Rategain Travel Technologies Limited (RATEGAIN)

About

Rategain operates in travel technology software and consulting, serving the hospitality and travel sectors within the IT-Software segment. With market cap of ₹11,160 Cr and recent quarterly revenues ranging ₹63–₹785 Cr, the company operates with an operating margin of 18.51%.

Founded: 2004
Face value: ₹1

Market cap

₹9,953 Cr

P/E

41.1×

P/B

4.9×

Dividend yield

0%

ROE

10.5%

ROCE

13.8%

Debt / equity

0.46

OPM

18.5%

EPS (TTM)

₹20.5

Book value

₹169.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 46.05 is elevated; verify what growth assumptions justify this valuation and assess downside if they fail to materialize
Operating margins fluctuate from 7.38% to 21.85% across recent quarters, signaling either segment mix volatility or operational inconsistency
FII holding at 5.76% versus promoter 48.78% suggests ownership concentration; clarify whether low institutional participation reflects limited coverage or confidence concerns
Travel and hospitality sectors are cyclical; verify customer concentration and revenue visibility during economic slowdowns

Generated analysis · source review pending

Growth drivers

1-year stock return of 114.59% reflects market pricing in growth; identify business catalysts and product roadmap that justify momentum
Operating margin of 18.51% and debt-to-equity of 0.46 provide financial flexibility to fund expansion without sacrificing profitability
Travel sector digitalization expanding addressable market; verify win rates and customer acquisition strategy in key segments

Generated analysis · source review pending

1,180 historical price candles were omitted because the exchange source has not been verified.

₹840.7+1.3%1Y

Quick read

rule-based

Pros

+Profit CAGR of 41.6% over the last 3 years
+Revenue CAGR of 48.7% over the last 5 years
+Comfortable interest coverage of 10.1×

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

62/100

Business quality: 48
Growth: 100
Valuation: 39

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Persistent Systems LimitedPERSISTENTPERSISTENT	₹84,691 Cr	₹84,691 Cr	₹15,718 Cr	₹2,881 Cr	19%	₹1,923 Cr	12.7%	34.2%	26.3%	48
Coforge LimitedCOFORGECOFORGE	₹80,837 Cr	₹81,237 Cr	₹18,152 Cr	₹3,397 Cr	17.9%	₹1,717 Cr	10.6%	22.2%	19.7%	88
Mphasis LimitedMPHASISMPHASIS	₹42,956 Cr	₹44,749 Cr	₹16,531 Cr	₹3,071 Cr	18.8%	₹1,910 Cr	11.7%	24.7%	18.3%	58
Hexaware Technologies LimitedHEXTHEXT	₹29,966 Cr	₹29,966 Cr	₹14,420 Cr	₹2,155 Cr	14.2%	₹1,344 Cr	10.2%	—	—	—
Tata Elxsi LimitedTATAELXSITATAELXSI	₹19,268 Cr	₹19,268 Cr	₹3,886 Cr	₹876 Cr	22.5%	₹655 Cr	16.7%	29.9%	21.3%	-54
Fractal Analytics LimitedFRACTALFRACTAL	₹12,510 Cr	₹12,796 Cr	₹3,300 Cr	₹508 Cr	15.4%	₹292 Cr	8.7%	15.3%	11.8%	61
Rategain Travel Technologies LimitedRATEGAINRATEGAIN	₹9,953 Cr	₹10,875 Cr	₹2,336 Cr	₹459 Cr	18.5%	₹242 Cr	10.7%	13.8%	10.5%	36
Zensar Technologies LimitedZENSARTECHZENSARTECH	₹9,881 Cr	₹9,881 Cr	₹5,811 Cr	₹926 Cr	16.1%	₹776 Cr	13.6%	23%	17.6%	31
ASM Technologies LtdASMTECASMTEC	₹9,641 Cr	₹9,754 Cr	₹529 Cr	₹101 Cr	19.1%	₹26 Cr	11.5%	33.3%	25.7%	202
Intellect Design Arena LimitedINTELLECTINTELLECT	₹8,566 Cr	₹8,566 Cr	₹3,182 Cr	₹603 Cr	19.1%	₹351 Cr	11.3%	15.6%	11.6%	46
Birlasoft LimitedBSOFTBSOFT	₹7,542 Cr	₹7,551 Cr	₹5,404 Cr	₹930 Cr	16.3%	₹573 Cr	9.8%	21.2%	13.7%	63
Sonata Software LimitedSONATSOFTWSONATSOFTW	₹7,124 Cr	₹7,692 Cr	₹11,015 Cr	₹752 Cr	6.9%	₹463 Cr	4.3%	32.4%	25.7%	-19

