Race Eco Chain Ltd.
•₹ 102.530.4%
2026-08-21
PROS
- Company converts assets efficiently - asset turnover of 4.2x
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 -9.33x)
- Company has a low return on capital employed of 9.7%
- Company has a low return on equity of 8.2% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | WABAG | 1976.15 | 31.27 | 12346.62 | 0.25 | 90.10 | 36.93 | 886.80 | 20.82 | 21.22 | 9.59 |
| 2. | IONEXCHANG | 372.60 | 55.72 | 5464.80 | 0.34 | 3.06 | -93.68 | 700.46 | 20.11 | 13.46 | 4.59 |
| 3. | AWHCL | 381.20 | 18.52 | 1081.93 | 0.13 | 0.75 | -96.74 | 260.99 | 5.52 | 13.11 | 14.25 |
| 4. | ECORECO | 460.90 | 37.60 | 903.21 | 0.00 | 9.17 | 13.35 | 16.19 | 75.22 | 43.18 | 56.27 |
| 5. | CEWATER | 274.80 | 0.00 | 568.73 | 0.00 | -175.69 | -4365.36 | 853.47 | 733.53 | 15.16 | -18.72 |
| 6. | RACE | 100.05 | 22.95 | 172.66 | 0.00 | 1.03 | 150.00 | 191.06 | 21.91 | 10.23 | 1.99 |
| 7. | BANKA | 78.40 | 240.91 | 86.00 | 0.00 | -0.04 | -295.00 | 10.55 | -5.29 | -8.20 | 17.27 |
Detailed Comparison with:
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 73 | 85 | 86 | 106 | 168 | 194 | 157 | 148 | 131 | 182 | 191 | |
| 109 | 78 | 71 | 84 | 85 | 104 | 165 | 191 | 154 | 145 | 128 | 178 | 191 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| 1 | 0 | 1 | 0 | 0 | 1 | 2 | 2 | 1 | 2 | 1 | 2 | 1 | |
| Tax % | 29.46% | 34.38% | 18.06% | 71.79% | 65.62% | 133.77% | 25.63% | 24.26% | 72.87% | -6.45% | 47.97% | 25.14% | 25.81% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 40 | 2 | 2 | 0 | 30 | 20 | 2 | 1 |
| 1 | 0 | 0 | 0 | 0 | -0 | 1 | 1 | 1 | 2 | 1 | 1 | 0 | |
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 111
- 109
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 1
- Tax %
- 29.46%
- Net Profit
- 0
- 1
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 79
- 78
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 0
- Tax %
- 34.38%
- Net Profit
- 0
- 0
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 73
- 71
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 1
- Tax %
- 18.06%
- Net Profit
- 0
- 0
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 85
- 84
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 0
- 0
- Tax %
- 71.79%
- Net Profit
- 0
- 0
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 86
- 85
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 0
- Tax %
- 65.62%
- Net Profit
- 0
- 0
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 106
- 104
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 1
- Tax %
- 133.77%
- Net Profit
- 40
- -0
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 168
- 165
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 2
- Tax %
- 25.63%
- Net Profit
- 2
- 1
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 194
- 191
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 2
- Depreciation
- 0
- 2
- Tax %
- 24.26%
- Net Profit
- 2
- 1
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 157
- 154
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 2
- Depreciation
- 0
- 1
- Tax %
- 72.87%
- Net Profit
- 0
- 1
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 148
- 145
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 2
- Depreciation
- 1
- 2
- Tax %
- -6.45%
- Net Profit
- 30
- 2
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 131
- 128
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 2
- Depreciation
- 1
- 1
- Tax %
- 47.97%
- Net Profit
- 20
- 1
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 182
- 178
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 3
- Depreciation
- 1
- 2
- Tax %
- 25.14%
- Net Profit
- 2
- 1
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 191
- 191
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 2
- Depreciation
- 1
- 1
- Tax %
- 25.81%
- Net Profit
- 1
- 0
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|
| 269 | 347 | 555 | 653 | |
