AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 29 Sep - On 29 Sep 2026, Race Eco Chain invested Rs 1.02 crore in subsidiary Ganesha Recycling Chain, keeping 51% stake.
Source: Bse
Race Eco Chain Limited (RACE)
Small CapServices stocks · Small cap · NSE
Race Eco Chain Limited operates in Recycling, within the Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
₹119.45
+0.43 · +0.36%
Market cap ₹188 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result12 Aug, 05:15 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
68BullishSMA20 +13.8% / mo · MACD +
Stock trend: 68
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
RACED candles · FIT view-3.6%Latest close ₹119.45 on 2026-10-19
Bar
-2.1%
RSI
59
MACD hist
1.03
52W pos
23%
2026-10-19O ₹122.00H ₹122.10L ₹119.10C ₹119.45Vol 23,511 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RACENifty 500
- RACE
- +8.7%
- Nifty 500
- -5.6%
- Vs Nifty 500
- +14.3 pp
Chart stats
19 Oct 2026- From 52W high
- -50.2%
- 52W range position
- 23%
- ATR (14)
- 7.1%
- Volume vs 20D
- 0.16x
- Avg traded value
- ₹1.7 Cr
- 20D price channel
- ₹96.7 - ₹144
₹240
₹84.1 - ₹240
₹8.4
Latest completed session
20-session average
106.6% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED2
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +21.9% · PAT +145.2% YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model-778.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +22% YoY · PAT +145% YoY · operating leverage · margin compression
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹191.1 Cr | +21.9% | +4.7% |
| EBITDA | ₹3.6 Cr | +23.0% | -16.4% |
| Operating margin | 1.9% | +1 bps | -48 bps |
| PAT | ₹1 Cr | +145.2% | -47.5% |
| PAT margin | 0.5% | +27 bps | -53 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.00
- P/B
- 2.53
- EV/EBITDA
- 16.35
- Market Cap
- 188.00Cr
Profitability
- ROE
- 9.28%
- ROCE
- 11.10%
- ROA
- 3.70%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -14.00%
- EPS 5Y
- -14.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 73.00%
Balance Sheet
- Debt/Equity
- 1.22
- Interest Coverage
- 1.67×
- Altman Z
- 4.52
- Book Value
- 43.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 19.00 Cr
- EPS TTM
- 4.36
Shareholding
- Promoter Hold
- 44.79%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 191+4.7% vs prev
Net Profit
₹ CrLatest: 1.0-47.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 59.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~12.2% over last month) — short-term momentum positive.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 49% off 52W high · 42% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
26
RS percentile
Stage 1 Base / Transition
1M return
+23.4%
3M return
+8.7%
6M return
-6.7%
1Y return
-45.4%
RS 1D
+5
RS 20D
+18
Sector rank
#12
Industry rank
-
Stage evidence
- Price is within 6.7% of the 30-week proxy.
- The 30-week proxy changed +0.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 56.12+1.41%
RS vs Nifty 50056
Valuation & peers
U-Score 2 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 2 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth0/25
Quality2/20
Balance Sheet3/15
Cash Flow1/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
2
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
2/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 3/15 to the score.
- Quality contributes 2/20 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Fair-value margin of safety is negative at -778.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
25.0
PB
2.5
EV/EBITDA
16.4
ROE
9.3%
ROCE
11.1%
FCF Yield
—
Debt/Equity
1.2
MoS
-778.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
2
Previous: 2
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-778.2%
Previous: -778.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
2
2
2
2
2
2
2
2
2
2
2
2
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹64.95
-83.9% MoS
Growth-justified P/E
3.1
Growth-justified Value
₹13.6
-778.2% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ROCKINGDCE
SME
Rockingdeals Circular Economy Ltd.
Recycling
match 80
46
18.5
18.1%
+32%
FAIR VALUE
NIKITA
SME
NIKITA GREENTECH RECYCLING Ltd.
Recycling
match 66
40
14.8
7.8%
+63%
WATCHLIST
DIVYADHAN
SME
Divyadhan Recycling Industries Ltd.
Recycling
match 60
37
32.9
4.7%
+21%
WATCHLIST
JAINREC
Large
Jain Resource Recycling Limited
Recycling
match 48
55
27.2
30.4%
+21%
FAIR VALUE
GLOBALVECT
Small
Global Vectra Helicorp Limited
Aviation
match 19
15
—
-676.0%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Race Eco Chain Limited operates in Recycling, within the Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 26th percentile within Services. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
19 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Services: 26th pctile, median 66 · Small: 32nd pctile, median 66
Evidence depth
Financial-only
19 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
47
watch · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
83
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
- ▸OPM spread across recent quarters is 0.8%.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.22.
- ▸Interest coverage is 1.7x.
- ▸Profit margin is 2.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Race Eco Chain Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Intimation Regarding Letter Dispatched To The Shareholders Of The Company For Annual Report Of The Company For Financial Year 2025-26 1 Sep - 26th AGM scheduled for 26 September 2026; annual report FY2025-26 and KYC/email update reminder sent.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 21 Sep - BSE/NSE issued no-objection letters for Race Eco Chain’s demerger scheme with Geoeco Green Energy and Race Gateway.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 8 Sep - Race Eco Chain invests Rs 4.67 crore in subsidiary Ganesha Recycling Chain via 93,379 CCPS.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Newspaper Publication on Completion of Dispatch of Notice of AGM
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.