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Race Eco Chain

RACE NSE
₹104.50 No trade today
P/E
23.97
View as Markdown
MCP
Close 4 Nov 2026 ₹104.50 −101.46 −49.3% 1Y
Start ₹205.96

Key Fundamentals

MicrocapOther UtilitiesUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
11.10%
Debt to Equity
1.22
EPS (TTM)
₹4.36
Book Value
₹32.99
Market Cap
—
P/E (TTM)
23.97
P/B
3.17
ROE
9.28%
Dividend Yield
0.00%
EBITDA
₹15.90 Cr
52W High
₹218.70
52W Low
₹84.11
Volume
0

Peer Comparison

Utilities › Waste Management

Race Eco Chain peer comparison
Refex Industries
₹222.3612.29₹3,025 Cr1.900.69%17.80%22.70%₹2,841 Cr₹248 Cr
EMS
₹304.7024.81₹1,635 Cr1.600.52%8.91%12.80%₹652 Cr₹68 Cr
Antony Waste Handling Cell
₹306.6014.89₹838 Cr1.180.17%10.90%11.20%₹1,067 Cr₹70 Cr
Effwa Infra & Research
₹330.50—₹762 Cr6.190.31%26.20%29.30%——
Namo eWaste Management
₹336.50129.42₹753 Cr7.460.00%14.90%21.30%₹66 Cr₹4 Cr
Z-Tech India
₹362.5014.20₹552 Cr2.560.00%18.30%20.00%₹164 Cr₹37 Cr
Race Eco Chain (this company)
₹104.5023.97₹180 Cr3.170.00%9.28%11.10%₹653 Cr₹8 Cr
Median 7 companies₹306.6019.43₹762 Cr2.560.17%14.90%20.00%₹653 Cr₹52 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

38 Weak

Data confidence 98/100

pledge:100%

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
47
Average
Cheap vs sector & own history 24% weight
Growth
35
Poor
Sales & profit trajectory 9% weight
Financial Health
34
Poor
Solvency, leverage, coverage 9% weight
Momentum
34
Poor
Trend strength, vol-adjusted 12% weight
Ownership
34
Poor
FII/DII/promoter flows 24% weight
Capped: a governance trigger overrides the fundamentals here (pledge>75% ≤ 40).

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

5
  • Stock is trading at 2.61 times its book value
  • 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.
  • Promoters have pledged 100% of their holding.
  • Earnings include an other income of Rs.5.66 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1243
OscillatorsBullish243
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
46.68
Neutral
MACD (12,26,9)
−1.27
Bearish
SMA (50)
105.88
Bearish
SMA (200)
111.50
Bearish

As of

Growth Rate

From the financial statements below. 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
3Y+32.02%
1Y+11.53%
TTM+4.43%

Net profit

Net profit growth by window
3Y+91.29%
1Y+75.00%
TTM+75.39%

Operating cash flow

Operating cash flow growth by window
3YTurned positive
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
3Y+1.52 pp
1Y+0.46 pp
TTM+0.49 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2023₹269 Cr
Mar 2024₹347 Cr
Mar 2025₹555 Cr
Mar 2026₹619 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2023₹1.00 Cr
Mar 2024₹2.00 Cr
Mar 2025₹4.00 Cr
Mar 2026₹7.00 Cr

Quarterly Results

₹ Cr
RACE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
0.32
0.72
0.4
0.31
0.77
2.38
2.08
1.36
2.87
2.54
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
0.1
0.73
1.77
1.59
0.42
2.97
1.95
1.96
1.03
EPS (₹)
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

₹ Cr
RACE profit and loss, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
269
347
555
619
653
Expenses
267
342
545
604
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 (₹)
0.79
0.94
2.25
3.92
4.36
Div. Payout %
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
RACE balance sheet, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
RACE cash flow, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−15
−9
−43
19
Investing
7
−18
−13
−29
Financing
10
24
61
20
Net Cash Flow
2
−3
5
10
Free Cash Flow
−15
−18
−44
6
CFO/EBITDA
−698
−147
−431
143

Ratios

RACE financial ratios, annual
Particulars Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Race Eco Chain insights

61 extracted metrics across FY14–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 44.79%
  • Public 31.89%
  • Others 23.31%
  • FIIs 0.01%

100.00% of promoter holding pledged as of Sep 2026

Change since Jun 2026

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Concall · Jun 2026
    PPT
  • Concall · Nov 2025
    PPT
  • Concall · Jun 2025
    PPT
  • Q3 FY25 concall · Feb 2025
    PPT
  • Q2 FY25 concall · Nov 2024
    PPT

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
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 PE ratio of Race Eco Chain Ltd?
Race Eco Chain Ltd trades at a PE ratio of 23.97 as of 4 Nov 2026, on earnings per share of ₹4.36, against a book value of ₹32.99 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 ₹218.7 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Race Eco Chain Ltd?
Race Eco Chain Ltd reported a return on equity of 9.28%. 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

Website raceecochain.com
CEO Mr. Sunil Kumar Malik
Employees 61
Listed 9 May 2023
Face Value ₹10

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