Race Eco Chain
RACE NSE
Race Eco Chain
UtilitiesNSE: RACE BSE: 537785 Waste Management
Key Fundamentals
MicrocapWaste ManagementUtilitiesMarket Cap
₹166 Cr
Volatility
Moderate
P/E Ratio
22.5
EBITDA
₹14.20 Cr
Return on Equity
5.38%
Debt to Equity
1.22
Book Value
₹42.95
52W High
₹252
52W Low
₹84.11
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 8.66% over last 3 years.
- Earnings include an other income of Rs.5.66 Cr.
Growth Rate
Revenue Growth
11.29% lower than
3Y
Net Income Growth
78.81% higher than
3Y
Cash Flow Change
-400% lower than
3Y
ROE
-22.7% lower than
3Y
ROCE
-38.99% lower than
3Y
EBITDA Margin (Avg.)
19.37% lower than
3Y
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 111 | 78.88 | 72.68 | 85.17 | 86.44 | 106 | 168 | 194 | 157 | 148 | 131 | 182 | 191 |
| Expenses | 109 | 77.71 | 71.2 | 84.13 | 85.04 | 104 | 165 | 191 | 154 | 145 | 128 | 178 | 187 |
| Operating Profit | 1.93 | 1.17 | 1.48 | 1.04 | 1.4 | 1.85 | 3.03 | 3.41 | 2.91 | 3.67 | 3.35 | 4.28 | 3.58 |
| OPM % | 1.74% | 1.48% | 2.04% | 1.22% | 1.62% | 1.74% | 1.8% | 1.76% | 1.86% | 2.47% | 2.55% | 2.35% | 1.87% |
| Other Income | 0.03 | 0.06 | 0.15 | 0.61 | 0.15 | 0.1 | 0.28 | 0.44 | 0.35 | 1.7 | 1.77 | 1.15 | 1.04 |
| Interest | 0.55 | 0.77 | 0.77 | 0.84 | 0.93 | 1.01 | 0.75 | 1.55 | 1.65 | 1.98 | 2.06 | 2.51 | 2.47 |
| Depreciation | 0.12 | 0.13 | 0.14 | 0.41 | 0.3 | 0.17 | 0.18 | 0.22 | 0.25 | 0.52 | 0.51 | 0.51 | 0.76 |
| PBT | 1.29 | 0.33 | 0.72 | 0.4 | 0.32 | 0.77 | 2.38 | 2.08 | 1.36 | 2.87 | 2.55 | 2.41 | 1.39 |
| Tax % | 29.46% | 33.33% | 18.06% | 70% | 68.75% | 5.19% | 25.63% | 23.56% | 69.12% | -3.14% | 23.14% | 18.67% | 25.9% |
| Net Profit | 0.91 | 0.22 | 0.59 | 0.11 | 0.11 | 0.73 | 1.77 | 1.59 | 0.42 | 2.97 | 1.95 | 1.96 | 1.03 |
| EPS in Rs | 0.55 | 0.13 | 0.36 | 0.07 | 0.07 | 0.42 | 0.92 | 0.86 | 0.2 | 1.62 | 1.02 | 1.08 | 0.64 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 269 | 347 | 555 | 619 | 653 |
| Expenses | 267 | 342 | 545 | 605 | 638 |
| Operating Profit | 2 | 6 | 10 | 14 | 15 |
| OPM % | 0.8% | 1.7% | 1.8% | 2.3% | 2.3% |
| Other Income | 1 | 1 | 1 | 5 | 6 |
| Interest | 1 | 3 | 4 | 8 | 9 |
| Depreciation | 0 | 1 | 1 | 2 | 2 |
| PBT | 2 | 3 | 6 | 9 | 9 |
| Tax % | 27% | 43% | 24% | 21% | — |
| Net Profit | 1 | 2 | 4 | 7 | 8 |
| EPS in Rs | 0.79 | 0.94 | 2.25 | 3.92 | 4.36 |
| Div. Payout % | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 16 | 16 | 17 | 17 |
| Reserves | 4 | 6 | 54 | 57 |
| Borrowings | 16 | 43 | 62 | 90 |
| Other Liabilities | 13 | 18 | 49 | 51 |
| Total Liabilities | 49 | 83 | 182 | 216 |
| Fixed Assets | 3 | 3 | 10 | 17 |
| CWIP | 0 | 8 | 1 | 5 |
| Investments | 0 | 1 | 14 | 12 |
| Other Assets | 46 | 71 | 157 | 182 |
| Total Assets | 49 | 83 | 182 | 216 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | -15 | -9 | -43 | 19 |
| Investing | 7 | -18 | -14 | -29 |
| Financing | 10 | 24 | 61 | 20 |
| Net Cash Flow | 2 | -3 | 5 | 10 |
| Free Cash Flow | -15 | -18 | -43 | 6 |
| CFO/OP | -698 | -147 | -428 | 145 |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | 50 | 58 | 79 | 59 |
| Inventory Days | 1 | 1 | 1 | 2 |
| Days Payable | 16 | 18 | 24 | 18 |
| Cash Conversion Cycle | 34 | 41 | 55 | 43 |
| Working Capital Days | 20 | 15 | 21 | 8 |
| ROCE % | — | 11% | 10% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Race Eco Chain insights
61 extracted metrics + investor summaries across FY14–FY26.
