RACE

Race Eco Chain Limited

Plastic waste recycler and maker of home furnishing and garments

Utilities›Utilities›Other Utilities›Waste Management

raceecochain.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹119.02
Market cap
205 Cr
Stock P/E
26.9
P/B
2.76
ROE (FY26)
8.4%
ROCE (FY26)
9.8%
Operating margin (FY26)
2.0%
Debt / equity (FY26)
1.21

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Race Eco Chain (RACE) is a Delhi-registered waste-management company that recycles plastic waste, including PET bottles, into recycled products, and also sells biomass fuel and recycled bags.

Company snapshot

6thBy market cap

Ranked among 6 companies in Waste Management.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 93.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Biomass Division
4.7%
17 Cr0.20 Cr—
Other waste Divisionn—0 Cr-0.17 Cr—
Recycle Division
93.0%
336 Cr6 Cr—
Restore Division
2.3%
8 Cr0.23 Cr—
Unallocable—0 Cr0 Cr—

What we see

Concerns
  • ✗Net margin is very thin at 1.2% — little room for error if costs rise.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales79 Cr73 Cr85 Cr86 Cr106 Cr168 Cr194 Cr157 Cr148 Cr131 Cr182 Cr191 Cr
Operating expenses (approx.)78 Cr71 Cr84 Cr85 Cr104 Cr165 Cr191 Cr154 Cr145 Cr128 Cr178 Cr187 Cr
EBITDA1 Cr1 Cr1 Cr1 Cr2 Cr3 Cr3 Cr3 Cr4 Cr3 Cr4 Cr4 Cr
OPM %1.5%2.0%1.2%1.6%1.7%1.8%1.8%1.9%2.5%2.6%2.3%1.9%
Other income0.06 Cr0.15 Cr0.61 Cr0.15 Cr4 Cr0.28 Cr0.38 Cr0.29 Cr0.38 Cr0.46 Cr0.53 Cr0.82 Cr
Interest0.77 Cr0.77 Cr0.84 Cr0.93 Cr1 Cr0.75 Cr2 Cr2 Cr2 Cr2 Cr3 Cr2 Cr
Depreciation0.13 Cr0.14 Cr0.41 Cr0.30 Cr0.17 Cr0.18 Cr0.22 Cr0.25 Cr0.52 Cr0.51 Cr0.51 Cr0.76 Cr
Profit before tax0.32 Cr0.72 Cr0.39 Cr0.31 Cr5 Cr2 Cr2 Cr1 Cr3 Cr3 Cr2 Cr1 Cr
Tax %32.7%18.1%71.1%67.1%20.4%25.4%24.3%69.4%-3.3%23.1%18.8%25.8%
Net profit0.22 Cr0.59 Cr0.11 Cr0.10 Cr4 Cr2 Cr2 Cr0.41 Cr3 Cr2 Cr2 Cr1 Cr
EPS (₹)₹0.13₹0.36₹0.07₹0.06₹2.34₹1.03₹0.92₹1.13₹1.72₹1.13₹1.14₹0.60

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2024Mar 2025Mar 2026TTM
Sales347 Cr555 Cr619 CrSign in free for the trailing twelve months
Operating expenses (approx.)342 Cr545 Cr605 CrSign in free for the trailing twelve months
EBITDA6 Cr10 Cr14 CrSign in free for the trailing twelve months
OPM %1.7%1.7%2.3%Sign in free for the trailing twelve months
Other income0.70 Cr0.90 Cr2 CrSign in free for the trailing twelve months
Interest3 Cr4 Cr8 CrSign in free for the trailing twelve months
Depreciation0.80 Cr0.87 Cr2 CrSign in free for the trailing twelve months
Profit before tax3 Cr5 Cr9 CrSign in free for the trailing twelve months
Tax %43.3%24.6%20.5%Sign in free for the trailing twelve months
Net profit2 Cr4 Cr7 CrSign in free for the trailing twelve months
EPS (₹)₹0.94₹2.49₹4.23Sign in free for the trailing twelve months
Dividend payout %0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2024Mar 2025Mar 2026
Equity capital16 Cr17 Cr17 Cr
Reserves6 Cr54 Cr57 Cr
Borrowings43 Cr62 Cr90 Cr
Other liabilities18 Cr43 Cr39 Cr
Total liabilities83 Cr182 Cr216 Cr
Fixed assets (net)8 Cr10 Cr16 Cr
CWIP3 Cr0.52 Cr5 Cr
Investments1 Cr14 Cr12 Cr
Loans & advances11 Cr1 Cr16 Cr
Inventories0.96 Cr1 Cr3 Cr
Trade receivables55 Cr119 Cr100 Cr
Cash & bank0.43 Cr5 Cr15 Cr
Other assets3 Cr30 Cr48 Cr
Total assets83 Cr182 Cr216 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2024Mar 2025Mar 2026
Cash from operating activity-9 Cr-43 Cr19 Cr
Cash from investing-18 Cr-13 Cr-29 Cr
Cash from financing24 Cr61 Cr20 Cr
Net cash flow-3 Cr5 Cr10 Cr
Free cash flow (OCF − Capex)-12 Cr-52 Cr6 Cr

Ratios

MetricMar 2024Mar 2025Mar 2026
ROCE %8.7%7.0%9.8%
ROE %7.0%5.3%8.4%
Debtor days587859
Inventory days112
Days payable182417
Cash conversion cycle415643
OCF / EBITDA %n.m.n.m.n.m.
OCF / EBITDA % (3 years)——n.m.
Debt / equity1.910.861.21
Current ratio1.271.351.23
Net debt / EBITDA7.305.805.25