India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

RateGain Travel Technologies / Equity Bottom-Up

RateGain Travel Technologies (RATEGAIN IN)

<ul>
<li>RateGain closed FY26 with operating revenue of Rs.1,823.6 crore, up 69.4% year-on-year, powered by the November 2025 Sojern acquisition, even as reported net profit slipped to Rs.194.4 crore.</li>
<li>Sojern doubled RateGain's revenue base and made it the world's largest source of travel-intent data, but it also depressed near-term margins and reported profit through acquisition and integration costs.</li>
<li>With cost synergies, cross-sell across 13,000-plus customers and a stated 18-20% sustainable margin target, FY27 is the year that tests whether RateGain's scale converts into durable earnings power.</li>
</ul>


RateGain closed FY26 with operating revenue of Rs.1,823.6 crore, up 69.4% year-on-year, powered by the November 2025 Sojern acquisition, even as reported net profit slipped to Rs.194.4 crore.
Sojern doubled RateGain's revenue base and made it the world's largest source of travel-intent data, but it also depressed near-term margins and reported profit through acquisition and integration costs.
With cost synergies, cross-sell across 13,000-plus customers and a stated 18-20% sustainable margin target, FY27 is the year that tests whether RateGain's scale converts into durable earnings power.


RateGain Travel Technologies: The $1 Billion Ambition by One of the Largest SaaS Providers

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of consolidation reshaping mobility-tech.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of consolidation reshaping mobility-tech.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

RateGain Travel Technologies / Event-Driven

<ul>
<li>RateGain Travel Technologies has entered into a definitive agreement to acquire US-based, AI-powered travel marketing platform Sojern for an upfront consideration of $250 million. 
</li>
<li>The acquisition is a bold move to create a scaled, AI-first digital marketing and distribution platform, significantly boosting RateGain's MarTech business and nearly tripling its revenue/EBITDA run-rate (pre-synergies).</li>
<li>The strategic upside of owning the full guest acquisition-to-retention cycle justifies the blended financing structure and the integration risk of two large, geographically dispersed travel tech companies.</li>
</ul>


RateGain Travel Technologies has entered into a definitive agreement to acquire US-based, AI-powered travel marketing platform Sojern for an upfront consideration of $250 million. 

The acquisition is a bold move to create a scaled, AI-first digital marketing and distribution platform, significantly boosting RateGain's MarTech business and nearly tripling its revenue/EBITDA run-rate (pre-synergies).
The strategic upside of owning the full guest acquisition-to-retention cycle justifies the blended financing structure and the integration risk of two large, geographically dispersed travel tech companies.


RateGain Acquisition of Sojern: A Travel Tech Powerhouse in the Making?

Ethan Aw

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tbo-tek" target="_blank" data-smartkarma-citation="entities:36284:1" rel="noopener">TBO Tek (0395045D IN)</a> raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.</li>
<li>TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



TBO Tek (0395045D IN) raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.
TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


TBO Tek IPO Trading - Has One of the Highest Subscription Rates so Far This Year

India

RateGain Travel Technologies Limited is a global provider of AI-powered SaaS solutions for the travel and hospitality industry. The company offers products for revenue management, distribution, and marketing, including data-as-a-service (DaaS) for competitive pricing and market intelligence, and solutions for channel management and guest engagement. RateGain helps hotels, airlines, online travel agencies, car rentals, and cruise lines optimize revenue generation through customer acquisition, retention, and wallet share expansion. The company was founded in 2004 and is headquartered in Noida, India.

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RateGain Travel Technologies (RATEGAIN IN)

RateGain Travel Technologies: The $1 Billion Ambition by One of the Largest SaaS Providers

RateGain's FY26 revenue surged 69.4% thanks to Sojern acquisition, but net profit dipped; FY27 will test if scale leads to sustainable earnings.

Sudarshan Bhandari

Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of...

Pranav Rao

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

RateGain Acquisition of Sojern: A Travel Tech Powerhouse in the Making?

RateGain Travel Technologies acquires Sojern for $250 million, creating a scaled AI-first digital marketing platform and boosting MarTech business...

Nimish Maheshwari

TBO Tek IPO Trading - Has One of the Highest Subscription Rates so Far This Year

TBO Tek (0395045D IN) raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

RateGain Travel Technologies: The $1 Billion Ambition by One of the Largest SaaS Providers

​RateGain's FY26 revenue surged 69.4% thanks to Sojern acquisition, but net profit dipped; FY27 will test if scale leads to sustainable earnings.

Sudarshan Bhandari

Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of...

Pranav Rao

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

RateGain Acquisition of Sojern: A Travel Tech Powerhouse in the Making?

​RateGain Travel Technologies acquires Sojern for $250 million, creating a scaled AI-first digital marketing platform and boosting MarTech business...

Nimish Maheshwari

TBO Tek IPO Trading - Has One of the Highest Subscription Rates so Far This Year

TBO Tek (0395045D IN) raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.

Ethan Aw

RateGain's FY26 revenue surged 69.4% thanks to Sojern acquisition, but net profit dipped; FY27 will test if scale leads to sustainable earnings.

RateGain Travel Technologies acquires Sojern for $250 million, creating a scaled AI-first digital marketing platform and boosting MarTech business...