| 267 | 342 | 545 | 641 | |
| Operating Profit | 3 | 6 | 11 | — |
| OPM % | 1 | 2 | 2 | — |
| Other Income | 1 | 1 | 1 | 2 |
| Interest | 1 | 3 | 4 | 9 |
| Depreciation | 0 | 1 | 1 | 2 |
| 2 | 3 | 6 | 6 | |
| Tax % | 27 | 43 | 24 | 22 |
| Net Profit | 1 | 2 | 4 | 5 |
| EPS | 1 | 1 | 2 | — |
| Dividend Payout % | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | -0 | -0 |
| Share of Associates | 0 | 0 | 0 | 3 |
| Adjusted EPS | 1 | 1 | 2 | — |
| Minority Interest | 0 | 0 | -0 | -0 |
| Share of Associates | 0 | 0 | 0 | 3 |
| Adjusted EPS | 1 | 1 | 2 | — |
Mar 2023
- 269
- 267
- Operating Profit
- 3
- OPM %
- 1
- Other Income
- 1
- Interest
- 1
- Depreciation
- 0
- 2
- Tax %
- 27
- Net Profit
- 1
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2024
- 347
- 342
- Operating Profit
- 6
- OPM %
- 2
- Other Income
- 1
- Interest
- 3
- Depreciation
- 1
- 3
- Tax %
- 43
- Net Profit
- 2
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2025
- 555
- 545
- Operating Profit
- 11
- OPM %
- 2
- Other Income
- 1
- Interest
- 4
- Depreciation
- 1
- 6
- Tax %
- 24
- Net Profit
- 4
- EPS
- 2
- Dividend Payout %
- 0
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 2
TTM
- 653
- 641
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 9
- Depreciation
- 2
- 6
- Tax %
- 22
- Net Profit
- 5
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- -0
- Share of Associates
- 3
- Adjusted EPS
- —
- Minority Interest
- -0
- Share of Associates
- 3
- Adjusted EPS
- —
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -28%
- 1 Year:
- -54%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 8%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| LIABILITIES | - | - | - |
| Equity Capital | 16 | 16 | 17 |
| 4 | 6 | 37 | |
| 15 | 37 | 62 | |
| Trade Payables | 12 | 17 | 36 |
| 1 | 7 | 30 | |
| Total Liabilities | 49 | 83 | 182 |
| ASSETS | - | - | - |
| 3 | 8 | 10 | |
| Capital Work in Progress | 0 | 3 | 1 |
| 0 | 1 | 14 | |
| 1 | 1 | 1 | |
| 0 | 55 | 119 | |
| Cash & Bank | 3 | 0 | 5 |
| 42 | 14 | 31 | |
| Total Assets | 49 | 83 | 182 |
| Total Debt | 16 | 37 | 62 |
| Net Working Capital | 18 | 15 | 37 |
| Contingent Liabilities | 0 | 0 | 0 |
| Book Value per Share | 12.52 | 13.52 | 31.51 |
| Face Value | 10.00 | 10.00 | 10.00 |
| Total Debt | 16 | 37 | 62 |
| Net Working Capital | 18 | 15 | 37 |
| Contingent Liabilities | 0 | 0 | 0 |
| Book Value per Share | 12.52 | 13.52 | 31.51 |
| Face Value | 10.00 | 10.00 | 10.00 |
Mar 2023
- Equity Capital
- 16
- 4
- 15
- Trade Payables
- 12
- 1
- Total Liabilities
- 49
- 3
- Capital Work in Progress
- 0
- 0
- 1
- 0
- Cash & Bank
- 3
- 42
- Total Assets
- 49
- Total Debt
- 16
- Net Working Capital
- 18
- Contingent Liabilities
- 0
- Book Value per Share
- 12.52
- Face Value
- 10.00
- Total Debt
- 16
- Net Working Capital
- 18
- Contingent Liabilities
- 0
- Book Value per Share
- 12.52
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 16
- 6
- 37
- Trade Payables
- 17
- 7
- Total Liabilities
- 83
- 8
- Capital Work in Progress
- 3
- 1
- 1
- 55
- Cash & Bank
- 0
- 14
- Total Assets
- 83
- Total Debt
- 37
- Net Working Capital
- 15
- Contingent Liabilities
- 0
- Book Value per Share
- 13.52
- Face Value
- 10.00
- Total Debt
- 37
- Net Working Capital
- 15
- Contingent Liabilities
- 0
- Book Value per Share
- 13.52
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 17
- 37
- 62
- Trade Payables
- 36
- 30
- Total Liabilities
- 182
- 10
- Capital Work in Progress
- 1
- 14
- 1
- 119
- Cash & Bank
- 5
- 31
- Total Assets
- 182
- Total Debt
- 62
- Net Working Capital
- 37
- Contingent Liabilities
- 0
- Book Value per Share
- 31.51
- Face Value
- 10.00
- Total Debt
- 62
- Net Working Capital
- 37
- Contingent Liabilities
- 0
- Book Value per Share
- 31.51
- Face Value
- 10.00
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| -15 | -9 | -43 | |
| Cash from Investing | 7 | -18 | -15 |
