NSE: RACE · BSE: 537785
RACE ECO CHAIN LIMITED
Operates primarily in plastic recycling, with the Recycle Division contributing 95.2% of segment revenue at ₹363.68 crore in FY26. Through subsidiaries including Ganesha Recycling Chain Private Limited (51% owned, classified as a material subsidiary) and a 51% stake acquired in Shubhlaxmi Ecoplast LLP, the recycling work spans multiple plastic types — PET, PP, PVC, HDPE, LDPE, and LLDPE. The Restore Division contributed 2.6% of segment revenue (₹9.88 cr) and the Biomass Division contributed 2.2% (₹8.27 cr). Consolidated FY26 revenue reached ₹618.75 crore with a 3.1% EBITDA margin, with management flagging a 25% rise in raw material prices as a drag on margins. The board has proposed a demerger into three separate entities, and the company launched a 'RACE App'. It participates in industry events including the Global Conclave on Plastic Recycling and Sustainability and BIOFUEL EXPO 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Recycle Division (95%), Restore Division (3%), Biomass Division (2%). Plastic recycling-focused business with small restore and biomass adjacencies; thin 3.1% EBITDA margin.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 347 | 555 | 619 |
| EBITDA (ex other income) | 6 | 10 | 18 |
| margin % | 1.7 | 1.7 | 2.8 |
| Owners' profit | 2 | 4 | 7 |
| EPS, as reported (₹) | 0.94 | 2.49 | 4.23 |
| ROE % · ROCE % | 7.0 · 20.5 | 5.3 · 12.4 | 8.4 · 19.7 |
| Debt / equity (x) | 1.91 | 0.79 | 1.04 |
| Cash from operations | (9) | (43) | 19 |
| Capex | (3) | (9) | (13) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 106 | 168 | 194 | 157 | 148 | 131 | 182 | 191 |
| Profit before tax | 5 | 2 | 2 | 1 | 3 | 3 | 2 | 1 |
| Net profit | 4 | 2 | 2 | 0 | 3 | 2 | 2 | 1 |
| EPS (₹) | 2.34 | 1.03 | 0.92 | 1.13 | 1.72 | 1.13 | 1.14 | 0.60 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Recycle Division | 474 | 76.6 |
| Restore Division | 7 | 1.2 |
| Biomass Division | 7 | 1.1 |
| RECYCLE DIVISION | 127 | 20.5 |
| RESTORE DIVISION | 3 | 0.4 |
| BIOMASS DIVISION | 2 | 0.3 |
| Total, before eliminations | 619 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · RTA confirms no physical share certificates for demat in Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Promoters pledge entire 44.79 percent stake in Race Eco Chain | ownership changes | high | — | — |
| 5 Oct 2026 · Promoters pledge 100 percent of holdings (44.79 percent of capital) for personal use | ownership changes | high | — | — |
| 29 Sept 2026 · Race Eco Chain invests 1.02 crore in recycling subsidiary, stake unchanged at 51 percent | strategic transactions | medium | — | — |
| 28 Sept 2026 · Race Eco Chain AGM 2026 Results: All 4 Resolutions Passed | compliance | low | — | — |
| 26 Sept 2026 · Race Eco Chain 26th AGM: Results Declared, MD Re-appointed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading Window Closure from October 1, 2026 | compliance | minimal | — | — |
| 21 Sept 2026 · Observation letter received for Race Eco demerger scheme | strategic transactions | medium | — | — |
| 8 Sept 2026 · Race Eco Chain invests Rs 4.67 crore in subsidiary Ganesha Recycling | strategic transactions | medium | — | — |
| 3 Sept 2026 · Newspaper ad for 26th AGM, e-voting and book closure | compliance | minimal | — | — |
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|---|---|---|
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Sources, method and disclosures
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