Overview

Detailed Summary

Race Eco Chain Limited engages in the business of plastic waste management, home furnishing, briquettes, and garments, promoting environmentally conscious initiatives with a mission to reduce carbon footprints caused by waste plastics.
The company has achieved robust year-on-year revenue growth of 36%, reaching ₹460.30 crore, and its profit has more than doubled, signifying strong financial improvement.
Race Eco Chain has developed a Pan-India network for waste management, establishing washing plants and collection centers, thereby organizing the unorganized waste industry.
Strategic partnerships, such as the joint venture with Ganesha Ecosphere, position the company for growth in the recycling sector, targeting the increasing demand for sustainable solutions.
The company focuses heavily on Environmental, Social, and Governance (ESG) compliance, aiming to enhance its sustainability through initiatives like the RACE App, designed to optimize waste management.

Sector: Other Utilities
Industry: Waste Management
Market Cap: 186 Cr
Volatility: High Risk
P/E Ratio: 27.5
Industry P/E: 21.0
PEG Ratio: 0.5
P/B Ratio: 2.5
52W High: 276.00
52W Low: 84.10

Sales CAGR

1Y: 59.75%
3Y: 43.06%
5Y: 96.21%
10Y: 30.54%

Profit CAGR

1Y: 170.32%
3Y: 60.01%
5Y: 152.25%
10Y: 51.42%

ROE

TTM: 9.13%
3Y: 5.82%
5Y: 5.64%
10Y: 3.78%

ROCE

TTM: 10.59%
3Y: 14.68%
5Y: 13.38%
10Y: 10.06%

Technicals

‌

Forecasts

Peers

Utilities Utilities Other Utilities Waste Management

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ECORECO		430.80	831 Cr	35.91	7.64	0.00	20.90	27.27	16.99
CEWATER		249.50	518 Cr	35.49	0.91	0.00	3.99	6.30	1.53
VVIPIL		125.00	312 Cr	10.37	1.36	0.00	13.13	16.24	5.02
ORGANICREC		235.00	244 Cr	9.73	1.43	0.00	20.37	15.81	11.93
RACE		108.05	186 Cr	27.54	2.52	0.00	9.13	10.59	3.38
GEMENVIRO		38.74	87 Cr	18.55	1.65	0.00	8.91	11.29	6.96
EPBIO		94.00	16 Cr	10.83	1.31	0.00	12.10	15.76	7.79
Median: 7 Co.	—	125.00	244 Cr	18.55	1.43	0.00	12.10	15.76	6.96

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	73	85	86	106	168	194	157	148	131	182
Expenses	71	84	85	104	165	191	154	145	128	178
Operating Profit	1.48	1.04	1.39	1.85	3.04	3.42	2.91	3.67	3.34	4.28
OPM %	2.04	1.22	1.61	1.74	1.81	1.76	1.86	2.47	2.55	2.35
Other Income	0.15	0.61	0.15	4.39	0.28	0.44	0.35	1.70	1.77	1.16
Interest	0.77	0.84	0.93	1.01	0.75	1.55	1.65	1.98	2.06	2.51
Depreciation	0.14	0.41	0.30	0.17	0.18	0.22	0.25	0.52	0.51	0.51
Profit Before Tax	0.72	0.39	0.31	5.07	2.38	2.08	1.35	2.87	2.54	2.41
Tax %	31.94	71.79	67.74	20.32	25.63	23.56	69.63	-3.48	23.23	18.67
Net Profit	0.49	0.11	0.10	4.03	1.77	1.59	0.41	2.97	1.95	1.96
EPS in Rs	0.29	0.07	0.06	2.34	1.00	0.89	1.13	1.72	1.10	1.14

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	269	347	555	625
Expenses	267	342	545	614
Operating Profit	2.09	5.77	9.70	11
OPM %	0.78	1.66	1.75	1.79
Other Income	0.85	0.70	0.96	5.46
Interest	0.70	2.94	4.24	4.96
Depreciation	0.44	0.80	0.87	0.82
Profit Before Tax	1.79	2.73	5.55	11
Tax %	27.05	43.31	24.36	28.31
Net Profit	1.30	1.55	4.19	7.80
EPS in Rs	—	1.00	4.29	5.09
Dividend Payout %	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	16	17
Reserves	4.14	5.78	54
Borrowings	16	43	62
Other Liabilities	13	18	49
Total Liabilities	49	83	182
Fixed Assets	2.91	8.22	10
CWIP	0.00	2.63	0.52
Investments	0.00	1.41	14
Other Assets	46	71	157
Total Assets	49	83	182

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-15	-8.53	-43
Cash from Investing Activity	6.65	-18	-14
Cash from Financing Activity	9.94	24	61
Net Cash Flow	2.00	-2.66	4.83

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Oct 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	44.79%	44.79%	44.79%	44.79%	44.79%	44.79%	44.79%	44.79%	44.79%	44.79%	44.79%	44.79%
FIIs	0.00%	0.00%	0.03%	0.17%	0.10%	0.07%	0.00%	0.01%	0.00%	0.72%	0.71%	0.71%
DIIs	0.00%	0.00%	0.00%	0.00%	0.58%	0.58%	0.58%	0.58%	0.58%	0.58%	0.58%	0.58%
Public	55.20%	55.21%	55.18%	55.04%	54.52%	54.56%	54.63%	54.62%	54.63%	53.90%	53.92%	53.92%
Total Shareholders	1,873	3,650	4,144	4,247	6,246	6,340	6,651	6,842	7,026	7,035	6,963	6,796

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

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