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Prices as of 9 Oct 2026 close · Not investment advice

Race Eco Chain Limited

NSE: RACEWaste Management

Share price

₹103.40

+2.32% close of 9 Oct 2026

Market cap ₹176 CrP/E 22.0

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

48

out of 100 · worked out 9 Oct 2026

How the business score works

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹176 Cr

P/E ratio

22.0

P/B ratio

2.4

ROCE

11.1%

ROE

9.7%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹233.1252-week low ₹86.05

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Our sales figures for this company step up at Mar 2021 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.

Whether it grew faster than its sector

Our sales figures for this company step up at Mar 2021 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.

Room to re-rate, or risk of de-rating

Too little price history yet to compare it with its own past.

Whether growth justifies the valuation

Priced at 0.3 times its growth rate, on earnings growth of 73%.

Profit growthPrice per ₹1 profitPer 1% growth
Race Eco Chain Limited — this one73%/yr22.0×₹0.30
Refex Industries Limited28%/yr12.0×₹0.43
EMS Limited-6%/yr26.4×—
Antony Waste Handling Cell Limited3%/yr15.6×₹5.2
Eco Recycling Limited79%/yr31.9×₹0.40
Concord Enviro Systems Limited54%/yr——

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Waste Management), it ranks 5 of 6 on returns, 1 of 6 on growth, 6 of 6 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 11.1% on capital, ahead of 17% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the 4 years of cash statements on file the business itself consumed ₹48 crore of cash before any plant spend, funded from lenders and shareholders.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

6 of 10 checks clear · 60%

How the profit check works

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Announced 12 Aug 2026 · Consolidated · Unaudited

Revenue

₹191 Cr

Revenue vs last year

+21.9%

Revenue vs last quarter

+4.7%

Net profit

₹1 Cr

Profit vs last year

+146.4%

Profit vs last quarter

-47.2%

Net margin

0.5%

EPS

₹0.60

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹176 Cr
Prev close
₹103.40
52w High
₹240
52w Low
₹84.1
Enterprise value
₹250 Cr
Beta
1.1
Price CAGR 1y
-52.0%
Price CAGR 3y
-25.0%
Price CAGR 5y
-15.0%
Price CAGR 10y
27.0%

Ratios

Return on assets
3.2%
PEG ratio
0.3
P/E ratio
22.0
P/B ratio
2.4
EV / EBITDA
16.8
Industry P/E
23.7
ROCE
11.1%
ROCE 5y average
10.7%
ROE
9.7%
Debt / Equity
1.2
Interest coverage
2.1
Dividend yield
0.0%
ROE 3y average
9.0%
ROE last year
9.0%

Annual P&L

Annual revenue
₹619 Cr
Annual profit
₹7 Cr
Operating margin
2.3%
Net profit margin
1.1%
EBITDA margin
2.3%
Sales growth 3y
32.0%
Sales growth 5y
—
Profit growth 3y
73.0%
Profit growth 5y
—
EPS
₹3.9
Sales growth TTM
4.0%
Profit growth TTM
82.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹191 Cr
Profit latest quarter
₹1 Cr
YoY quarterly sales growth
21.9%
YoY quarterly profit growth
145.2%
OPM latest quarter
1.9%

Balance Sheet

Book Value
₹43.5
Face Value
₹10.0
Total debt
₹90 Cr
Total cash
₹16 Cr
Borrowings
₹90 Cr
Reserves / Equity
3.4

Cash Flow

Operating cash flow
₹19 Cr
Free cash flow
₹6 Cr
FCF yield
-1.1%
Net cash flow
₹10 Cr

Shareholding

Promoter holding
44.8%
FII holding
0.0%
DII holding
0.0%
Public holding
55.2%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Refex Industries260.0012.53,5680.5664.6145.4916.3160.422.7
EMS320.1526.11,7780.4615.5-59.1157.2-34.212.8
Antony Waste han339.8016.59650.140.7-95.7261.05.511.2
Namo eWaste365.5058.38360.007.4135.9107.329.321.3
Effwa Infra348.0028.18060.2918.520.3163.131.329.3
Eco Recyc.415.0033.38010.249.211.216.275.230.8
Z-Tech (India)478.5019.37120.004.133.229.142.320.0
Race Eco103.7523.81790.001.0214.3191.121.911.1
Median260.0021.67120.007.420.3107.329.318.8

Competes with: Antony Waste Handling Cell Limited, Concord Enviro Systems Limited, EMS Limited, Eco Recycling Limited, Refex Industries Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales11179738586106168194157148131182191
Expenses10978718485104165191154145128178187
Material Cost00000
Change in Inventories0000-4.48
Purchases of Stock-in-Trade152143126176190
Employee Cost0.920.900.951.111.12
Other Expenses0.880.810.911.401.34
Operating Profit1.931.171.481.041.401.853.033.412.913.673.354.283.58
OPM %1.741.482.041.221.621.741.801.761.862.472.552.351.87
Other Income0.030.060.150.610.150.100.280.440.351.701.771.151.04
Exceptional items (within Other Income)0.061.321.310.630.22
Interest0.550.770.770.840.931.010.751.551.651.982.062.512.47
Depreciation0.120.130.140.410.300.170.180.220.250.520.510.510.76
Profit before tax1.290.330.720.400.320.772.382.081.362.872.552.411.39
Tax %29331870695.19262469-3.14231926
Net Profit0.910.220.590.110.110.731.771.590.422.971.951.961.03
EPS in Rs0.550.130.360.070.070.420.920.860.201.621.021.080.64
Diluted EPS in Rs1.131.721.101.100.60

