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Dolat Capital Report
Rategain Travel Technologies Ltd. reported 7.4% QoQ growth, (our estimate: 6.6%), led by strong growth across segments. Distribution segment grew by 9.6% QoQ led by mid-quarter rampup of its large deal, after a two back to back declining quarters in H1.
Vertical Wise, desktop as a service (33% of revenue) grew 14.4%, distribution (22% of rev) by 9.6% QoQ, while MarTech grew by a modest 1.8% despite support from adara business (up 4% QoQ), as challenges in BCV unit continues.
Ebitda stood at 20.3% (modest miss), up 57 basis points QoQ driven by operating leverage, with adara margins improving to 18% from loss making last year.
With strong Q3 performance, and continuing tailwind of global travel demand, we expect Rategain to be well-placed to ride the travel boom tide. Maintain Accumulate with a discounted cash flow based target price of Rs. 900 (implies 47 times of FY26E).
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