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	251	367	565	957	1,077	1,824
	245	336	480	767	845	1,486
	6	31	85	190	232	337
OPM %	2.5%	8.3%	15%	19.8%	21.6%	18.5%
Depreciation	36	30	36	41	35	81
Interest	8	5	2	1	1	32
	13	16	20	42	76	27
Profit before tax	-25	11	67	189	272	252
Tax	4	2	-1	43	63	58
Tax %	16%	22.3%	-1.7%	23%	23.3%	22.9%
	-29	8	68	145	209	194
PAT margin %	-11.4%	2.3%	12.1%	15.2%	19.4%	10.7%
EPS (₹)	-3.1	0.8	6.3	13	17.7	16.5
EPS adjusted (₹)	-35.7	0.8	6.3	12.3	17.7	16.5
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	—	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1	1	11	11	12	12	12
Reserves	—	244	608	699	1,439	1,671	1,994
	—	112	0	0	0	0	921
	199	83	162	236	281	221	633
Total equity & liabilities	200	440	781	945	1,731	1,904	3,560
	179	168	222	396	364	348	2,403
CWIP	—	0	—	0	0	0	0
Investments	—	129	165	140	179	319	25
	21	143	394	410	1,188	1,238	1,133
Total assets	200	440	781	945	1,731	1,904	3,560

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—
EBITDA margin %	2.5%	8.3%	15%	19.8%	21.6%	18.5%
EBIT margin %	-11.9%	0.1%	8.6%	15.5%	18.3%	14.1%
PAT margin %	-11.4%	2.3%	12.1%	15.2%	19.4%	10.7%
Working capital
Receivable days	97	100	104	78	72	94
Inventory days	0	0	0	0	0	0
Payable days	36	45	62	38	42	59
NWC days	61	55	41	40	29	36
Leverage
Current ratio	2.94	4.08	2.62	5.3	7.34	1.41
Debt to EBITDA	18.18	0	0	0	0	2.73
Debt to equity	0.46	0	0	0	0	0.46
Interest coverage	-2	3.3	45.5	138.9	215.4	10.1
Asset turnover	0.57	0.47	0.6	0.55	0.57	0.51
Return ratios
Return on assets %	-6.5%	1.1%	7.2%	8.4%	11%	5.5%
Return on capital employed %	-4.7%	3.4%	9.8%	17%	17.1%	13.8%
Return on equity %	-11.7%	1.4%	9.6%	10%	12.4%	9.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.72%	51.27%	51.25%	48.25%	48.22%	48.22%	48.17%	48.16%	48.16%	48.55%	48.77%	48.78%
	5.42%	8.67%	10.49%	9.54%	10.21%	8.27%	7.6%	5.5%	5.49%	4.97%	5.35%	5.76%
	17.81%	18.78%	17.32%	21.65%	20.56%	22.61%	23%	23.55%	21.58%	20.62%	20.86%	20.86%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	21.05%	21.25%	20.88%	20.5%	20.95%	20.85%	21.17%	22.73%	24.71%	25.8%	24.96%	24.55%
No. of shareholders	—	—	—	—	—	—	—	—	90,199	92,599	92,900	90,004

Promoter holding down 6.94 percentage points since Sep 2023.

