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‣ Investor Presentation Q1 FY2027 RateGain
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Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Rate G ain Travel Technologies Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation o r invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any c ont ract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but th e Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward - looking statements. Such forward - looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. T hes e risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of variou s international markets, the performance of the industry in India and world - wide, competition, the company’s ability to successful ly implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from resu lts expressed in or implied by this Presentation. The Company assumes no obligation to update any forward - looking information contained in this Presentation. Any forward - looking statements and projections made by third parties included in this Presentati on are not adopted by the Company and the Company is not responsible for such third - party statements and projections. 2
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OUR VISION To offer an integrated technology platform to our customers in the travel and hospitality sector, powered by artificial intelligence, enabling them to increase their revenue through guest acquisition, retention, and wallet share expansion. 3
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Distribution DaaS • Guest Marketing • Paid Digital Marketing • Reputation Management • Social Media Management Mar Tech • Rate Intelligence • Rate Parity • Price Recommendation • Travel Intent Data • OTA Connectivity • GDS Connectivity • Direct bookings • Voice Connectivity What we do Aligned to our vision of Guest Acquisition, Retention, and Expansion 4 Who we serve 25 Global Fortune 500 Companies 33 of Top 40 Hotel Chains All Leading OTAs & Metas 7 of Top 10 Car Rentals 4 of Top 5 Airlines Large Cruise Lines Largest DMOs
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5 RateGain offers an Integrated RevMax Platform to Engage with Guests across the Entire Journey Searches for hotels, flights, & packages on Google, Bing, Brand.com Dreaming Planning Booking Trip Post - trip Martech ▪ AI - powered Content Creation & Social - Media Management to help Hotels gain visibility ▪ Help DMOs & Travel Brands target AI filtered high - intent traveler & achieve higher RoAS ▪ Multi - channel campaigns to drive incremental direct bookings for Hotels DaaS & Distribution ▪ Real - time competitive pricing & demand insights to optimize revenue ▪ Help Hotels acquire Guests (distribute inventory) across different demand channels – Direct, OTAs, and GDS ▪ AI - powered Voice Agent VIVA to address guest queries and take reservations Martech ▪ AI Concierge to address guest needs 24/7 and drive ancillary revenue for Hotels ▪ Reputation Manager to generate feedback from Guests and build up brand presence ▪ Fully Managed CRM & Email solution to increase Guest Loyalty Pre - trip Gets inspired by looking at images on social media Visits OTAs, Brand.com to book flights, hotels, packages Looks for activity recommendations Seeks great experience as promised during planning Provides feedback , & recommendations on online portals
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Key Business Updates Q1 FY2027 6
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What stands out to me this quarter is not just our performance, but the confidence our customers continue to place in us as travel demand becomes harder to predict . We built RateGain on a simple belief that AI should not just make existing work faster ; it should become the backbone of every commercial decision our customers make, from pricing to distribution to marketing . That belief is now showing up in every product we ship and every interaction our customers have with us . Together with Sojern, we are focused on one outcome, helping travel and hospitality businesses grow faster, with sharper data and better decisions at every step . This quarter gives us real momentum, but the future of AI - powered travel is still ours to redefine, and that's what excites me the most . This was a quarter where growth and discipline moved together . Our EBITDA converted into cash at a strong rate, and that is the clearest signal of how healthy this business really is . It gives us the room to keep investing in growth while staying firm on our financial commitments, and we head into the rest of FY 27 with real confidence . BHANU CHOPRA Chairman and Managing Director ANKIT AGGARWAL Interim + Deputy Chief Financial Officer Management Commentary 7
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8 RateGain posts Robust Growth with Strong Operating Margins 187.6% Operating Revenue Growth Y - O - Y 289.3 % Adj. EBITDA* (%) Growth Y - O - Y 148.8% Adj. PAT* (%) Growth Y - O - Y Q1 FY2027 INR 785.0 Cr INR 193.4 Cr (24.6%) INR 116.8 Cr (14.9%) Note : EBITDA and PAT are Adjusted for Deferred Deal Consideration related to the Sojern Acquisition . This expense is to be incurred for 3 years ending Q 3 FY 29 .
