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Swing Capital

Race Eco Chain Ltd

NSE: RACE BSE: 537785

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]

₹122
52W: ₹84.1 — ₹283
PE 76.4 · Book ₹40.9 · +198% vs book
Market Cap₹210 Cr
Stock P/E76.4Price to Earnings
ROCE9.39%Return on Capital
ROE8.05%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company's median sales growth is 30.9% of last 10 years

Weaknesses

  • −Stock is trading at 2.95 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −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.

Shareholding Pattern

Promoters44.79%
FIIs0.71%
DIIs0.58%
Public53.93%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.79%44.79%44.79%44.79%44.79%44.79%44.79%44.79%
FIIs0.17%0.1%▼0.10%▼0.10.01%▲0.00%▼0.00.72%▲0.70.71%▼0.00.71%
DIIs0%0.58%▲0.60.58%0.58%0.58%0.58%0.58%0.58%
Public55.04%54.51%▼0.554.63%▲0.154.61%▼0.054.63%▲0.053.89%▼0.753.92%▲0.053.93%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales78.8869.479.4786.17106.29128.74139.198.8196.1178.65
Expenses77.6168.178.4484.75104.44126.34136.4196.8493.5976.35
Operating Profit1.271.31.031.421.852.42.691.972.522.3
OPM %1.61%1.87%1.3%1.65%1.74%1.86%1.93%1.99%2.62%2.92%
Net Profit0.30.450.240.360.741.381.270.11.150.23
EPS ₹0.180.270.150.220.430.80.740.060.670.13

AI Insights

Revenue Trend

TTM revenue at ₹413Cr, down 10.2% YoY. OPM at 2%.

Debt Position

Borrowings at ₹68Cr. Debt-to-equity ratio: 1.28x. High leverage — monitor closely.

Institutional Flow

DIIs: 0.58% (+0.58pp change). FIIs: 0.71% (+0.71pp change). Promoters hold 44.79%.

Margin & Efficiency

ROCE improving from 3% (Mar 2014) to 9% (Mar 2025). Working capital days: 23.

Valuation

PE 76.4x with 9.39% ROCE. Price is 198% above book value of ₹40.9. Dividend yield: 0%.

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