RateGain Travel Technologies reported substantial growth for Q3 FY2026, with Operating Revenue surging 93.8% year-over-year to INR 5,400.3 Mn. The 9M FY2026 revenue grew by 35.8%. Management highlighted that the integration of the Sojern acquisition, completed in November 2025, is progressing well, positioning RateGain as a leading AI-driven travel tech provider with expanded platform breadth, serving over 13,000 travel brands.
Management Commentary on Strategic Growth
Chairman and Managing Director, Bhanu Chopra, emphasized that the completion of the Sojern acquisition in November 2025 was one of RateGain’s largest strategic moves. This merger combines complementary AI-powered marketing, distribution, and revenue technologies, creating a category-leading platform. CFO Rohan Mittal noted healthy revenue momentum and strong free cash flow generation, stating that the integration is progressing well with early benefits reflecting in operating leverage.
Q3 & 9MFY2026 Financial Highlights
RateGain posted robust top-line growth accompanied by strong operational margins:
- Operating Revenue: Increased by 93.8% YoY in Q3 FY2026 (to INR 5,400.3 Mn) and by 35.8% in 9M FY2026 (to INR 11,080.0 Mn).
- EBITDA: Grew by 41.7% YoY in Q3 FY2026 (to INR 871.2 Mn), with the 9M EBITDA growth at 11.1%.
- PAT: Reported a YoY decline in Q3 (down 53.2%) due to acquisition-related costs, while 9M PAT saw a decline of 19.3%.
The PAT conversion chart detailed that the reported Q3 PAT margin of 4.9% was impacted by 640 bps from one-time exceptional expenses and 300 bps from increased amortization related to the acquisition. Adjusted for one-time expenses, the PAT margin would have been 11.3%.
Business Diversification and Recurring Streams
The company highlighted its diversified and recurring revenue streams, noting that Subscription & Hybrid Revenue accounted for 39.8% of total revenue in 9MFY2026. The business remains highly sticky, evidenced by a Net Revenue Retention (NRR) of 99.1% and a strong LTV to CAC ratio of 13.4x (as of 9MFY2026).
Segment-wise growth for 9MFY2026 (YoY) shows strong traction in MarTech:
- MarTech: 76.4% growth.
- DaaS: 3.6% growth (Organic DaaS grew 11.3% YoY).
- Distribution: Contracted by -10.9%.
Operational Efficiency Metrics
Operational metrics demonstrate integration success and efficiency gains:
- Revenue Per Employee: Increased by 60.0% YoY to INR 21.3 Mn.
- LTV to CAC: Improved to 13.4x in 9MFY2026, compared to 14.2x in 9MFY2025.
- Total Pipeline: Stood at INR 5,625 Mn, supported by INR 2,506.5 Mn in New Contract Wins.
Innovation in Guest Experience (Sojern Integration Focus)
RateGain is focused on reimagining hospitality with AI through its Guest Experience Platform, which integrates Sojern capabilities:
- Guest Marketing Suite: Drove a 67% increase in direct revenue and 2.4x repeat visitors.
- AI Concierge: Resulted in a 300% increase in ancillary revenue and allows for Conversational Commerce.
- Reputation Manager: Achieved a 600% boost in guest engagement and a 43% increase in Net Promoter Score (NPS).
Year-to-Date Financial Performance
In the 9M FY2026 consolidated results, Revenue reached INR 11,080.0 Mn (up 35.8% YoY). Total Operating Expenses grew by 42.4%. EBITDA margin for the 9-month period stood at 17.2%, down from 30.9% in 9M FY2025, largely influenced by increased amortization and finance costs associated with the acquisition.
Shareholder Structure
As of December 31, 2025, the Promoters & Promoter Group held 48.54% of the company, having increased their stake slightly since September 30, 2025. Key institutional shareholders include Plutus Wealth Management (6.39%) and Nippon Life India Mutual Fund (4.50%).
Source: BSE