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Diversified Revenue Streams • Diversified revenues across offerings, geographies & customers • Healthy revenue mix with subscription & hybrid business along with recurring nature of revenues given strong value proposition 7.3% 79.1% 13.9% Subscription Transaction Hybrid Revenue by Engagement 1 46.7% 33.5% 7.3% 4.1% 2.1% 6.3% Hospitality DMOs OTAs Airlines Car Rentals Others Revenue by Industry Type 1 66.2% 10.8% 20.5% 2.5% North America Asia Pacific Europe Others Revenue by Geography 1 17.6% 82.4% Top 1-10 Others Revenue by Customers 1 Note : Numbers have been rounded to nearest whole percentages or one decimal place .. 1 . Q 1 FY 27 Revenue from contracts with customers . 2 . GRR – Gross Revenue Retention - denotes percentage of renewed revenue in DaaS and Distribution as compared to previous Fiscal & NRR - Net Revenue Retention – Denotes percentage of incremental revenue in DaaS and Distribution from same clients compared to previous fiscal 3 . LTV : CAC is computed by i ) Multiplying Gross Margin from New Sales with expected lifetime of the contracts to arrive at LTV ii) CAC is calculated by dividing sales and marketing costs by no of customers added . Client Count & LTV to CAC 2,942 3,279 3,224 13,410 14,158 1,000 3,000 5,000 7,000 9,000 11,000 13,000 15,000 FY2023 FY2024 FY2025 FY2026 Q1FY2027 LTV to CAC 3 14.1 10.7 21.3 No. of Customers 13.6 12.8 Gross Revenue Retention 2 94.2 95.1 94.9 95.6 0 20 40 60 80 100 FY2024 FY2025 FY2026 Q1FY2027 NRR 2 120.9 100.5 99.6 9 106.8
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10 INR 2.5 Cr REVENUE PER EMPLOYEE Increase of 95.3% on a Y - o - Y basis as we integrate Sojern 78.8% FREE CASH FLOW CONVERSION 14,158 CUSTOMERS Customers added with Sojern Acquisition 1, 261 EMPLOYEES 47.3% increase Y - o - Y in Employee Headcount 10.7x LTV TO CAC Compared to 14.5x in Q1FY26 INR 255.6 Cr NET CASH & EQUIV. Net Debt – INR 615.4 Cr INR 664 Cr TOTAL PIPELINE Pipeline with traction across segments INR 141.0 Cr NEW CONTRACT WINS Healthy growth compared to last year Steady Growth Metrics Combined with Operational Efficiency
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DAAS MARTECH DISTRIBUTION ▪ Philippine Airlines partners with RateGain to strengthen competitive pricing intelligence across its global network ▪ RateGain & Duetto partner to power autonomous, real - time revenue optimization for hotels worldwide 3.1% 341.2% 22.7% Key Highlights Segment wise Growth (Y - o - Y)(Q1FY27) Key Partnerships 11 Steady Revenue Streams Driven by Constant Product Innovation ▪ RateGain signs Cinko to help hotels capture last - minute booking demand ▪ RateGain & ZentrumHub announce strategic connectivity partnership to simplify hotel distribution ▪ RateGain & BoxPay partner to simplify travel and hospitality payments and reconciliation through RG Pay ▪ Citrus Leisure partners with RateGain’s UNO Direct Stack to power end - to - end direct booking journey across Sri Lanka ▪ RateGain wins 2026 Best in SaaS Award for Best Company in AI - Powered Travel Marketing
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Award - winning Team Driving Performance PRODUCT EXCELLENCE PARTNER EXCELLENCE 12 Best Company in AI - Powered Travel Marketing 3 Years in a Row
