RateGain Travel Technologies Ltd — Q2 FY27 earnings call
Summary generated by AI from the official transcript RateGain Travel Technologies Ltd filed with BSE on 05 Oct 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
RateGain reported FY26 operating revenue growth of 69.4% to INR1,823.6 crores, driven substantially by the Sojern acquisition completed in November 2025, with adjusted EBITDA up 54.4% to INR358.3 crores and adjusted PAT up 19.6% to INR249.9 crores. Reported PAT declined 7% to INR194.4 crores due to acquisition-related amortization, loss of other income, and interest expense on acquisition debt. Management described the Sojern integration as complete and ahead of plan, with USD15 million of annualized cost synergies realized and the company moving from a net cash to a net debt position during the year.
Numbers mentioned
Operating revenue: INR1,823.6 crores (FY26)
p. 6
“Operating revenue for the year grew 69.4% to INR1,823.6 crores.”
Bhanu Chopra, page 6 of the filed PDF · View the filing
Adjusted EBITDA: INR358.3 crores, growth of 54.4% (FY26)
p. 6
“Adjusted EBITDA grew 54.4% to INR358.3 crores, and adjusted profit after tax grew 19.6% to INR249.9 crores.”
Bhanu Chopra, page 6 of the filed PDF · View the filing
Total revenue: INR1,884.9 crores (FY26)
p. 8
“Total revenue stood at INR1,884.9 crores.”
Ankit Aggarwal, page 8 of the filed PDF · View the filing
EBITDA: INR337.5 crores, growth of 45.4% (FY26)
p. 8
“EBITDA grew 45.4% to INR337.5 crores, and the adjusted EBITDA grew 54.4% to INR358.3 crores at a margin of 19.6%.”
Ankit Aggarwal, page 8 of the filed PDF · View the filing
Reported profit after tax: INR194.4 crores, decline of 7% (FY26)
p. 8
“Reported profit after tax was INR194.4 crores, against INR208.9 crores in FY25, a decline of 7%.”
Ankit Aggarwal, page 8 of the filed PDF · View the filing
Adjusted PAT: INR249.9 crores, growth of 19.6% (FY26)
p. 9
“Adjusted PAT for FY26 was INR249.9 crores, growth of 19.6% year-on-year.”
Ankit Aggarwal, page 9 of the filed PDF · View the filing
Q4 operating revenue: INR715.5 crores, up 174.5% YoY (Q4 FY26)
p. 9
“Operating revenue reached INR715.5 crores, and highest quarterly revenue in the company's history, and an increase of 174.5% year-on-year.”
Ankit Aggarwal, page 9 of the filed PDF · View the filing
Q4 adjusted EBITDA: INR167.9 crores at 23.5% margin (Q4 FY26)
p. 9
“Adjusted EBITDA for the quarter was INR167.9 crores at a margin of 23.5%, and adjusted profit after tax grew 65.8% to INR90.9 crores.”
Ankit Aggarwal, page 9 of the filed PDF · View the filing
Net debt: INR722.3 crores (as of March 31, 2026)
p. 10
“On 31st March '26, net debt stood at INR722.3 crores, with the USD31.5 million of acquisition facility already repaid and USD93.5 million outstanding.”
Ankit Aggarwal, page 10 of the filed PDF · View the filing
Cash and cash equivalents: INR173.1 crores (FY26 year-end)
p. 10
“Cash and cash equivalent closed the year at INR173.1 crores.”
Ankit Aggarwal, page 10 of the filed PDF · View the filing
Free cash flow: INR230 crores (FY26)
p. 10
“the business generated free cash flow of INR230 crores during the year, and it is that cash generation which has allowed us to deleverage at a pace we have.”
Ankit Aggarwal, page 10 of the filed PDF · View the filing
Q1 FY27 operating revenue: INR785 crores (Q1 FY27)
p. 10
“Operating revenue was INR785 crores, adjusted EBITDA was INR193.4 crores at a margin of 24.6%, the highest in the company's history, and the adjusted profit after tax was INR116.8 crores.”
Ankit Aggarwal, page 10 of the filed PDF · View the filing
Net debt: INR615.4 crores (as of June 30, 2026)
p. 11
“Net debt came down to INR615.4 crores at June 30, and further USD16 million was repaid in July and early August, taking total repayment to 38% of the original facility.”
