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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 1 Sept 2026 · 26th AGM notice and Annual Report FY 2025-26 dispatch | compliance | minimal | — | — |
| 1 Sept 2026 · AGM on 26 Sept 2026; book closure 20-26 Sept; e-voting 23-25 Sept | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Annual Report for FY 2025-26 and 26th AGM Notice | results | high | — | — |
| 1 Sept 2026 · Notice of 26th AGM on 26 Sep 2026 with key appointments | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Race Eco Chain gets GST show cause notice over Rs 16.75 crore Input Tax Credit | regulatory legal | high | — | — |
| 27 Aug 2026 · Newspaper notice for 26th AGM through video conferencing | compliance | minimal | — | — |
| 26 Aug 2026 · Newspaper notice published for 26th AGM via video conferencing | compliance | minimal | — | — |
| 13 Aug 2026 · Newspaper publication of June 2026 quarterly results | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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