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Race Eco Chain Limited (RACE)

📊 NSE: RACE 🏢 Trading 📅 Last Updated: 12/14/2025 11:28

📢 Recent Corporate Announcements

Race Eco Chain invests ₹4.67 Cr in material subsidiary Ganesha Recycling Chain via CCPS

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 08 Sep 2026, 02:08 PM

Race Eco Chain Limited has invested ₹4.67 Cr (₹4,66,89,500) to acquire 93,379 Compulsorily Convertible Cumulative Preference Shares (CCPS) in its material subsidiary, M/s Ganesha Recycling Chain Private Limited. Following this cash subscription, the company's holding remains maintained at a controlling 51% stake. The subsidiary, incorporated in September 2024, operates in the recycling sector and posted a turnover of ₹21.19 Lakh in FY26 compared to ₹0.01 Lakh in FY25. The capital infusion equals ~6.8% of Race Eco Chain's net worth (₹69 Cr) and ~2.7% of its market capitalization (₹175 Cr).

Subscribed to 93,379 CCPS of face value Rs 10 each for an aggregate consideration of Rs 4,66,89,500 in cash
Company retains a 51% controlling stake in subsidiary Ganesha Recycling Chain Private Limited
Subsidiary turnover expanded to Rs 21.19 Lakh in FY26 from Rs 0.01 Lakh in FY25
Ganesha Recycling Chain was incorporated on September 10, 2024, with an authorized capital of Rs 10 Cr

💡 Track subsequent quarterly financial statements for the operational scale-up of Ganesha Recycling Chain and whether the subsidiary achieves breakeven following this capital infusion.

Race Eco Chain Schedules 26th AGM on Sept 26, 2026; Dispatches FY26 Annual Report Notice

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 02:41 PM

Race Eco Chain Limited has issued letters to shareholders who have not registered their email addresses, providing weblinks to access the Notice for the 26th Annual General Meeting (AGM) and the FY2025-26 Annual Report. The 26th AGM is scheduled to take place on Saturday, September 26, 2026, at 01:00 PM IST via Video Conferencing/OAVM. The intimation also serves as a reminder for physical shareholders to update KYC and banking details per SEBI mandates.

26th Annual General Meeting scheduled for September 26, 2026, at 01:00 PM IST via VC/OAVM
Letters dispatched to shareholders without registered emails based on the beneficiary position (Benpose) date of August 28, 2026
Reminds physical mode holders to update KYC details and register email IDs pursuant to SEBI circular dated May 07, 2024

💡 Shareholders holding physical shares should ensure KYC and bank mandate details are updated with RTA Skyline Financial Services. Track resolutions and management commentary during the AGM on September 26, 2026.

Race Eco Chain Convenes 26th AGM on Sep 26, 2026; Proposes 3-Yr Term for MD

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 01:39 PM

Race Eco Chain Limited has issued the notice for its 26th Annual General Meeting (AGM) scheduled for September 26, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements, appointment of Akshay Singhla & Associates as Statutory Auditors for a 5-year tenure (26th to 31st AGM), and the re-appointment of Mr. Sunil Kumar Malik as Managing Director for a 3-year term from October 2, 2026, to October 1, 2029. The share transfer books and register of members will remain closed from September 20 to September 26, 2026.

26th Annual General Meeting scheduled for Saturday, September 26, 2026, at 01:00 PM IST via VC/OAVM
Proposed re-appointment of Mr. Sunil Kumar Malik as Managing Director for a 3-year term effective October 2, 2026, to October 1, 2029
Appointment of Akshay Singhla & Associates, Chartered Accountants, as Statutory Auditors for a 5-year term
Book closure set from September 20, 2026, to September 26, 2026 (both days inclusive) for AGM purposes

💡 Track shareholder voting results post-AGM on September 26, 2026, and monitor the company's next quarterly earnings for execution updates on the biomass and RESTORE divisions.