30 deals · 17 Dec 2021 – 27 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
27 Jan 2026	PAISABUDDY FINANCE PRIVATE LIMITED	Bulk	BSE	Buy	16,57,283	₹606.00	₹100.43 Cr
27 Jan 2026	PLUTUS WEALTH MANAGEMENT LLP	Bulk	BSE	Sell	16,57,283	₹606.00	₹100.43 Cr
23 Jan 2026	PLUTUS WEALTH MANAGEMENT LLP	Bulk	NSE	Sell	20,50,000	₹614.90	₹126.05 Cr
23 Jan 2026	PAISABUDDY FINANCE PRIVATE LIMITED	Bulk	NSE	Buy	20,50,000	₹614.90	₹126.05 Cr
20 Jun 2024	AVATAAR HOLDINGS	Block	NSE	Sell	21,56,960	₹745.00	₹160.69 Cr
20 Jun 2024	AVATAAR HOLDINGS	Bulk	NSE	Sell	21,56,960	₹745.00	₹160.69 Cr
20 Jun 2024	AXIS MUTUAL FUND	Bulk	NSE	Buy	9,48,692	₹745.00	₹70.68 Cr
20 Jun 2024	AXIS MUTUAL FUND	Block	NSE	Buy	9,48,692	₹745.00	₹70.68 Cr
20 Jun 2024	ICICI PRUDENTIAL MUTUAL FUND	Block	NSE	Buy	6,04,026	₹745.00	₹45.00 Cr
20 Jun 2024	TATA MUTUAL FUND	Block	NSE	Buy	2,01,342	₹745.00	₹15.00 Cr

1–10 of 30

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Mr. Bhanu ChopraExecutive Director-Chairperson related to Promoter-MD
Ms. Megha ChopraExecutive Director
Mr. Nishant Kanuru RaoNon-Executive - Non Independent Director
Ms. Aditi GuptaNon-Executive - Independent Director
Mr. Aakrit Ajay Kumar VaishNon-Executive - Independent Director
Mr. Ganesh Venkata Ramanan KangeyamNon-Executive - Independent Director
Mr. Ganesh Venkata Ramanan KangeyamNon - Executive Independent Director
Mr. Mukesh KumarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

16

across 8 fund houses

Held by these funds

10.92%

of the company's equity

All mutual funds

17.56%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

16 schemes · 8 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	53.15 L	498.35	0.6%	4.489%	-0
Small Cap Fund	Axis Mutual Fund	27.63 L	259.07	0.82%	2.333%	-0
Technology Fund	ICICI Prudential Mutual Fund	18.11 L	169.83	1.24%	1.53%	-0
DIGITAL INDIA FUND	Tata Mutual Fund	9.93 L	93.08	0.9%	0.838%	-0
Innovation Fund	ICICI Prudential Mutual Fund	9.34 L	87.63	1.09%	0.789%	+1.6 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.03 L	28.45	3.06%	0.256%	-0
Multicap Fund	Axis Mutual Fund	2.65 L	24.87	0.21%	0.224%	-3.03 L
MF ELSS TAX SAVER FUND ( Erstwhile LIC MF ELSS Tax Saver )NEW	LIC Mutual Fund	1.63 L	15.25	1.49%	0.137%	—

1–8 of 16

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

3

Investor Presentation and earnings call

5

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results6 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

12 announcementsExport CSV

30 Sept 2026, 1:29 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 5:17 pmCompany Update

Announcement Under Regulation 30 (LODR)

General PDF

28 Sept 2026, 1:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

28 Sept 2026, 1:12 pmCompany Update

Details Of Key Managerial Personnel ('KMP') Under Regulation 30(5) Of SEBI (Listing Obligations And Disclosures Requirements), Regulations, 2015

General PDF

28 Sept 2026, 12:54 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

22 Sept 2026, 12:56 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

18 Sept 2026, 11:22 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

16 Sept 2026, 7:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
30 Sept 2026, 1:29 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 5:17 pm	Company Update General	Announcement Under Regulation 30 (LODR)	PDF

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₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	21	20	52	152	120	234
	-82	-298	13	-568	-45	-1,268
	93	240	-2	581	-2	836
Net cash flow	32	-38	63	165	73	-198
Free cash flow	20	17	48	148	113	230
CFO / Operating profit %	335%	65.9%	61.3%	80%	51.7%	69.3%

Rategain Travel Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

1

Announcements

1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Rategain Travel Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1