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13 Reimagining People & Culture: Scaling One RateGain Through Integration, AI & Leadership Depth Q1 FY'27 was a quarter of consolidation and scale. With the RateGain and Sojern integration substantially behind us, the focus moved to strengthening how we hire, how we grow people, how we recognize them, and how AI is embedded into all of it. Attrition Rate for Q1FY27 stood at 14.0% Culture and employer brand strengthened further. RateGain was named Emerging Company of the Year at The Economic Times Awards for Corporate Excellence, and our external employer reputation continued to improve across markets. A global Culture Discovery Survey was rolled out organization - wide to shape the next phase of our combined culture. Hiring momentum held, with a sharper focus on quality. We welcomed 85 new colleagues across sales, engineering and customer success, with a meaningful share of roles filled internally. Hiring now runs on a single global system of record with a daily executive view, and we began rolling out competency - based interview practices to improve consistency and hiring quality across regions. AI in HR moved from build to deployment. Several people platforms built in - house went live: Dex, an AI - powered talent pipeline builder, and Orbit, an executive people intelligence dashboard. Alongside these, we published a Responsible AI use and governance policy and scaled AI learning journeys across the organization, so capability and guardrails advance together. Capability building scaled across the organization. Over 3,000 learning hours were delivered in the quarter at a consistently high learner satisfaction score. NorthStar 2.0 launched for first - time managers, and structured GTM enablement brought the merged commercial teams onto shared product, contracting and partnership practices. Belonging was given permanent structure. Five Employee Resource Groups were institutionalized for the first time under one global framework spanning the US, Europe and APMEA, with flagship campaigns on wellbeing, identity and sustainability, and therapist - led Belonging Circles launched during Mental Health Awareness Month. Together, these reflect a People & Culture function building for scale: unified systems, AI embedded into everyday work, stronger managers, and a culture where performance and belonging grow together.
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Innovations at RateGain 14
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Today, we are Reimagining Hospitality with AI 15 Making Guest Acquisition Effortless With AI Maximizing Revenue Instantly With AI Target High - Value Travelers With AI AI Voice Agent For Instant Reservations Deliver Personalized Guest Promotions on Email / Text With AI AI That Addresses Guests’ Needs, Upsells, and Expedites Essential Services Optimize Ad Spend With AI - Powered Bidding AI - Powered Channel Manager For Real - Time ARI Updates
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Introducing Agentic ARI: A next - generation ARI engine for faster, smarter hotel distribution 16 An AI - enabled ARI engine that autonomously prioritizes, sequences, and executes ARI updates based on days to check - in, booking urgency, and commercial impact Ensure rate consistency and win more bookings with: • Faster rate increases during peak demand. • Quicker price drops to stay competitive in low demand. • Immediate inventory recovery after cancellations. How Supply Partner Benefits Delivers cleaner, faster, and more reliable data • 30 - 40% optimization in ARI Traffic. • Prioritized processing of the most relevant updates. • Fewer mismatches and failed bookings. How D emand Partner Benefits
