RateGain Q4FY26 revenue jumps 175%, shares up 12%

Stock reaction after results

Shares of RateGain Travel Technologies rose sharply on Friday, May 22, after the company reported results for Q4FY26 and FY26. The stock climbed as much as 11.73% to an intraday high of ₹729 on the NSE following the announcement. It later pared gains but stayed in positive territory. At 11:18 AM, the stock traded at ₹723.30, up 10.86% from the previous close of ₹652.45. The move put the spotlight back on RateGain’s growth trajectory after a volatile period for the stock.

Record quarterly revenue in Q4FY26

RateGain reported its highest-ever quarterly operating revenue in Q4FY26. Operating revenue stood at ₹715.5 crore, compared with ₹260.7 crore in the year-ago quarter, a 174.5% year-on-year rise. Total revenue came in at ₹718.1 crore versus ₹281.1 crore, up 155.4% year-on-year. Management also referred to “highest ever quarterly revenue” of around ₹716 crore, describing it as about 175% year-on-year growth. The company said the quarter included a full quarter of Sojern’s revenue consolidation.

Organic revenue and segment growth signals

Alongside the consolidated jump, the company disclosed organic revenue metrics for the quarter. Wave Gain organic revenue was reported at ₹311 crore, up 19.3% year-on-year, and described as an all-time high. Management said RateGain’s organic growth returned to double digits, consistent with earlier commentary about reaching double-digit organic growth by the end of FY26. The company also highlighted that its “Dash” segment grew 21.5% in Q4FY26. It further said the MarTech business excluding Sojern grew 37.5% in Q4, indicating broad-based performance across segments.

Margins, EBITDA and acquisition-linked adjustments

On profitability, the company reported an operating margin of 20.5% for Q4FY26, while noting it continued to invest. It also reported adjusted EBITDA for Q4 at 23.5%, representing 177% growth compared with the same period last year. The company clarified that adjusted EBITDA was adjusted for deferred consideration related to the Sojern acquisition. This consideration is due to be paid over three years, linked to agreed revenue growth in the target.

FY26 revenue and annualised run-rate milestone

For the full year FY26, RateGain said revenue came in at ₹1,824 crore, reflecting 69.4% year-on-year growth. Management described this as ahead of revised guidance issued after the acquisition. It also said the company crossed a new record of ₹2,850 crore on annualised revenue run-rate, citing strong momentum and free cash flow. These disclosures position FY26 as a step-change year, driven by consolidation as well as organic momentum.

FY27 guidance: ₹3,000 to ₹3,100 crore

RateGain provided an outlook for FY27, stating it expects revenue of ₹3,000 to ₹3,100 crore. The company said this translates to 65% to 70% growth over FY26. It also guided to organic growth of 12% to 15% for the combined entity, referencing both RateGain and Sojern numbers from the prior year. In another outlook reference, management discussed a 10% to 12% growth view in USD terms and indicated segment-level expectations such as low double-digit for one growth driver, mid single-digit for another, and about 12% to 15% opportunity for the MarTech segment at a consolidated level.

Street expectations versus the reported quarter

The article cited a consensus expectation of ₹265 crore to ₹288 crore in revenue for Q4FY26, compared with ₹248 crore in Q3FY26. Profit after tax (PAT) was estimated at ₹30 crore to ₹38 crore, with margin expectations of 12% to 14%. RateGain’s reported Q4FY26 operating revenue of ₹715.5 crore and total revenue of ₹718.1 crore were substantially above those expectations as cited, underscoring how consolidation and reported definitions can materially shift headline comparisons.

Prior volatility in the stock price

The stock has seen significant swings in recent months. The article also noted that RateGain’s share price had slumped 15.9% to ₹480.5 per share at one point, described as the lowest level since August 18, 2025, on the NSE. Separately, it cited that the stock was trading at ₹280 as of April 2026, against a 52-week high of ₹480 and a 52-week low of ₹210. In another weekly snapshot for April 6 to 10, 2026, the stock was reported to have gained 12.83%, outpacing the Sensex’s 5.34% move for the same week, alongside a MarketsMOJO upgrade from Sell to Hold.

Key reported numbers at a glance

What investors will track next

RateGain’s Q4FY26 print and FY27 guidance shift attention to execution against the ₹3,000-₹3,100 crore revenue target and the implied 12% to 15% organic growth for the combined entity. Investors are also likely to track how margins evolve, given the reported operating margin of 20.5% and the company’s continued investment posture. Another key monitorable is the impact of deferred consideration linked to the Sojern acquisition, since it is tied to future revenue outcomes over a three-year period. The next set of updates will likely come through subsequent quarterly performance disclosures and management commentary on integration progress and segment-level momentum.