Race Eco Chain receives Rs 16.75 Cr GST Demand cum Show Cause Notice

🔵 WATCH ⭐ 7/10

LEGAL 📅 31 Aug 2026, 04:58 PM

Race Eco Chain Limited has received a Demand cum Show Cause Notice dated August 29, 2026, from the CGST Commissionerate, Noida, under Section 74/74A of the CGST/UPGST Act. The notice pertains to the period FY 2020-21 to FY 2026-27 (up to June 2026) alleging ineligible Input Tax Credit (ITC) of Rs 16.75 Cr availed from suppliers whose GST registrations were subsequently cancelled. The disputed amount represents approximately 24% of the company's net worth (Rs 69 Cr) and over 2x its FY26 net profit (Rs 7.29 Cr). The company stated the matter is at a preliminary stage and plans to submit a response within 30 days.

Received CGST Demand cum Show Cause Notice for Rs 16,74,60,039 (~Rs 16.75 Cr)
Pertains to Input Tax Credit availed from FY 2020-21 to FY 2026-27 (up to June 2026)
Notice alleges ITC was claimed from suppliers whose registrations were cancelled by the Department
Company is taking legal counsel and will file a detailed response within 30 days

💡 Track the outcome of the company's 30-day response and subsequent adjudication orders, as any confirmed tax liability could significantly impact balance sheet liquidity.

RACE Invests ₹1.02 Cr in Subsidiary Ganesha Recycling Rights Issue to Maintain 51% Stake

🟡 NEUTRAL ⭐ 3/10

M&A 📅 14 Aug 2026, 08:06 PM

Race Eco Chain Limited has invested ₹1.02 crore to subscribe to 1,02,000 equity shares in its subsidiary, Ganesha Recycling Chain Private Limited, via a rights issue. Following this allotment on August 14, 2026, RACE retains its 51% majority shareholding in the entity. Ganesha Recycling, incorporated in September 2024, reported a turnover of ₹21.19 lakh in FY26 compared to ₹0.01 lakh in FY25. Relative to RACE's TTM revenue of ₹619 crore and market capitalization of ₹144 crore, the capital outlay is modest (~0.16% of revenue).

Invested ₹1.02 crore (₹1,02,00,000) for 1,02,000 equity shares via rights issue
Shareholding remains unchanged at 51% majority control
Target entity's turnover grew from ₹0.01 lakh in FY25 to ₹21.19 lakh in FY26
Ganesha Recycling's paid-up capital stands at ₹7.73 crore against an authorized capital of ₹10.00 crore

💡 Monitor how Ganesha Recycling scales operations and contributes to RACE's consolidated revenue and margin profile in upcoming quarterly filings.

Race Eco Chain Re-appoints MD for 3 Years and Proposes New Statutory Auditors

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 12 Aug 2026, 05:45 PM

Race Eco Chain Limited's board has approved the re-appointment of Mr. Sunil Kumar Malik as Managing Director for a three-year term effective October 2, 2026. The company also proposed the appointment of M/s. Akshay Singhla & Associates as Statutory Auditors for a five-year tenure, subject to shareholder approval at the upcoming AGM on September 26, 2026. These administrative updates occur alongside the approval of Q1 FY27 financial results for a company currently operating with thin TTM margins of 2.3% on a revenue base of Rs 619 Cr.

Re-appointment of Managing Director Sunil Kumar Malik for a 3-year term ending October 1, 2029
Proposed appointment of new Statutory Auditors for a 5-year term from the 26th to 31st AGM
Internal Auditor M/s. Modi Harsh & Co. appointed for the 2026-2027 financial year
Annual General Meeting (AGM) scheduled for September 26, 2026
Approval of Un-audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026

💡 Investors should review the detailed Q1 FY27 results to check for margin recovery and monitor the AGM on September 26, 2026, for shareholder approval of the auditor and MD appointments.

