Race Eco Chain Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Recycle Division: 94.0% • Biomass Division: 4.1% • Restore Division: 1.9%
AI Sector View
AI GENERATEDUtilities
Utilities are backed by firm electricity demand and output. Power generation grew 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), and core electricity output rose 9.0% YoY (2026-07). Sector-specific FPI flows are mildly positive at INR 148 crore over 3 months to 2026-08-31, adding to the supportive fundamental case.
PROS
- Company has delivered good sales growth of 96.2% CAGR over last 5 years
- Company converts assets efficiently - asset turnover of 4.0x
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -7.99x)
- Company has a low return on capital employed of 9.8%
- Company has a low return on equity of 7.9% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WABAG | 2131.35 | 33.73 | 13319.14 | 0.23 | 90.10 | 36.93 | 886.80 | 20.82 | 21.22 | 9.59 |
| IONEXCHANG | 438.55 | 65.58 | 6432.06 | 0.28 | 3.06 | -93.68 | 700.46 | 20.11 | 13.46 | 4.59 |
| REFEX | 273.15 | 15.24 | 3748.40 | 0.55 | 64.55 | 216.87 | 916.30 | 139.09 | 24.06 | 11.67 |
| AWHCL | 376.95 | 18.31 | 1069.86 | 0.13 | 0.75 | -96.74 | 260.99 | 5.52 | 13.11 | 14.25 |
| ECORECO | 445.35 | 36.33 | 872.74 | 0.00 | 9.17 | 13.35 | 16.19 | 75.22 | 34.24 | 56.27 |
| CEWATER | 280.20 | 112.36 | 579.91 | 0.00 | -17.57 | -526.54 | 85.35 | -16.65 | 6.86 | -18.72 |
| RACE | 97.00 | 22.25 | 167.39 | 0.00 | 1.03 | 150.00 | 191.06 | 21.91 | 10.23 | 1.99 |
| BANKA | 77.56 | 238.33 | 85.08 | 0.00 | -0.04 | -295.00 | 10.55 | -5.29 | -8.20 | 17.27 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 111 | 79 | 69 | 79 | 86 | 106 | 129 | 139 | 99 | 96 | 79 | 108 | 93 | |
| 109 | 78 | 68 | 78 | 85 | 104 | 126 | 136 | 97 | 94 | 76 | 105 | 93 | |
| Operating Profit | 2 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 2 | 3 | 2 | 3 | -0 |
| OPM % | 1.74% | 1.62% | 1.87% | 1.30% | 1.65% | 1.75% | 1.87% | 1.93% | 1.98% | 2.62% | 2.92% | 2.83% | -0.28% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 1 | 0 | 1 | 0 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| Tax % | 29.46% | 30.23% | 15.09% | 46.67% | 36.84% | 130.38% | 25.41% | 18.59% | 85.51% | -28.89% | 66.67% | 37.88% | 21.79% |
| Net Profit | 1 | 0 | 0 | 0 | 0 | -0 | 1 | 1 | 0 | 1 | 0 | 1 | 1 |
| 0.55 | 0.18 | 0.27 | 0.14 | 0.22 | -0.14 | 0.80 | 0.74 | 0.06 | 0.67 | 0.13 | 0.47 | 0.35 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 42 | 35 | 55 | 50 | 16 | 59 | 157 | 269 | 338 | 460 | 376 | |
| 41 | 34 | 54 | 50 | 16 | 59 | 157 | 267 | 333 | 452 | 369 | |
| Operating Profit | 1 | 1 | 1 | -0 | -0 | -0 | 0 | 2 | 6 | 8 | 8 |
| OPM % | 2.40% | 2.44% | 1.51% | -0.32% | -2.31% | -0.27% | 0.12% | 0.78% | 1.63% | 1.83% | 2.03% |
| 0 | 0 | 0 | 1 | 1 | 3 | 2 | 1 | 1 | 1 | 3 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 3 | 4 | 8 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Profit before Tax | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 3 | 5 | 4 |
| Tax % | 28.42% | 28.37% | -71.08% | 29.00% | -107.02% | 32.37% | 13.55% | 27.05% | 41.98% | 21.11% | 23.22% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 4 | 3 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.61 | 0.56 | 0.79 | 0.95 | 2.18 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 27%
- 5 Years:
- 96%
- 3 Years:
- 43%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 45%
- 5 Years:
- 152%
- 3 Years:
- 60%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -29%
- 1 Year:
- -61%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 7%
- 3 Years:
- 8%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 17 |
| 0 | 1 | 1 | 1 | 1 | 2 | 3 | 4 | 6 | 37 | |
| 4 | 6 | 4 | 7 | 7 | 7 | 5 | 15 | 37 | 59 | |
| Trade Payables | 10 | 0 | 13 | 9 | 1 | 5 | 8 | 12 | 13 | 23 |
| 0 | 1 | 4 | 2 | 2 | 2 | 2 | 1 | 1 | 19 | |
| Total Liabilities | 31 | 24 | 39 | 35 | 27 | 32 | 33 | 49 | 73 | 154 |
| 2 | 2 | 2 | 2 | 2 | 1 | 3 | 3 | 3 | 3 | |
| 0 | 0 | 0 | 4 | 6 | 0 | 0 | 0 | 5 | 21 | |
| 11 | 1 | 10 | 7 | 4 | 4 | 0 | 1 | 1 | 1 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53 | 95 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 0 | 4 | 1 | 3 | 0 | 4 |
| 18 | 21 | 26 | 22 | 16 | 22 | 29 | 42 | 11 | 30 | |
| Total Assets | 31 | 24 | 39 | 35 | 27 | 32 | 33 | 49 | 73 | 154 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | -0 | 7 | 7 | -4 | -5 | 5 | -15 | -10 | -28 | |
| Cash from Investing | 0 | -1 | -6 | -8 | 5 | 10 | -6 | 7 | -11 | -28 |
| Cash from Financing | -2 | 1 | -2 | 2 | -1 | -1 | -2 | 10 | 18 | 60 |
| -0 | 0 | 0 | 0 | -0 | 4 | -3 | 2 | -3 | 4 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Race Eco Chain Limited has informed regarding Further Investment in the Subsidiary Company.
2026-09-03 - Race Eco Chain Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-01 - Race Eco Chain Limited has informed the Exchange about Dispatch of the Letter to The Shareholders Of The Company For Annual Report Of The Company For Financial Year2025-26
2026-09-01 - Race Eco Chain Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 26, 2026
2026-08-31 - Race Eco Chain Limited has informed regarding Disclosure of material issue
2026-08-27 - Race Eco Chain Limited has informed the Exchange about Copy of Newspaper Publication on Conducting the AGM through VC/OVAM
2026-08-14 - Race Eco Chain Limited has informed regarding Disclosure of material issue Relating to Investment in the Subsidiary
2026-08-13 - Race Eco Chain Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-12 - Race Eco Chain Limited has informed regarding Disclosure of material issue relating to Re-appointment of MD
News
Recent coverage and analyst commentary for RACE
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