RateGain Q4 FY26 revenue jumps 175% to record ₹716 crore

Key takeaway from the March 2026 quarter

RateGain Travel Technologies reported a sharp year-on-year jump in revenue for Q4 FY26, marking its highest-ever quarterly operating revenue. The company said operating revenue for the March 2026 quarter stood at ₹715.5 crore, compared with ₹260.7 crore a year ago, a growth of 174.5%.

It also reported total revenue of ₹718.1 crore in Q4 FY26 versus ₹281.1 crore in Q4 FY25, up 155.4% year-on-year. Alongside the revenue scale-up, profitability expanded in absolute terms, even as some margins shifted year-on-year.

Q4 FY26: Revenue, EBITDA and profit moved higher

For Q4 FY26, RateGain reported EBITDA of ₹147 crore compared with ₹60.6 crore in the year-ago quarter, up 142.7% year-on-year. Adjusted EBITDA was reported at ₹167.9 crore versus ₹60.6 crore, up 177.1%.

Profit after tax (PAT) for the quarter was ₹70 crore compared with ₹54.8 crore, up 27.7% year-on-year. Adjusted PAT stood at ₹90.9 crore versus ₹54.8 crore, up 65.8%.

The company’s EBITDA margin was 20.5% in Q4 FY26 versus 23.2% in Q4 FY25. Adjusted EBITDA margin was 23.5% versus 23.2%. PAT margin was 9.8% versus 21%, while adjusted PAT margin was 12.7% versus 21%.

Management commentary: Record quarter and organic revenue detail

In commentary included with the data, RateGain said it delivered its “highest ever quarterly revenue” of about ₹716 crore in Q4 FY26, up around 175% year-on-year. It also disclosed that Wave Gain organic revenue was ₹311 crore, up 19.3% year-on-year.

The company linked the quarter’s performance to execution while continuing to invest, and highlighted adjusted EBITDA margin of 23.5% for Q4 FY26.

Full-year FY26: Sales up, net profit down

For the year ended March 2026, consolidated sales were reported at ₹1,823.55 crore compared with ₹1,076.67 crore in FY25, a rise of 69.37%. For the same period, net profit declined 6.96% to ₹194.39 crore from ₹208.93 crore.

The dataset also provided additional profitability line items for the full year: PBDT of ₹367.29 crore (versus ₹307.16 crore) and PBT of ₹286.58 crore (versus ₹272.23 crore).

FY27 guidance: Revenue ₹3,000 to ₹3,100 crore; EBITDA ₹650 to ₹700 crore

RateGain guided to FY27 revenue of ₹3,000 to ₹3,100 crore, which it said implies 65% to 70% growth over FY26. It also stated this implies an organic growth of 12% to 15% for the combined entity.

On profitability, the company guided to EBITDA of ₹650 to ₹700 crore, translating to an EBITDA margin of 21.5% to 22.5%.

How recent quarters set context: Q2 and Q3 FY26 numbers

RateGain’s earlier FY26 updates provide additional context for the year’s trajectory. For Q3 FY26 (ended December 31, 2025), it reported operating revenue of ₹540.03 crore (from ₹278.71 crore), up 93.8% year-on-year, with an operating margin of 16.1%.

In Q3 FY26, EBITDA was ₹87.12 crore versus ₹61.47 crore, up 41.7%, while PAT was ₹26.45 crore versus ₹56.54 crore, down 53.2%. The company also disclosed that adjusted for a one-time exceptional expense, PAT was ₹61.07 crore, up 8.0% over the same period last year.

For Q2 FY26, RateGain reported operating revenue of ₹295.06 crore (from ₹277.26 crore), up 6.4% year-on-year, with an EBITDA margin of 18.2%. PAT in Q2 FY26 was ₹51.01 crore versus ₹52.21 crore, down 2.3% year-on-year.

Stock and ownership snapshot cited in the data

The information also cited multiple price points for RateGain shares. One line stated the “current share price” as ₹652.45, while another stated the share price was ₹675.25 on NSE and ₹676.05 on BSE as on 21/5/2026.

As of March 2026, RateGain’s market capitalisation was cited at ₹7,793.01 crore. Shareholding as of March 2026 was listed as promoters 48.8%, FIIs 5.4%, DIIs 20.8%, and public 25%.

Summary table: Q4, FY26 and FY27 guidance

Why the numbers matter for investors tracking RateGain

The Q4 FY26 print shows a major year-on-year revenue expansion and a record quarter on operating revenue, with EBITDA and PAT rising in absolute terms. At the same time, the margin disclosures highlight that growth came alongside changes in profitability ratios year-on-year, including lower reported PAT margin versus the year-ago quarter.

FY26’s full-year picture is mixed in the data: sales grew strongly, while net profit declined versus FY25. The FY27 guidance adds a clearer near-term target set, with a revenue range and EBITDA and margin objective.

Conclusion

RateGain closed FY26 with its highest-ever quarterly operating revenue in Q4 and reported higher EBITDA and profit for the quarter versus last year. The next key marker is delivery against FY27 guidance of ₹3,000 to ₹3,100 crore in revenue and EBITDA of ₹650 to ₹700 crore, alongside the targeted margin band.