Ankit Aggarwal, page 11 of the filed PDF · View the filing
Top 10 customer revenue concentration: 17.6% of revenue (Q1 FY27)
p. 15
“our top 10 customers accounted for 17.6% of revenue in the first quarter, which is a more meaningful measure of whether our revenues rest on too few relationships.”
Bhanu Chopra, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — USD1 billion · FY26-27
stated as an aspiration by Bhanu Chopra
p. 8
“We entered FY26-'27 with a clear ambition, which is to reach USD1 billion in revenue.”
Bhanu Chopra, page 8 of the filed PDF · View the filing
Net debt position — net cash position · within 30 months of acquisition closing
stated conditionally by Ankit Aggarwal
p. 11
“On this trajectory, we expect to return to the net cash position within 30 months of the acquisition closing.”
Ankit Aggarwal, page 11 of the filed PDF · View the filing
Distribution segment growth — double-digit growth · by end of the year
stated conditionally by Bhanu Chopra
p. 16
“we do expect Distribution to reach double-digit growth by end of the year.”
Bhanu Chopra, page 16 of the filed PDF · View the filing
Business priorities for FY27 — cross-sell combined customer base, build on Agentic ARI and Rate IQ, reduce leverage · remainder of FY27
stated firmly by Ankit Aggarwal
p. 11
“Our priorities for the remainder of FY27 are straightforward, which are to convert the cross-sell opportunities across the combined customer base, to build on early traction in Agentic ARI and Rate IQ within Distribution, and to continue reducing leverage from operating cash rather than from the balance sheet.”
Ankit Aggarwal, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said organic growth was in mid-single digits for the year while the reported growth was largely due to consolidation of Sojern from November 2025.
Answered by Bhanu Chopra
Asked: FY26 saw a very large jump in revenue. How much of that is genuine business growth versus the effect of the Sojern acquisition?
p. 13
“Organic growth throughout the year was in mid-single digits, with the pipeline strengthening through the second half.”
Bhanu Chopra, page 13 of the filed PDF · View the filing
Management attributed the decline to amortization expense, absence of other income, and interest expense from acquisition debt, all accounting consequences rather than operating issues.
Answered by Bhanu Chopra
Asked: Reported profit after tax declined 7% in FY26. Can you explain why, and why the company also reports an adjusted profit figure?
p. 13
“The first is the increase in the amortization expense following the acquisition of Sojern.”
Bhanu Chopra, page 13 of the filed PDF · View the filing
Management said the integration is operationally complete and ahead of plan, with cost synergies realized and customer migration finished.
Answered by Bhanu Chopra
Asked: Where does the Sojern integration stand today?
p. 14
“we're now operating both Adara and Sojern as one company onto one platform, rather than two businesses being run in parallel.”
Bhanu Chopra, page 14 of the filed PDF · View the filing
Management detailed the repayment schedule, noting 38% of the original loan repaid by early August 2026 and expectation to return to net cash within 30 months.
Answered by Bhanu Chopra
Asked: The acquisition was partly debt-funded. How quickly are you bringing that debt down?
p. 14
“by early August, we had paid down a further 16 million, taking total repayment to 38% of the original loan.”
Bhanu Chopra, page 14 of the filed PDF · View the filing
Management said the mix shift reflects Sojern's addition and does not represent a concentration risk given broad customer base, while committing to grow DaaS and Distribution in absolute terms.
Answered by Bhanu Chopra
Asked: MarTech now accounts for more than 80% of revenue. Does that concentration worry you?
p. 15
“We do not read it as a concentration risk in the way a single product dependency would.”
Bhanu Chopra, page 15 of the filed PDF · View the filing
Risks flagged
Decline in Distribution segment revenue
p. 9
“Distribution declined 12.4%, and the company has been open about the reason and about the product response now underway.”
Ankit Aggarwal, page 9 of the filed PDF · View the filing
Revenue mix concentration in MarTech following Sojern acquisition
p. 15
“That said, the mix does need to rebalance, and we are investing to grow DaaS and Distribution in absolute terms.”
Bhanu Chopra, page 15 of the filed PDF · View the filing
Reported profit decline due to acquisition-related amortization and interest expense
p. 9
“Third is the interest expense incurred in H2 FY26 related to the debt of USD125 million taken at the time of acquisition.”
Ankit Aggarwal, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.
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More Q2 FY27 earnings calls, in alphabetical order