Anand Rathi's latest report on RateGain Travel Technologies reveals a remarkable revenue growth of approximately 174.5% year-on-year in Q4 FY26, significantly surpassing market expectations. The company achieved an organic revenue growth of about 19.5%, exceeding Anand Rathi's forecast of 10-12%. The total revenue for the quarter reached approximately ₹7.16 billion, while EBITDA surged by 143% year-on-year to ₹1.47 billion, marking a 69% increase from the previous quarter. However, the EBITDA margin contracted by 269 basis points year-on-year to 20.6%, largely due to the lower margins associated with the recent acquisition of Sojern. Looking forward, RateGain's management has set ambitious revenue growth targets of 65-70% year-on-year for FY27, with organic growth projected at 12-15%. The adjusted EBITDA margin is expected to range between 21.5-22.5%, while including Sojern, it is anticipated to be around 18.7-19%. The company aims to eliminate its debt, currently at approximately $93.5 million, by FY28. Based on these promising developments, Anand Rathi maintains a BUY rating on RateGain with a target price of ₹875, valuing the stock at 26 times FY28 earnings per share.