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Introducing RateIQ : Identify & Recover Hidden Revenue Across Distribution 17 Hotels are not losing revenue (millions) due to pricing — they’re losing it due to distribution inefficiencies they can’t see. Invisible revenue leaks across channels RateIQ = Revenue Recovery Intelligence Layer • Invisible Properties – Not listed across key OTAs • Missing ARI – Rates/availability not live despite listings • Looks No Books – High visibility but zero conversions • Performance Drift – Gradual decline in bookings/revenue • Parity Violations – Inconsistent pricing across channels • Continuously scans distribution performance across channels • Detects revenue leakages at property + channel level • Prioritizes issues based on commercial impact • Fixing rate violations transforms booking dead zones into revenue wins Gain full visibility into distribution gaps Improve discoverability & conversion Save Revenue Loss P roactive optimization
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Introducing RG Pay: A unified, intelligent payment infrastructure for seamless payments 18 Real - time intelligence empowering demand partners to optimize supply performance and maximize conversions. Optimized check out experience Dynamic OTA - grade checkout experience with flexible payment options: cards, wallets, UPI, iDEAL , SEPA, and other local APIs BNPL, EMI, and affordability solutions Integration with major players, such as Klarna, Affirm, PayPal Pay Later, RazorPay EMI, and card - based instalments VCC settlement layer Issue and accept VCCs in 25+ currencies with automated reconciliation, split settlements and payouts Cross - border and FX optimization Real - time FX rate intelligence and rule - based currency optimization ~20% Lift in stay conversion 2 - 4% Reduction in Revenue Leakage 15% Revenue Uplift
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Detailed Financials 19
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20 Sustained Financials and Profitability Metrics • Increased AdSpend leading to higher renewals and continued revenue traction, has an impact on Gross Margins • Delivering Strong Operating Margins with GTM Investments and healthy progress on Sojern integration , as company maintains focus on Operational Excellence Gross Margins (%) 76.0 75.1 75.3 75.0 70.6 69.2 0 20 40 60 80 100 FY2022 FY2023 FY2024 FY2025 FY2026 Q1FY2027 EBITDA Margins (%) 8.3 15.0 19.8 21.6 19.6 24.6 0 5 10 15 20 25 FY2022 FY2023 FY2024 FY2025 FY2026 Q1FY2027 Operating Revenue (INR Cr) EBITDA (INR Cr) 30.6 84.7 189.7 366.6 565.1 1,076.7 785.0 636.6 0 400 800 1,200 1,600 2,000 FY2022 FY2023 FY2024 FY2025 FY2026 Q1FY2027 DaaS Distribution Martech 49.7 98.7 232.1 358.3 1,823.6 957.0 Free Cash Flow (INR Cr) 47.5 148.1 113.4 230.0 135.2 0 50 100 150 200 250 300 FY2023 FY2024 FY2025 FY2026 Q1FY2027 49.3% CAGR Note : * - Adjusted EBITDA - EBITDA is Adjusted for Deferred Deal Consideration related to the Sojern Acquisition . This expense is to be incurred for 3 years ending Q 3 FY 29 * * * 193.4
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Key Financial Highlights for Q1FY2027 • Strong growth registered YoY in Operating Revenue with healthy growth across verticals and the integration of Sojern • Focus on operational excellence and integration contributing to healthy Operating Margins • EBITDA and PAT are adjusted on account of deferred deal consideration related to Sojern acquisition, to be paid over 3 years up to Q3FY29 21 EBITDA 49.7 167.9 193.4 20 50 80 110 140 170 200 Q1FY2026 Q4FY2026 Q1FY2027 INR (Cr) PAT 46.9 90.9 116.8 20 40 60 80 100 120 Q1FY2026 Q4FY2026 Q1FY2027 INR (Cr) PAT Margin (%) 17.2 12.7 14.9 0 5 10 15 20 Q1FY2026 Q4FY2026 Q1FY2027 Operating Revenue 272.9 715.5 785.0 200 300 400 500 600 700 800 Q1FY2026 Q4FY2026 Q1FY2027 INR (Cr) EBITDA Margin (%) 18.2 23.5 24.6 12 14 16 18 20 22 24 26 Q1FY2026 Q4FY2026 Q1FY2027 * * * * Note : * - Adjusted EBITDA & PAT – Adjusted for Deferred Deal Consideration related to the Sojern Acquisition . This expense is to be incurred for 3 years ending Q 3 FY 29 * * *
