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Dolat Capital Report
Rategain Travel Technologies Ltd. reported 9.4% QoQ growth, (our estimate: 3%), led by strong growth in Adara ($10 million in Q2 from $8 million in Q1) and monetisation of key contract wins.
Vertical wise, Martech (48% of revenue) and desktop as a service (31% of revenue) led the sequential growth of 20%/3% QoQ however distribution (21% of revenue) segment witnessed 1% decline owing to weakness in a key client (online travel agency).
Ebitda stood at 19.8%, up 216 basis points QoQ (guidance also revised up from 17% to 19%) driven by operating leverage, and improved performance in Martech segment.
Robust Q2 performance and strong megatrend in travel industry keep Rategain as a good proxy play on booming travel theme.
Maintain 'Accumulate' with a discounted cash flow based target price of Rs. 690 (implies 41 times of FY26E).
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