Race Eco Chain Ltd
Incorporated in 1999, Race Eco Chain Ltd is engaged in the collection and supply of recyclable waste to recyclers. Company also manufactures recycled products[1]
- Market Cap ₹ 428 Cr.
- Current Price ₹ 248
- High / Low ₹ 460 / 232
- Stock P/E 114
- Book Value ₹ 41.3
- Dividend Yield 0.00 %
- ROCE 9.33 %
- ROE 8.05 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company's median sales growth is 25.8% of last 10 years
Cons
- Stock is trading at 6.05 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 7.55% over last 3 years.
- Debtor days have increased from 60.8 to 75.4 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 40 | 42 | 42 | 35 | 55 | 50 | 16 | 59 | 157 | 269 | 338 | 460 | |
| 39 | 42 | 41 | 34 | 54 | 50 | 16 | 59 | 157 | 267 | 333 | 452 | |
| Operating Profit | 1 | 0 | 1 | 1 | 1 | -0 | -0 | 0 | 0 | 2 | 6 | 8 |
| OPM % | 1% | 1% | 2% | 2% | 2% | -0% | -2% | 0% | 0% | 1% | 2% | 2% |
| 0 | 1 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 3 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 3 | 5 |
| Tax % | 200% | 29% | 31% | 29% | -75% | 29% | -100% | 32% | 14% | 27% | 42% | 21% |
| -0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 4 | |
| EPS in Rs | -0.01 | 0.05 | 0.05 | 0.07 | 0.05 | 0.03 | 0.02 | 0.61 | 0.56 | 0.79 | 0.96 | 2.18 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 27% |
| 5 Years: | 96% |
| 3 Years: | 43% |
| TTM: | 36% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 45% |
| 5 Years: | 87% |
| 3 Years: | 103% |
| TTM: | 136% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 30% |
| 5 Years: | 46% |
| 3 Years: | 18% |
| 1 Year: | -41% |
| Return on Equity | |
|---|---|
| 10 Years: | 4% |
| 5 Years: | 7% |
| 3 Years: | 8% |
| Last Year: | 8% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | 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 | 16 | 16 | 17 |
| Reserves | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 3 | 4 | 6 | 54 |
| 4 | 6 | 4 | 6 | 5 | 7 | 7 | 7 | 5 | 16 | 37 | 59 | |
| 6 | 2 | 10 | 2 | 17 | 11 | 3 | 7 | 9 | 13 | 14 | 25 | |
| Total Liabilities | 26 | 24 | 31 | 24 | 39 | 35 | 27 | 32 | 34 | 49 | 73 | 155 |
| 2 | 3 | 2 | 2 | 2 | 2 | 2 | 1 | 3 | 3 | 3 | 3 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 4 | 6 | 0 | 0 | 0 | 5 | 21 |
| 24 | 22 | 29 | 21 | 36 | 29 | 20 | 31 | 31 | 46 | 65 | 131 | |
| Total Assets | 26 | 24 | 31 | 24 | 39 | 35 | 27 | 32 | 34 | 49 | 73 | 155 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -2 | -8 | 2 | -0 | 8 | 7 | -4 | -5 | 5 | -15 | -10 | -28 | |
| 1 | 7 | 0 | -1 | -6 | -8 | 5 | 10 | -6 | 7 | -11 | -32 | |
| 1 | 1 | -2 | 1 | -2 | 2 | -1 | -1 | -2 | 10 | 18 | 64 | |
| Net Cash Flow | 0 | -0 | 0 | 0 | 0 | 0 | -0 | 4 | -3 | 2 | -3 | 4 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 100 | 81 | 139 | 192 | 102 | 72 | 146 | 91 | 40 | 50 | 57 | 75 |
| Inventory Days | 43 | 32 | 100 | 6 | 86 | 63 | 1 | 1 | 1 | 1 | ||
| Days Payable | 56 | 14 | 88 | 4 | 109 | 88 | 18 | 16 | 14 | 19 | ||
| Cash Conversion Cycle | 87 | 99 | 151 | 194 | 79 | 47 | 146 | 91 | 22 | 34 | 44 | 57 |
| Working Capital Days | 101 | 170 | 165 | 207 | 87 | 55 | 185 | 122 | 46 | 40 | 55 | 69 |
| ROCE % | 3% | 4% | 4% | 3% | 3% | 3% | 2% | 10% | 4% | 8% | 12% | 9% |
Documents
Announcements
-
Closure of Trading Window
2d - Trading window closed from July 1, 2025, till 48 hours post Q1 financial results announcement.
-
Participation In Global Concave On Plastic Recycling And Sustainability (GCPRS)
17 Jun - Race Eco Chain to participate in Global Plastic Recycling exhibition June 17-20, 2025 in New Delhi.
-
Announcement under Regulation 30 (LODR)-Updates on Acquisition
13 Jun - Subsidiary invested Rs 5 crore in step-down subsidiary GEM Polymers for business expansion.
-
Announcement under Regulation 30 (LODR)-Acquisition
11 Jun - Race Eco Chain invests INR 2.55 Cr in subsidiary Ganesha Recycling, maintaining 51% stake.
- Revised Financial Results 9 Jun
Annual reports
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
Business Overview:[1]
RACE (Recycling and Circular Economy) aggregates plastic waste and produces recycled products, reducing the carbon footprint. Their vertical setup ensures waste collection, auditing, and product creation, employing AI for traceability. They've developed an AI-powered app with blockchain for secure transactions connecting buyers and sellers. Recycled PET fabric from their GRS-certified mills offers a traceable circle of trust.