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Consolidated Profit & Loss Particulars (INR Cr) Q1 FY27 Q1 FY26 YoY Q4 FY26 QoQ FY26 FY25 YoY Revenue 785.0 272.9 187.6% 715.5 9.7% 1,823.6 1,076.7 69.4% Employee Expenses 294.8 109.1 170.1% 269.5 9.4% 711.7 398.8 78.5% Other Expenses 318.7 114.1 179.3% 299.0 6.6% 774.4 445.9 73.7% Total Operating Expense 613.5 223.2 174.8% 568.5 7.9% 1,486.1 844.6 76.0% EBITDA 171.5 49.7 245.4% 147.0 16.7% 337.5 232.1 45.4% EBITDA % 21.9% 18.2% 20.5% 18.5% 21.6% Add: Sojern – Deferred Consideration 21.9 20.9 20.9 Adj. EBITDA 193.4 49.7 289.3% 167.9 15.2% 358.3 232.1 54.4% Adj. EBITDA % 24.6% 18.2% 23.5% 19.6% 21.6% Depreciation 3.7 1.9 100.2% 2.6 41.7% 11.4 6.7 69.1% Amortization of Acquisition cost 33.8 6.8 393.9% 32.4 4.4% 69.3 28.2 145.9% Finance Costs 16.5 0.3 5451.3% 18.4 - 10.3% 31.5 1.3 2380.2% Exceptional Expenses - - - - - 34.6 - NA Other Income 3.1 20.7 - 85.1% 2.6 19.9% 61.3 76.4 - 19.7% Profit/(Loss) Before Tax 120.6 61.3 96.6% 96.2 25.3% 252.0 272.2 - 7.4% Tax 25.7 14.4 78.2% 26.2 - 2.1% 57.6 63.3 - 9.1% Profit/(Loss) After Tax 94.9 46.9 102.2% 70.0 35.6% 194.4 208.9 - 7.0% PAT % 12.1% 17.2% 9.8% 10.7% 19.4% Adj. Profit/(Loss) After Tax 116.8 46.9 148.8% 90.9 28.5% 249.9 208.9 19.6% Adj. PAT % 14.9% 17.2% 12.7% 13.7% 19.4% Note: Numbers have been rounded to nearest whole percentages or one decimal place. Adjusted EBITDA & PAT – Adjusted for Deferred Deal Consideration related to the Sojern Acquisition . This expense is to be incurred for 3 years ending Q 3 FY 29 . For FY 26 , Adj . PAT accounts for Deferred Deal Consideration and One - time exceptional expense incurred in Q 3 FY 26 . 22
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Consolidated Balance Sheet Assets (INR Cr) Jun - 26 Mar - 26 Non - Current Assets 2,573.8 2,605.2 Property, plant and equipment 14.3 12.3 Goodwill 1,591.5 1,581.0 Other intangible assets 756.3 784.9 Other intangible assets under development - - Right to use assets 22.2 24.5 Financial Assets i . Investments - - ii. Other financial assets incl. Loans 2.3 2.3 Deferred tax assets (net) 158.3 167.8 Non - Current Tax Assets 27.9 31.3 Other non - current assets 1.0 1.1 Current assets 1,085.3 954.6 Financial assets i . Investments 19.7 24.5 ii. Trade receivables 535.7 471.5 iii. Cash and cash equivalents 226.8 173.1 iv. Bank balances other than (iii) above 9.1 - Other financial assets incl. Loans 9.4 13.7 Other current assets 284.6 271.8 Total assets 3,659.1 3,559.8 Equity & Liabilities (INR Cr) Jun - 26 Mar - 26 Equity and Liabilities 2,114.2 2,005.8 Equity share capital 11.8 11.8 Equity attributable to owners of the Company 2,102.4 1,994.0 Non - current liabilities 731.4 878.1 Financial liabilities Borrowings 533.5 682.6 Lease Liabilities 17.0 18.4 Other Financial Liabilities 32.7 25.2 Deferred tax liabilities (net) 132.6 136.9 Provisions 15.2 15.0 Other non - current liabilities 0.4 - Current liabilities 813.5 675.9 Financial liabilities i . Borrowings 337.5 238.7 ii. Trade payables 257.5 238.3 iii. Other financial liabilities 84.8 83.0 Lease liabilities 8.3 9.0 Current tax liabilities (net) 26.0 19.9 Provisions 0.9 0.9 Other current liabilities 98.5 86.1 Total equity and liabilities 3,659.1 3,559.8 23
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Company Overview 24