Documents
1
Announcement under Regulation 30 (LODR)-Acquisition
2 May - Race Eco Chain invested Rs 1.02 crore in subsidiary Ganesha Recycling Chain, allotted 1,02,000 shares on 02 May 2025. 2 May - Race Eco Chain invested Rs 1.02 crore in subsidiary Ganesha Recycling Chain, allotted 1,02,000 shares on 02 May 2025.
2
Announcement under Regulation 30 (LODR)-Acquisition
2 May - Race Eco Chain invested Rs 1.02 crore in subsidiary Ganesha Recycling Chain, allotted 1,02,000 shares on 02 May 2025. 2 May - Race Eco Chain invested Rs 1.02 crore in subsidiary Ganesha Recycling Chain, allotted 1,02,000 shares on 02 May 2025.
3
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
7 Apr - Pls find enclosed Certificate under Reg 74(5) of SEBI (DP) Regulation, 2018 7 Apr - Pls find enclosed Certificate under Reg 74(5) of SEBI (DP) Regulation, 2018
4
Board Meeting Outcome for Intimation For The Forfeiture Of The Convertible Warrants
1 Apr - 19,55,000 warrants forfeited; Rs.17,20,40,000 subscription forfeited after non-conversion by March 31, 2026. 1 Apr - 19,55,000 warrants forfeited; Rs.17,20,40,000 subscription forfeited after non-conversion by March 31, 2026.
5
Forfeiture Of The Convertible Warrants
1 Apr - Forfeited Rs17.20 crore subscription for 1,955,000 warrants (Rs352 each); conversion deadline March 31, 2026. 1 Apr - Forfeited Rs17.20 crore subscription for 1,955,000 warrants (Rs352 each); conversion deadline March 31, 2026.
Frequently Asked Questions about Race Eco Chain
What does Race Eco Chain Ltd do?
Incorporated in 1999, Race Eco Chain Ltd is engaged in the collection and supply of recyclable waste to recyclers. Company also manufactures recycled products[1]
Where is Race Eco Chain Ltd (RACE) listed?
Race Eco Chain Ltd trades as RACE on the NSE and under code 537785 on the BSE.
Which sector does Race Eco Chain Ltd belong to?
Race Eco Chain Ltd is classified under the Utilities sector, in the Waste Management industry.
What is the market capitalisation of Race Eco Chain Ltd?
Race Eco Chain Ltd has a market capitalisation of ₹165.67 Cr, which places it in the Small Cap band.
What is the PE ratio of Race Eco Chain Ltd?
Race Eco Chain Ltd trades at a PE ratio of 22.50, against a book value of ₹42.95 per share.
What is the 52-week high and low of Race Eco Chain Ltd?
Over the last 52 weeks Race Eco Chain Ltd has traded between ₹84.11 and ₹252.
What is the Return on Equity (ROE) of Race Eco Chain Ltd?
Race Eco Chain Ltd reported a return on equity of 5.38%. Its debt-to-equity ratio is 1.22.
Company Information
Incorporated in 1999, Race Eco Chain Ltd is engaged in the collection and supply of recyclable waste to recyclers. Company also manufactures recycled products[1]
Website raceecochain.com
CEO Mr. Sunil Kumar Malik
Employees 61
Listed 2023-05-09
Face Value ₹ 10
Issued Size 1,72,57,200
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