RateGain Travel Technologies Limited (RATEGAIN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+113.0%

₹1,731.47

vs ₹813.00 price

Levered DCF

₹1,562.99

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	29.12×	25.34×	56.72×	54.3×	397.74×	-110.05×	-149.8×	330.15×
P/B	2.82×	3.15×	5.69×	5.23×	5.38×	12.88×	21.91×	25.35×
P/S	3.1×	4.92×	8.62×	6.57×	9.09×	12.54×	7.57×	13.88×
EV / EBITDA	17.67×	21.39×	34.36×	34.12×	69.64×	156.18×	92.75×	107.94×
Gross margin	61.0%	63.0%	60.3%	55.3%	27.1%	12.4%	48.3%	53.6%
Operating margin	14.1%	18.5%	15.5%	9.0%	1.1%	-8.9%	-3.1%	2.9%
Net margin	10.7%	19.4%	15.2%	12.1%	2.3%	-11.4%	-5.0%	4.2%
Current ratio	1.41×	7.34×	5.3×	2.61×	4.08×	2.94×	1.46×	1.81×
Debt / equity	0.47×	0.01×	0.01×	0.02×	0.01×	0.48×	1.04×	0.38×
Interest coverage	8.15×	156.82×	108.85×	14.98×	0.59×	-2.42×	-1.27×	1.84×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.7%	12.4%	10.0%	9.6%	1.4%	-11.7%	-14.6%	7.7%
Return on invested capital	6.3%	8.9%	7.7%	6.7%	0.5%	-5.3%	-4.1%	4.4%
Return on assets	5.5%	11.0%	8.4%	7.2%	1.1%	-5.4%	-5.1%	3.9%
Free cash flow yield	4.1%	2.1%	1.8%	1.3%	0.4%	0.6%	0.5%	0.9%
Earnings yield	3.4%	3.9%	1.8%	1.8%	0.3%	-0.9%	-0.7%	0.3%
Enterprise value	₹64.4B	₹49.6B	₹80B	₹36.3B	₹33.1B	₹32B	₹31.4B	₹36.5B
Net debt / EBITDA	2.13×	-1.44×	-1.08×	-0.77×	-0.53×	2.65×	3.63×	0.44×
Cash conversion cycle (days)	-28	-17	1	-15	88	57	-75	-86