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RateGain’s Offering to enable Global Clients to Unlock New Revenue with the Power of AI Focused on the Travel and Hospitality Industry with business units aligned to our vision of acquiring guest, retaining them, and wallet share expansion ▪ Provide data and information to players across the travel & hospitality industry ▪ Deliver insights including competitive and rate parity intelligence ▪ AI led Products to gauge Demand and optimise pricing ▪ Custom audiences based on travel intent Subscription model Hybrid model 1 12.6% USD 1.1 Bn Adara (2023) Sojern (2025) Rev - AI Demand - AI 2005 DaaS Overview Revenue Model Revenue Mix – (Q1 FY2027) Total SAM Acquisitions* New AI based Products developed ▪ Seamless connectivity between Hotels and their demand partners including OTAs, GDS and others ▪ Communicate availability, rates, inventory and content ▪ AI led product to standardise content distribution RezGain - Subscription model 2 DHISCO - Transaction model 3 6.3% USD 1.9 Bn DHISCO (2018) Content - AI Voice Connectivity (UNO VIVA) Booking Engine MCP ▪ End to End Digital Marketing Suite to manage Brand presence for Hotels across Social Media and Metasearch platforms ▪ To Optimize Direct Bookings ▪ Monitor Guest Engagement 24x7 ▪ Performance marketing operation leveraging the travel - intent data Subscription model Transaction model 4 81.1% USD 5.8 Bn BCV Social (2019) MyHotelShop (2021) Adara (2023) Sojern (2025) 2008 Distribution 2019 MarTech Note : Source : Company information, Phocuswright and 1 Lattice report . Note : Numbers have been rounded to nearest one decimal place . 1 . Hybrid Model - charges a minimum subscription fee and a pay - per - use model for accessing additional data 2 . Subscription model - where customers pay a subscription fee to access the product . 3 . Transaction Model – company generates revenues from bookings . 4 . Transaction Model – Revenue from campaigns managed for clients 25 Sell at the right price Sell on the right channels Sell to the right travellers
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Multiple Growth Engines to Drive Growth Increases focus on SMB Segment backed by expansive AI - powered Product offering & Strong Value proposition Customer Growth Large customer base to drive cross - sell and up - sell Land & Expand Leverage our large data assets to launch AI solutions & features to offer incremental value to customers AI - powered Product Innovation Invest in GTM teams to build up presence in high - growth geos Geographic Expansion Streamlining Martech offering under a unified platform to deliver predictive traveler insight and drive incremental unique value for customers Martech Expansion Dedicated Strategic Investments Arm to identify Complementary Opportunities and drive synergies Inorganic Growth
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Annexures 27
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Key Shareholders Promoters ▪ Bhanu Chopra & Family currently hold 48.78% ▪ Promoter Group has increased holding up from 48.16% as of Sept. 30, 2025 Key Shareholders Sundaram Mutual Fund 5.46% Nippon Life India Mutual Fund 4.49% Paisabuddy Finance 3.80% Axis Mutual Fund 2.93% ICICI Prudential Mutual Fund 1.85% Plutus Wealth Management 1.69% CIF III Scheme I 1.23% Shareholder Types (as of June 30, 2026) Promoters & Promoter Group Mutual Funds FIIs Corporate Bodies Others 48.78% 17.56% 5.75% 9.41% 17.63% Insurance Companies 0.87% 28
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CIN: L72900DL2012PLC244966 Mr. Divik Anand Email: investor.relations@rategain.com www.rategain.com Thank You 29