RateGain Travel Technologies (RATEGAIN) Q4 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 716 crore in Q4 FY26, up 175% year-over-year, and full-year revenue of INR 1,824 crore, up 69.4% year-over-year, surpassing revised guidance post-Sojern acquisition.

• Completed Sojern acquisition and unified Adara under Sojern, creating the world's largest source of travel intent data and transforming into an AI-powered travel revenue platform.

• Integration of Sojern and Adara platforms completed ahead of plan, delivering full cost synergies and operational efficiencies.

• Audited standalone and consolidated financial results for FY26 were approved and published, with unmodified audit opinions from Deloitte Haskins & Sells LLP.

• Entered FY27 with enhanced capabilities, strong execution, and a clear path toward ambitious growth targets.

Financial highlights

• Q4 FY26 adjusted EBITDA margin at 23.5%, up 177% year-over-year; consolidated EBITDA margin at 20.5% including Sojern earn-out.

• Adjusted PAT for Q4 at INR 90.9 crore (12.7% margin); full-year adjusted PAT at INR 249.9 crore (13.6% margin).

• Free cash flow for FY26 at INR 368 crore, up from INR 230 crore in FY25; Q4 free cash flow at INR 82 crore.

• Net debt reduced to INR 722 crore; $31.5 million of acquisition debt repaid, with target to be debt-free by FY28.

• Consolidated revenue from operations for FY26 was ₹18,235.54 million, up from ₹10,766.70 million in FY25.

Outlook and guidance

• FY27 revenue guidance of INR 3,000–3,100 crore, representing 65–70% growth over FY26.

• Organic growth expected at 12–15% (INR), 10–12% (USD); EBITDA margin guidance at 21.5–22.5% (INR 650–700 crore), excluding Sojern earn-out.

• Ambition to reach $1 billion revenue by FY31.

• 100% of QIP proceeds have been utilized for strategic acquisitions, supporting future growth.