Remuneration Committee
- Exercise prices for the units range from Rs. 651.5 to Rs. 667.45 per SAR unit
- Vesting period spans 4 years with a back-loaded schedule: 10% (Y1), 20% (Y2), 30% (Y3), and 40% (Y4)
- Exercise period is within three years from the date of each vesting
Financial Performance
Revenue Growth by Segment
For FY 2024-25, Martech grew 18.90% to INR 5,121.4 Mn, DaaS grew 8.50% to INR 3,412.9 Mn, and Distribution grew 5.40% to INR 2,232.4 Mn. In H1 FY26, Martech continued growth at 14% YoY, while Distribution faced headwinds due to the sunsetting of a major OTA partner, though transactional volume still grew 5% YoY.
Geographic Revenue Split
As of H1 FY2026, North America is the largest contributor at 54.5%, followed by Europe at 30.0%, Asia Pacific at 14.7%, and other regions at 0.8%. This concentration in North America makes the company sensitive to US travel demand and corporate spending cycles.
Profitability Margins
Gross margins decreased from 75.3% in FY2024 to 72.0% in H1 FY2026 due to higher AdSpend in the Martech segment. Net Profit Margin improved from 15.2% in FY2024 to 19.41% in FY2025, with PAT reaching INR 2,089.3 Mn, driven by operational efficiencies and higher other income.
EBITDA Margin
EBITDA margin was 21.60% in FY 2024-25 (INR 2,320.6 Mn), up from 19.80% in FY 2023-24. However, Q2 FY2026 saw margins compress to 18.2% (INR 536.3 Mn) as the company reinvested in GTM machinery and integrated lower-margin Martech acquisitions.
Capital Expenditure
The company maintains a strong cash position of INR 12,674.1 Mn as of March 31, 2025. While specific future CapEx figures aren't detailed, the company is deploying significant capital for inorganic growth, specifically the Sojern acquisition and ongoing R&D in AI-driven products like Rev-AI.
Credit Rating & Borrowing
The company operates with a very low Debt-to-Equity ratio of 0.01 as of March 31, 2025. Interest coverage ratio improved significantly from 138.9 to 182.72 YoY, indicating negligible borrowing costs and high solvency.
Operational Drivers
Raw Materials
As a SaaS provider, 'raw materials' are primarily human capital and technology infrastructure. Employee expenses represent 39.5% of H1 FY26 revenue (INR 2,245.5 Mn). Other expenses, including cloud hosting and AdSpend for Martech, represent 42.3% of H1 FY26 revenue (INR 2,401.3 Mn).
Import Sources
Not applicable for a software company; however, talent is sourced globally with leadership presence across three continents to support localized engagement in North America, Europe, and APAC.
Key Suppliers
Not explicitly named, but the company relies on global cloud infrastructure providers (e.g., AWS/Azure) and digital advertising platforms for its Martech division to execute client campaigns.
Capacity Expansion
Current capacity is measured by its 3,224 clients and platform scalability. Expansion is focused on product depth, such as the Rev-AI Clarity for car rentals and the integration with Oracle Opera Cloud to increase the addressable hotel inventory.
Raw Material Costs
Employee costs grew 8.3% YoY in H1 FY26 to INR 2,245.5 Mn. AdSpend increases are impacting gross margins (down to 72.0%) as the company shifts toward a higher mix of Martech revenue which requires higher third-party media buying.
Manufacturing Efficiency
Efficiency is tracked via Revenue per Employee and EBITDA margins. The company achieved an ARR of INR 10,768.0 Mn with a focus on 'operational excellence' to maintain 18%+ EBITDA margins despite acquisition integrations.
Logistics & Distribution
Not applicable; services are delivered digitally via SaaS platforms.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by the acquisition of Sojern (adding $172M revenue base), double-digit growth aspirations in the Distribution business by FY27, and expansion into the APAC and Middle East markets. The company is also cross-selling AI products like Rev-AI Clarity and VIVA to its existing 3,200+ client base.
Products & Services
DaaS (Data as a Service), Distribution (DHISCO, RezGain), Martech (Adara, Sojern), Rev-AI Clarity (Revenue Assistant for Car Rentals), and VIVA (AI Voice Application).
Brand Portfolio
RateGain, DHISCO, RezGain, Adara, Sojern, BCV, Rev-AI.
New Products/Services
Rev-AI Clarity for car rentals and AI-powered 'Smart Distribution' initiatives are expected to contribute to the double-digit growth target for the Distribution segment in FY27.
Market Expansion
Aggressive focus on APAC and Middle East regions where new win order books grew 37% in H1 FY26. The Sojern acquisition further deepens the global footprint in travel marketing.
Market Share & Ranking
The company claims a 'commanding position' and is a leading revenue maximization partner globally, particularly after combining the #1 and #2 domain-specific players in the Martech space.
Strategic Alliances
Strategic integration with Oracle Opera Cloud, which allows RateGain's distribution products to be used seamlessly by hotels on Oracle's platform.
External Factors
Industry Trends
The industry is shifting toward 'AI-first' revenue management and direct booking stacks. RateGain is positioning itself by launching AI voice applications (VIVA) and revenue assistants (Rev-AI) to capture this shift toward automated guest engagement.
Competitive Landscape
Competes with Sojern (prior to acquisition) and other travel tech providers. The acquisition of Sojern effectively consolidates the market, moving RateGain into a 'commanding position' with a lethal combination of domain expertise.
Competitive Moat
Moat is built on 'switching costs' due to deep integration with hotel CRSs (like Oracle Opera) and 'network effects' in its distribution switch, which connects thousands of hotels to hundreds of OTAs. This is sustainable as hotels are moving away from in-house legacy systems to specialized SaaS providers.
Macro Economic Sensitivity
Highly sensitive to the 'globalization of travel' and leisure vs. business travel trends. 94.7% of revenue is derived from Leisure travel, making it susceptible to changes in consumer discretionary spending.
Consumer Behavior
Shift toward regional OTAs and niche platforms for hotel discovery, which benefits RateGain's distribution segment as it facilitates expansion into these new source markets.
Geopolitical Risks
Regional conflicts or travel restrictions in the Middle East or Europe could impact the 30% revenue share from Europe and the growth targets in the Middle East.
Regulatory & Governance
Industry Regulations
Subject to global data privacy laws (GDPR in Europe, CCPA in California) given its role in processing travel booking data and digital marketing campaigns.
Taxation Policy Impact
Effective tax rate was approximately 22.8% in H1 FY26 (INR 289.2 Mn tax on INR 1,268.6 Mn PBT).
Legal Contingencies
The company reports a strong internal control system audited by an external firm. No specific high-value pending court cases or material legal disputes were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Integration risk of the Sojern acquisition could impact consolidated margins if synergies aren't realized. The sunsetting of large OTA partners poses a 4-6% risk to transactional revenue volumes.
Geographic Concentration Risk
High concentration in North America (54.5%) and Europe (30.0%), totaling 84.5% of revenue, making the company vulnerable to Western economic downturns.
Third Party Dependencies
Heavy reliance on the health of the global travel ecosystem and the continued relevance of OTAs as a primary demand channel for hotels.
Technology Obsolescence Risk
Risk of AI disruption; mitigated by the company's own aggressive launch of AI-native products like Rev-AI and VIVA.
Credit & Counterparty Risk
Trade receivables of INR 2,122.7 Mn are managed with a 5.16x turnover ratio; the company focuses on enterprise-grade clients (Hilton, Marriott, Accor) which reduces credit risk.