RateGain Travel Technologies (RATEGAIN) Q4 24/25 earnings summary

Executive summary

• Achieved record EBITDA margins and double-digit revenue growth in FY2025, driven by AI-first strategy and product innovation in the travel and hospitality sector.

• Revenue for FY2025 crossed INR 10,766.7 million, with steady growth across all business lines and high recurring revenues from a diversified global customer base.

• Focused investments in GTM, especially in APAC and Middle East, have increased regional revenue contribution and market reach.

• Leadership strengthened with new CFO and key hires to drive global expansion and AI transformation.

• Recognized with multiple industry awards and as an Elite Connectivity Partner by Expedia.

Financial highlights

• FY2025 revenue: INR 10,770 crore (INR 10,766.7 million), up 12.5% year-over-year; Q4 FY2025 revenue: INR 2,607 crore.

• EBITDA for FY2025 grew 22.3% to INR 2,320 crore (21.6% margin); Q4 FY2025 EBITDA margin at 23.2%.

• PAT for FY2025: INR 2,089.3 million, up 44% year-over-year; consolidated EPS: ₹17.73 (basic).

• Free cash flow for FY2025: INR 120 crore; cash generated from operating activities: INR 1,199.7 million.

• Cash and cash equivalents as of March 31, 2025: INR 3,473.6 million.

Outlook and guidance

• FY2026 expected revenue growth of 6–8% due to lag in new sales impact; mid to high teens growth targeted for FY2027–28 as GTM investments mature.

• EBITDA margin expected to decline to 15–17% in FY2026 due to increased GTM investments, with a return to 19–22% as operating leverage improves.

• QIP proceeds of ₹6,000 million raised in December 2023 remain unutilized, earmarked for strategic investments and acquisitions.

• Continued focus on building a predictable sales engine and scaling through both organic and inorganic growth.