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2023Mar 2024Mar 2025Mar 2026TTM
Sales269347555619653
Expenses267342545604638
Material Cost0
Change in Inventories0
Purchases of Stock-in-Trade597
Employee Cost3.87
Other Expenses4.00
Operating Profit26101415
OPM %0.801.701.802.302.30
Other Income11156
Exceptional items (within Other Income)3.32
Interest134.248.209
Depreciation00.800.871.802
Profit before tax22.735.559.189
Tax %27432421
Net Profit11.554.197.298
EPS in Rs0.790.942.253.924.36
Diluted EPS in Rs4.11
Dividend Payout %0000

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
—
5 years
—
3 years
32%
TTM
4%

Compounded profit growth

10 years
—
5 years
—
3 years
73%
TTM
82%

Stock price CAGR

10 years
27%
5 years
-15%
3 years
-25%
1 year
-52%

Return on equity

10 years
—
5 years
—
3 years
9%
Last year
9%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2023Mar 2024Mar 2025Mar 2026
Equity Capital16161717
Reserves45.785457
Borrowings16436290
Other Liabilities13184951
Minority Interest12
Total Liabilities4983182216
Fixed Assets331017
CWIP0815
Investments011412
Other Assets4671157182
Total Assets4983182216

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-15-9-4319
Cash from Investing Activity7-18-13-29
Cash from Financing Activity10246120
Net Cash Flow2-3510
Free Cash Flow-15-18-446.41

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2023Mar 2024Mar 2025Mar 2026
Debtor Days50587959
Inventory Days1112
Days Payable16182418
Cash Conversion Cycle34415543
Working Capital Days2015218
ROCE %111011

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Sep 2026
Line itemDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters454545454545454545454545
FIIs00.030.170.1000.0100.720.710.710.010.01
DIIs0000.580.580.580.580.580.580.580.580
Public555555555555555454545555
No. of Shareholders3,6504,1444,2476,2466,6516,8427,0267,0356,9636,7966,7837,077

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -54.0% (₹224.81 → ₹103.40)Brick size ₹7.20 (fixed)Bricks 38
₹150₹200₹103Nov '25Feb '26May '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹103.40 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

74.00inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

6.81cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

News

News and filings about Race Eco Chain Limited. Open one to see why it matters.

21 Sept, 20:18 IST · Company event · medium impact

Race Eco Chain Limited — Receiving the Observation Letter for Draft Composite Scheme of arrangement between Race Eco ChainLimited ( RACE/ Demerged Company ) and Geoeco Green Energy Limited ( GEOECO/Resultant Company No. 1 ) and Race Gateway Limited ( GATEWAY/ Resultant Company No. 2 )and their respective shareholders and creditors under sections 230 to 232 and other applicableprovisions of the Companies Act, 2013

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • Agricultural and forestry biomass residue
  • Bagasse
  • E-waste
  • Fabric for Restore recycled products
  • Metal waste and scrap
  • Non-PET plastic waste (LD, HD, PP and multilayer)
  • PET plastic bottle waste
  • Waste paper

Sells to

  • CEAT Limited · Biomass / biofuel briquettes for industrial boilers and co-firing
  • Ganesha Ecosphere Limited · Aggregated PET bottle waste for rPET recycling
  • ITC Limited · Biomass / biofuel briquettes for industrial boilers and co-firing
  • Mankind Pharma Limited · Biomass / biofuel briquettes for industrial boilers and co-firing
  • Orient Bell Limited · Biomass / biofuel briquettes for industrial boilers and co-firing
  • PepsiCo India · Biomass / biofuel briquettes for industrial boilers and co-firing
  • Reliance Industries · Biomass / biofuel briquettes for industrial boilers and co-firing
  • Rudra Ecovation Limited · Waste PET bottles under a long-term exclusive supply arrangement
  • Sun Pharmaceutical · Biomass / biofuel briquettes for industrial boilers and co-firing
  • UltraTech Cement · Biomass / biofuel briquettes for industrial boilers and co-firing
  • Visaka Industries Limited · Biomass / biofuel briquettes for industrial boilers and co-firing

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Utilities
Industry
Waste Management
Classification
Utilities › Waste Management
ISIN
INE084Q01012

Business segments

  • Recycle Division · 97%
  • Restore Division · 2%
  • Biomass Division · 1%

Plants

  • Race Eco Chain Sahibabad facility (Restore recycled products)

News impact

Big market events that reach Race Eco Chain Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Splits, bonuses & buybacks

  • daily-prices repair: 7 rows from NSE's archive (replace 2, delete 0, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023
  • bse-history fill: 978 BSE bars before cutoff, code 537785, seam residual 0.99891× · 9 May 2023

Bulk & block deals

DateWhoBought / soldSharesPrice
22 Sep 2026ROHAN AGARWALSELL2,81,965₹105.14
22 Sep 2026OM PRAKASH MANTRIBUY2,00,000₹105.12
22 Sep 2026SURENDRA KUMAR MAHESHWARIBUY1,78,000₹104.90
22 Sep 2026NIDHI AGARWALSELL98,750₹105.09

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.