RACE Re-appoints MD for 3-Year Term and Appoints New Statutory Auditors for 5 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Aug 2026, 05:32 PM

Race Eco Chain Limited (RACE) has announced the re-appointment of Mr. Sunil Kumar Malik as Managing Director for a three-year term effective October 2, 2026. The Board also recommended the appointment of M/s. Akshay Singhla & Associates as Statutory Auditors for a five-year period, subject to shareholder approval at the upcoming AGM on September 26, 2026. Additionally, M/s. Modi Harsh & Co. was appointed as Internal Auditor for FY 2026-27. These administrative updates come as the company manages a TTM revenue of ₹619 Cr with a relatively thin operating margin of 2.3%.

Re-appointment of MD Sunil Kumar Malik for a 3-year term ending October 1, 2029
Proposed appointment of M/s. Akshay Singhla & Associates as Statutory Auditors for a 5-year term
Internal Auditor M/s. Modi Harsh & Co. appointed for the 2026-2027 financial year
Annual General Meeting (AGM) scheduled for September 26, 2026
Board approved un-audited financial results for the quarter ended June 30, 2026

💡 Investors should review the upcoming Annual Report for FY 2025-26 and monitor the AGM on September 26, 2026, for shareholder approval of the auditor appointments and management remuneration.

RACE Eco Chain Appoints New Statutory Auditor for 5-Year Term and Re-appoints MD

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 12 Aug 2026, 05:19 PM

Race Eco Chain Limited has announced several key governance updates following its board meeting on August 12, 2026. The board approved the appointment of M/s. Akshay Singhla & Associates as Statutory Auditors for a five-year term, subject to shareholder approval at the upcoming AGM on September 26, 2026. Additionally, Mr. Sunil Kumar Malik has been re-appointed as Managing Director for a three-year term starting October 2, 2026. The company also appointed M/s. Modi Harsh & Co. as Internal Auditors for FY 2026-27 and approved the Q1 FY27 financial results.

Appointment of M/s. Akshay Singhla & Associates as Statutory Auditors for a 5-year term until the 31st AGM.
Re-appointment of Mr. Sunil Kumar Malik as Managing Director for a 3-year period ending October 1, 2029.
Internal Auditor M/s. Modi Harsh & Co. appointed for the financial year 2026-2027.
Annual General Meeting (AGM) scheduled for September 26, 2026.
Approval of standalone and consolidated un-audited financial results for the quarter ended June 30, 2026.

💡 Investors should review the detailed Q1 FY27 financial results once fully published and monitor the upcoming AGM on September 26, 2026, for shareholder voting outcomes on these appointments.

Race Eco Chain Re-appoints MD for 3 Years and Proposes New Statutory Auditors

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 12 Aug 2026, 05:09 PM

Race Eco Chain Limited held a board meeting on August 12, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The board confirmed the re-appointment of Mr. Sunil Kumar Malik as Managing Director for a three-year term starting October 2, 2026. Additionally, a new statutory auditor, M/s. Akshay Singhla & Associates, has been proposed for a five-year term, subject to shareholder approval at the upcoming AGM on September 26, 2026. These moves ensure leadership continuity and governance updates for the company, which currently operates with a TTM revenue of ₹619 Cr.

Re-appointment of Mr. Sunil Kumar Malik as Managing Director for a 3-year term effective October 2, 2026
Proposed appointment of M/s. Akshay Singhla & Associates as Statutory Auditors for a 5-year tenure
Appointment of M/s. Modi Harsh & Co. as Internal Auditor for the 2026-2027 financial year
26th Annual General Meeting (AGM) scheduled for September 26, 2026
Approval of standalone and consolidated unaudited financial results for the quarter ended June 30, 2026

💡 Investors should review the detailed Q1 FY27 financial results once published to assess if the company is maintaining its 36% expected growth rate and improving its 2.3% operating margins.

