Race Eco Chain Ltd.

•

raceecochain.comBSE: 537785NSE: RACE

Market Cap₹ 167 Cr.

Current Price

High / Low₹ 252 / 84

Stock P/E59.8

Book Value₹ 40

Price to Book8.24

Dividend Yield0.00 %

ROCE9.4 %

ROE9.9 %

Face Value₹ 10

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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 GENERATED

Utilities

Buy

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.

Confidence

73%

View full sector analysis →

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

UtilitiesBusiness ServicesEnvironmental Services

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	WABAG	2131.35	33.73	13319.14	0.23	90.10	36.93	886.80	20.82	21.22	9.59
2.	IONEXCHANG	438.55	65.58	6432.06	0.28	3.06	-93.68	700.46	20.11	13.46	4.59
3.	REFEX	273.15	15.24	3748.40	0.55	64.55	216.87	916.30	139.09	24.06	11.67
4.	AWHCL	376.95	18.31	1069.86	0.13	0.75	-96.74	260.99	5.52	13.11	14.25
5.	ECORECO	445.35	36.33	872.74	0.00	9.17	13.35	16.19	75.22	34.24	56.27
6.	CEWATER	280.20	112.36	579.91	0.00	-17.57	-526.54	85.35	-16.65	6.86	-18.72
7.	RACE	97.00	22.25	167.39	0.00	1.03	150.00	191.06	21.91	10.23	1.99
8.	BANKA	77.56	238.33	85.08	0.00	-0.04	-295.00	10.55	-5.29	-8.20	17.27

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.79	44.79	44.79	44.79	44.79	44.79	44.79	44.79
	0.10	0.00	0.01	0.00	0.72	0.71	0.71	0.01
	0.58	0.58	0.58	0.58	0.58	0.58	0.58	0.58
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	54.52	54.63	54.62	54.63	53.90	53.92	53.92	54.62

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Disclosure of material issue

2026-09-08 - Race Eco Chain Limited has informed regarding Further Investment in the Subsidiary Company.

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Race Eco Chain Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-01

General Updates

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

Shareholders meeting

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

Disclosure of material issue

2026-08-31 - Race Eco Chain Limited has informed regarding Disclosure of material issue

2026-08-27

Copy of Newspaper Publication

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

Disclosure of material issue

2026-08-14 - Race Eco Chain Limited has informed regarding Disclosure of material issue Relating to Investment in the Subsidiary

2026-08-13

Copy of Newspaper Publication

2026-08-13 - Race Eco Chain Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12

Disclosure of material issue

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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Race Eco Chain Ltd.

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Free 5nance Account

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

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

106

129

139

108

109

104

126

136

105

Operating Profit

-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%

Interest

Depreciation

Profit before Tax

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

-0

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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

157

269

338

460

376

157

267

333

452

369

Operating Profit

-0

OPM %

2.40%

2.44%

1.51%

-0.32%

-2.31%

-0.27%

0.12%

0.78%

1.63%

1.83%

2.03%

Interest

Depreciation

Profit before Tax

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

EPS

0.00

0.61

0.56

0.79

0.95

2.18

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Trade Payables

Total Liabilities

154

Cash & Bank

Total Assets

154

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-0

-4

-5

-15

-10

-28

Cash from Investing

-1

-6

-8

-6

-11

-28

Cash from Financing

-2

-1

-2

-0

-3

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

44.79

0.10

0.00

0.01

0.00

0.72

0.71

0.01

0.58

Government

0.00

54.52

54.63

54.62

54.63

53.90

53.92

54.62

Race Eco Chain Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Race Eco Chain Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI