Race ECO Chain Limited
NSE: RACE · Waste Management · sector
₹104.49NSE close 2026-10-26
Key numbers
Market cap₹180 cr
Price₹104.49
52w high / low₹235 / ₹84
P/E22.8xSector median 15.9x
P/B2.4xSector median 1.6x
Book value₹43.0
Dividend yield–Sector median 0.53%
ROE10.5%Sector median 13.5%
ROCE11.1%Sector median 15.9%
OPM2.8%Sector median 16.8%
Debt / equity1.21xSector median 0.26x
EV/EBITDA13.9xSector median 10.5x
Interest cover2.0x
Current ratio1.23x
Sales growth 3y+32.0%Sector median +24.1%
Profit growth 3y+77.5%Sector median +36.0%
PEG0.30x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 10 companies in Waste Management (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹16 cr vs borrowings ₹90 cr (FY26): borrowings are higher by ₹74 cr.
- Borrowings rose in each of the last 3 years (₹15 cr → ₹90 cr).
- Operating profit covered interest 2.0x in the last 12 months.
- 100.00% of the promoters' shares are pledged (44.8% of all shares).
- Operating cash flow was below net profit in 3 of the last 4 years (FY25, FY24, FY23).
- Revenue was higher than a year earlier in 2 of the last 4 quarters.
- Other income was 29% of net profit in the last 12 months.
- No dividend in the last 4 financial years.
- Price ₹104.49 on 2026-10-26: -55.5% from the 52-week high, +24.2% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹418.10 · low ₹96.38
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 106 | 168 | 194 | 157 | 148 | 131 | 182 | 191 |
| EBITDA | 2 | 3 | 3 | 3 | 5 | 5 | 5 | 4 |
| OPM % | 1.7% | 1.8% | 1.8% | 1.9% | 3.4% | 3.6% | 2.7% | 2.0% |
| Other income | 4 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Net profit | 4 | 2 | 1 | 0 | 3 | 2 | 2 | 1 |
| EPS (₹) | 2.34 | 1.03 | 0.92 | 1.13 | 1.72 | 1.13 | 1.14 | 0.60 |
| Revenue YoY | +39.6% | -22.1% | -5.9% | +21.9% | ||||
| Profit YoY | -30.7% | +11.4% | +32.4% | +214.3% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 269 | 347 | 555 | 619 | 653 |
| EBITDA | 2 | 6 | 10 | 18 | 18 |
| Net profit | 1 | 2 | 4 | 7 | 8 |
| EPS (₹) | 0.79 | 0.94 | 2.49 | 4.23 | 4.59 |
| Revenue growth | +29.1% | +59.8% | +11.5% | +4.4% | |
| Profit growth | +19.2% | +151.0% | +87.4% | +2.5% | |
| Dividend / share (₹) | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +32.0% | – | +4.4% |
| Net profit | +77.5% | – | +2.4% |
| EPS | +74.9% | – | – |
| Share price | – | -46.3% (2y) | -51.8% |
Balance sheet
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | 21 | 22 | 72 | 74 |
| Borrowings | 15 | 43 | 62 | 90 |
| Cash & equivalents | 3 | 0 | 5 | 16 |
| Total assets | 49 | 83 | 182 | 216 |
| Fixed assets | 3 | 8 | 10 | 16 |
| Capital work in progress | 0 | 3 | 1 | 5 |
| Investments | 0 | 1 | 14 | 0 |
| Receivables | 37 | 55 | 119 | 100 |
| Inventory | 1 | 1 | 1 | 3 |
| Payables | 12 | 17 | 36 | 29 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | -15 | -9 | -43 | 19 |
| Cash from investing | 7 | -18 | -13 | -29 |
| Cash from financing | 10 | 24 | 61 | 20 |
| Capex | 1 | 3 | 9 | 13 |
| Free cash flow | -15 | -12 | -52 | 6 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | 6.3% | 7.0% | 5.4% | 9.8% |
| ROCE % | 6.9% | 8.8% | 7.3% | 10.6% |
| Debtor days | 50 | 58 | 79 | 59 |
| Inventory days | 1 | 1 | 1 | 2 |
| Payable days | 16 | 18 | 24 | 18 |
| Cash conversion cycle (days) | 35 | 41 | 56 | 43 |
| Working capital days | 24 | 16 | 24 | 17 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 44.79% |
| FIIs | 0.01% |
| Public (non-institutions) | 55.20% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 44.79% | 44.79% | 44.79% | 44.79% | 44.79% | 44.79% | 44.79% | 44.79% |
| Promoter group | % |
|---|---|
| Sangeeta Pareekh | 25.03% |
| BLP Equity Research Pvt Ltd | 15.70% |
| Dinesh Pareekh | 4.06% |
| BGP-11 Analytics Pvt Ltd | 0.00% |
| Public holders above 1% | % |
|---|---|
| Puja Malik | 5.84% |
| Ashika Global Finance Private Limited | 2.64% |
| Ganesha Ecosphere Limited | 2.64% |
| Ganesha Ecoverse Limited | 1.55% |
| Share India Algoplus Private Limited | 1.16% |
| Om Praksh Mantri | 1.16% |
| Suirendra Kumar Maheshwari | 1.03% |
7,077 shareholders. Pledged: 100.00% of promoter shares.
Peers in Waste Management
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| REFEX | ₹3,094 cr | 12.5x | 2.1x | 18.1% | 26.0% | 14.9% | +11.8% | 0.21% |
| EMSLIMITED | ₹1,569 cr | 23.0x | 1.5x | 6.7% | 9.5% | 17.1% | – | 0.53% |
| AWHCL | ₹810 cr | 13.9x | 1.1x | 8.4% | 11.3% | 17.5% | +7.2% | – |
| ECORECO | ₹755 cr | 29.4x | 6.8x | 25.8% | 32.2% | 59.5% | +39.5% | – |
| CEWATER | ₹465 cr | – | 0.8x | -1.3% | 2.5% | 2.9% | – | – |
| VVIPIL | ₹357 cr | 11.9x | 1.8x | 15.9% | 35.4% | 20.6% | – | – |
| RACE | ₹180 cr | 22.8x | 2.4x | 10.5% | 11.1% | 2.8% | +32.0% | – |
| ORGANICREC | ₹171 cr | 6.7x | 1.4x | 21.1% | 16.1% | 28.8% | – | – |
| GEMENVIRO | ₹85 cr | 17.9x | 2.0x | 11.9% | 15.7% | 5.5% | – | 0.70% |
| EPBIO | ₹15 cr | – | 1.4x | 15.1% | 22.0% | 16.4% | +24.1% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Recycle Division | ₹601 cr | 97.1% | ₹11 cr | 1.8% |
| Restore Division | ₹10 cr | 1.6% | ₹2 cr | 16.8% |
| Biomass Division | ₹8 cr | 1.3% | ₹0 cr | 3.2% |
| Unallocable | ₹0 cr | – | ₹2 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-06-26 | Other | Annual General Meeting |
| 2023-09-18 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Utilities |
| Industry | Waste Management |
| Sub-industry | Waste Management |
| Symbol | RACE |
| BSE code | 537785 |
| ISIN | INE084Q01012 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.