| Cash from Financing | 10 | 24 | 63 |
| 2 | -3 | 5 | |
| Free Cash Flow | -15 | -18 | -43 |
| OCF / Net Profit | -11.18 | -5.51 | -10.17 |
| Cumulative 5-Year FCF | 0 | 0 | 0 |
| OCF / Net Profit | -11.18 | -5.51 | -10.17 |
| Cumulative 5-Year FCF | 0 | 0 | 0 |
Mar 2023
- -15
- Cash from Investing
- 7
- Cash from Financing
- 10
- 2
- Free Cash Flow
- -15
- OCF / Net Profit
- -11.18
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -11.18
- Cumulative 5-Year FCF
- 0
Mar 2024
- -9
- Cash from Investing
- -18
- Cash from Financing
- 24
- -3
- Free Cash Flow
- -18
- OCF / Net Profit
- -5.51
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -5.51
- Cumulative 5-Year FCF
- 0
Mar 2025
- -43
- Cash from Investing
- -15
- Cash from Financing
- 63
- 5
- Free Cash Flow
- -43
- OCF / Net Profit
- -10.17
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -10.17
- Cumulative 5-Year FCF
- 0
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| PER SHARE | - | - | - |
| EPS (₹) | 0.79 | 0.94 | 2.26 |
| Book Value (₹) | 12.52 | 13.52 | 31.51 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 1.06 | 1.43 | 2.93 |
| PROFITABILITY | - | - | - |
| Operating Margin % | 1.09% | 1.66% | 1.76% |
| Net Margin % | 0.48% | 0.45% | 0.76% |
| ROE % | 6.34% | 7.23% | 10.96% |
| ROCE % | 6.92% | 11.88% | 10.23% |
| 2.67% | 2.35% | 3.17% | |
| EFFICIENCY | - | - | - |
| Debtor Days | 50 | 48 | 57 |
| Inventory Days | 1 | 1 | 1 |
| Payable Days | 16 | 16 | 18 |
| 34 | 33 | 40 | |
| FINANCIAL HEALTH | - | - | - |
| Debt to Equity (x) | 0.75x | 1.67x | 1.13x |
| Interest Coverage (x) | 3.53x | 1.93x | 2.29x |
| 1.62x | 1.27x | 1.35x | |
| GROWTH | - | - | - |
| Revenue Growth % | 0.00% | 29.13% | 59.75% |
| Operating Profit Growth % | 0.00% | 119.99% | 64.65% |
| Net Profit Growth % | 0.00% | 18.56% | 171.16% |
| 0.00% | 18.72% | 139.30% | |
| VALUATION | - | - | - |
| P/E (x) | 0.00x | 343.53x | 114.26x |
| P/B (x) | 0.00x | 23.96x | 8.18x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% |
| 0.00x | 87.96x | 47.06x |
Mar 2023
- EPS (₹)
- 0.79
- Book Value (₹)
- 12.52
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.06
- Operating Margin %
- 1.09%
- Net Margin %
- 0.48%
- ROE %
- 6.34%
- ROCE %
- 6.92%
- 2.67%
- Debtor Days
- 50
- Inventory Days
- 1
- Payable Days
- 16
- 34
- Debt to Equity (x)
- 0.75x
- Interest Coverage (x)
- 3.53x
- 1.62x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- 0.00%
- Net Profit Growth %
- 0.00%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 0.94
- Book Value (₹)
- 13.52
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.43
- Operating Margin %
- 1.66%
- Net Margin %
- 0.45%
- ROE %
- 7.23%
- ROCE %
- 11.88%
- 2.35%
- Debtor Days
- 48
- Inventory Days
- 1
- Payable Days
- 16
- 33
- Debt to Equity (x)
- 1.67x
- Interest Coverage (x)
- 1.93x
- 1.27x
- Revenue Growth %
- 29.13%
- Operating Profit Growth %
- 119.99%
- Net Profit Growth %
- 18.56%
- 18.72%
- P/E (x)
- 343.53x
- P/B (x)
- 23.96x
- Dividend Yield %
- 0.00%
- 87.96x
Mar 2025
- EPS (₹)
- 2.26
- Book Value (₹)
- 31.51
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.93
- Operating Margin %
- 1.76%
- Net Margin %
- 0.76%
- ROE %
- 10.96%
- ROCE %
- 10.23%
- 3.17%
- Debtor Days
- 57
- Inventory Days
- 1
- Payable Days
- 18
- 40
- Debt to Equity (x)
- 1.13x
- Interest Coverage (x)
- 2.29x
- 1.35x
- Revenue Growth %
- 59.75%
- Operating Profit Growth %
- 64.65%
- Net Profit Growth %
- 171.16%
- 139.30%
- P/E (x)
- 114.26x
- P/B (x)
- 8.18x
- Dividend Yield %
- 0.00%
- 47.06x
Documents
Announcements
- Disclosure of material issue
2026-08-14 - Race Eco Chain Limited has informed regarding Disclosure of material issue Relating to Investment in the Subsidiary
- Copy of Newspaper Publication
2026-08-13 - Race Eco Chain Limited has informed the Exchange about Copy of Newspaper Publication
Annual Reports
Credit Ratings
Nothing filed yet.