Race Eco Chain Divests 0.99% Stake in Prime Industries for ₹88.5 Lakhs

🟡 NEUTRAL ⭐ 5/10

M&A 📅 12 Aug 2026, 01:39 PM

Race Eco Chain Limited (RACE) has divested 2,10,000 equity shares, representing a 0.99% stake, in its associate company Prime Industries Limited for ₹88.53 lakhs. Following the settlement on July 1, 2026, Prime Industries has ceased to be an associate company of RACE. Despite the small stake sold, Prime Industries contributed 53.58% (₹3.31 crore) to RACE's consolidated income and 17.65% (₹15.27 crore) to its consolidated net worth in FY26. The transaction was a related party transaction executed at arm's length.

Divested 2,10,000 equity shares representing 0.99% of Prime Industries Limited
Total cash consideration received for the stake sale is ₹88,53,600
Prime Industries contributed 53.58% (₹331.5 Lacs) to consolidated income in FY26
Associate company accounted for 17.65% (₹1527.11 Lacs) of consolidated net worth in FY26
Cessation of associate status effective from July 1, 2026, following transaction settlement

💡 Investors should monitor the next consolidated financial statement to see how the removal of this associate impacts the bottom line, given its high percentage contribution to reported consolidated income in FY26.

Rs 4.97 Cr Corporate Guarantee Issued for Material Subsidiary

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 03 Aug 2026, 04:56 PM

Race Eco Chain Limited (RACE) has extended a corporate guarantee of Rs 4.97 crore to its material subsidiary, Silverline Eco Thrive Limited. This guarantee supports a credit funding facility sanctioned by the Bank of India. The guarantee amount represents approximately 7.2% of the company's current net worth of Rs 69 crore. While this creates a contingent liability for the parent company, it is a standard procedure to facilitate operational funding for group entities.

Corporate guarantee of Rs 4.97 crore issued to Bank of India.
Beneficiary is Silverline Eco Thrive Limited, a material subsidiary of the company.
Guarantee amount is equivalent to ~7.2% of the company's net worth (Rs 69 Cr).
Transaction confirmed to be at arm's length with no promoter interest beyond common directorship.

💡 Investors should monitor the consolidated debt levels in the next quarterly report to see how this credit facility impacts the group's overall leverage.

₹1.17 Cr investment in recycling subsidiary to maintain 51% stake

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 17 Jul 2026, 07:29 PM

Race Eco Chain Limited (RACE) has invested ₹1.17 Cr in its subsidiary, Ganesha Recycling Chain Private Limited, through a rights issue. The company was allotted 1,17,300 equity shares on July 17, 2026, maintaining its controlling stake at 51%. This investment is relatively small, representing approximately 0.19% of the company's TTM revenue of ₹619 Cr and 1.7% of its net worth. The move aligns with the company's strategy to expand its recycling and waste management operations.

Investment of ₹1,17,30,000 (₹1.17 Cr) in Ganesha Recycling Chain Private Limited
Allotment of 1,17,300 equity shares completed on July 17, 2026
Maintains a 51% controlling interest in the subsidiary post-allotment
Subsidiary is a relatively new entity, incorporated on September 10, 2024
Investment represents approximately 1.7% of the company's ₹69 Cr net worth

💡 Investors should monitor the revenue contribution and margin profile of the recycling subsidiary in upcoming quarterly results to see if the capital infusion translates into operational growth.

Race Eco Chain Submits Routine SEBI Compliance Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Jul 2026, 06:33 PM

Race Eco Chain Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Skyline Financial Services Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed. This is a standard administrative filing required for all listed entities to verify the integrity of shareholding records. It does not impact the company's financial position or business operations.

Compliance certificate submitted for the quarter ended June 30, 2026
Issued by Registrar and Share Transfer Agent (RTA) Skyline Financial Services Private Limited
Confirms processing of dematerialization requests as per SEBI guidelines
Filing completed on July 4, 2026, within the required regulatory timeframe

💡 This is a routine procedural filing. Investors should monitor upcoming quarterly financial results to assess the recovery of the Biofuel division, which saw a 58% revenue decline in FY25.

Race Eco Chain to Participate in 3rd Global Conclave on Plastic Recycling (July 2-5, 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jul 2026, 10:25 AM

Race Eco Chain Limited has announced its participation in the 3rd Global Conclave on Plastic Recycling and Sustainability, an international exhibition held at Bharat Mandapam, New Delhi. The event, scheduled from July 2 to July 5, 2026, serves as a platform for the company to showcase its sustainability-driven solutions. This aligns with the company's RESTORE division, which focuses on recycled plastic products and saw a 282% growth in FY25. While the event increases brand visibility, it does not represent a direct financial order or contract.

Participation in the 3rd Global Conclave on Plastic Recycling and Sustainability from July 2-5, 2026
Exhibition located at Bharat Mandapam, Hall N-6 & Stall No-F-49, New Delhi
RESTORE division, the focus of this event, grew 282% in FY25
RESTORE division contributed ₹8.94 Cr to standalone revenue in FY25

💡 Monitor future quarterly results to see if industry networking at such events translates into tangible order wins for the RESTORE division.

RACE divests 0.99% stake in Prime Industries for ₹88.5 Lakh; ceases to be an associate

🔵 WATCH ⭐ 6/10

M&A 📅 30 Jun 2026, 07:07 PM

Race Eco Chain Limited (RACE) has sold its 0.99% stake (2,10,000 shares) in Prime Industries Limited for a total consideration of ₹88.54 Lakh. Following this transaction, Prime Industries has ceased to be an associate company of RACE as of June 30, 2026. Despite the small stake, the associate contributed 53.58% (₹3.31 Cr) to the company's consolidated income in FY26. The transaction is classified as a related party transaction conducted at arm's length.

Divested 2,10,000 equity shares representing a 0.99% stake in Prime Industries Limited
Received a total cash consideration of ₹88,53,600 from the sale
Prime Industries contributed 53.58% (₹3.31 Cr) to consolidated income as of March 31, 2026
Associate company accounted for 17.65% (₹15.27 Cr) of consolidated net worth
Transaction completed on June 30, 2026, resulting in the cessation of associate status

💡 Investors should monitor the next quarterly results to see how the deconsolidation of Prime Industries affects the consolidated bottom line, especially given its high reported contribution to consolidated income.

View All RACE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The Biofuel Division revenue declined 58% YoY to INR 18.71 Cr in FY25 from INR 44.31 Cr in FY24. The RESTORE Division achieved transformative growth of 282% YoY, with standalone revenue increasing to INR 8.94 Cr in FY25 from INR 2.34 Cr in FY24. Standalone total revenue grew 36% YoY to INR 460.30 Cr in FY25.

Profitability Margins

Consolidated Operating Profit Margin was 1.75% in FY25 (INR 9.70 Cr profit on INR 555.10 Cr revenue) compared to 1.66% in FY24. Standalone PAT margin improved from 0.46% in FY24 to 0.82% in FY25, as PAT more than doubled to INR 3.76 Cr.

EBITDA Margin

Standalone Operating Profit Margin was 1.82% in FY25 (INR 8.38 Cr) compared to 1.63% in FY24 (INR 5.53 Cr). Biofuel division EBIT margin was 1.13% in FY25, while RESTORE division achieved a structural turnaround to positive EBIT of INR 0.25 Cr from a loss of INR 0.06 Cr in FY24.

Credit Rating & Borrowing

Consolidated finance costs increased 44.2% YoY to INR 4.24 Cr in FY25 from INR 2.94 Cr in FY24. Standalone finance costs for Q2FY26 were INR 1.87 Cr.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include biomass (for biofuel) and plastic waste/bottles (for the RESTORE division). Biomass procurement is a critical cost driver, representing the bulk of the INR 545.40 Cr consolidated operating costs in FY25.

Import Sources

Sourced domestically within India, specifically through a network of collection centers and value chain partners being formalized via the RACE app.

Key Suppliers

Not disclosed in available documents; however, the company is categorizing 'value chain partners' for independent third-party ESG assessments.

Capacity Expansion

Biofuel aggregation volume was 25,840 MT in FY25, a 51.2% decrease from 52,918 MT in FY24 due to procurement disruptions. The company is currently restructuring the biomass procurement ecosystem to restore capacity.

Raw Material Costs

Operating costs accounted for 98.2% of consolidated revenue in FY25 (INR 545.40 Cr). Procurement disruptions in the biofuel segment led to a 58% revenue drop, highlighting the high sensitivity to raw material supply stability.

Manufacturing Efficiency

The company is focusing on 'formalizing the unorganized' sector to improve operational efficiency. RESTORE division EBIT margin improved by 491 bps YoY in Q2FY26.

Logistics & Distribution

The RACE app is specifically designed to optimize the delivery process for value chain partners to reduce operational inefficiency in waste transport.

📈 Strategic Growth

Expected Growth Rate

36%

Growth Strategy

Growth is driven by formalizing the waste management value chain through the RACE app, restructuring the biomass procurement ecosystem to rebuild supply chain resilience, and expanding the RESTORE division which grew 282% in FY25. The company is also considering a 'Scheme of Arrangement' as of December 2025 to optimize corporate structure.

Products & Services

Biofuel (aggregated biomass), recycled plastic materials, and products made from recycled plastic (branded with 'I used to be a plastic bottle').

Brand Portfolio

RACE (app and corporate brand), RESTORE (recycling division).

New Products/Services

Expansion of the RESTORE division focusing on sustainability-driven solutions and recycled plastic products, which contributed INR 8.94 Cr to standalone revenue in FY25.

Market Expansion

Focusing on organizing the unorganized waste management sector across India; currently automating accounting across identified collection centers.

🌍 External Factors

Industry Trends

The Indian recycling industry is transitioning from unorganized to organized. RACE is positioning itself as a first-mover in formalizing this chain via technology (RACE app) and ESG-compliant collection centers.

Competitive Landscape

The industry is characterized by high fragmentation and 'disorganization' which results in operational inefficiency for most players.

Competitive Moat

The moat is built on the proprietary RACE app and the formalization of a fragmented supplier base (waste pickers/collectors), creating a digital-first supply chain that is difficult for unorganized competitors to replicate.

Macro Economic Sensitivity

Sensitive to general market and macroeconomic trends, as well as governmental regulatory trends regarding waste management and biofuels.

Consumer Behavior

Increasing demand for sustainability-driven solutions and recycled products, supporting the 282% growth in the RESTORE division.

⚖️ Regulatory & Governance

Industry Regulations

Subject to SEBI Listing Regulations and waste management rules. The company is currently implementing a Scheme of Arrangement under Regulation 37 of SEBI (LODR) Regulations.

Environmental Compliance

Established an ESG Committee to oversee business responsibility policies and progress on ESG goals; initiating third-party ESG assessments for value chain partners.

Taxation Policy Impact

Consolidated tax expense was INR 1.35 Cr in FY25 on PBT of INR 5.55 Cr, representing an effective tax rate of approximately 24.3%.

Legal Contingencies

The company reported no penalties or strictures imposed by SEBI, Stock Exchanges, or any statutory authority relating to capital markets during the last three years.

⚠️ Risk Analysis

Key Uncertainties

Procurement chain disruptions (58% impact on Biofuel revenue), regulatory changes in waste management, and interest rate volatility.

Geographic Concentration Risk

Operations are primarily centered in India, with corporate offices in New Delhi, Ghaziabad, and Noida.

Third Party Dependencies

High dependency on 'value chain partners' (unorganized waste collectors) for raw material supply.

Technology Obsolescence Risk

The business model is heavily reliant on the RACE app for supply chain optimization; failure to maintain or upgrade this tech could disrupt the formalization strategy.