Race Eco Chain (RACE) — Financial Results

1 Financial Results 🔴 High Importance Neutral 📄 PDF

Investor Takeaways

Revenue reached ₹168.42 Cr in Q3FY25, up from ₹106.29 Cr in Q2FY25, reflecting sequential growth.

Net profit declined to ₹1.77 Cr in Q3FY25 from ₹4.03 Cr in Q2FY25, indicating margin pressure.

OPM remained stable at 1.81% in Q3FY25 compared to 1.74% in Q2FY25.

⚠️ Shareholders must approve auditor and MD re-appointment at the upcoming AGM, introducing governance and leadership continuity risks.

Overall Tone: Neutral based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	168.42 Cr	N/A
Net Profit	1.77 Cr	N/A
EBITDA	N/A	N/A
EPS	1.03	N/A
OPM	1.81%	N/A

What Changed

The company reported unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q3FY25), showing revenue of ₹168.42 Cr and net profit of ₹1.77 Cr. This marks a sequential increase in revenue from ₹106.29 Cr in Q2FY25 and ₹86.44 Cr in Q1FY25, but net profit declined from ₹4.03 Cr in Q2FY25. Operating profit margin (OPM) improved slightly to 1.81% from 1.74% in the prior quarter. The board approved the appointment of Modi Harsh & Co. as internal auditor for 2026-27 and Akshay Singhla & Associates as statutory auditors for five years, pending shareholder approval. Additionally, Sunil Kumar Malik was re-appointed as Managing Director with remuneration fixed until 2029. The company confirmed compliance with SEBI regulations regarding director relationships and governance changes. No specific financial risks were disclosed in the filing.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Race Eco Chain Limited	37.38	N/A	N/A	225.78
VA Tech Wabag Limited	34.36	N/A	N/A	8636.73
ION Exchange (India) Limited	26.31	N/A	N/A	5722.20
Enviro Infra Engineers Limited	16.30	N/A	N/A	3392.99

Race Eco Chain Limited trades at a higher P/E multiple compared to its peers, suggesting market expectations of higher future growth or earnings stability, though direct comparative profitability metrics like ROE and ROCE are not available for any of the companies.

Risks & Concerns

No specific financial risks were disclosed in this filing.

Governance and leadership continuity risks exist due to pending shareholder approvals for auditor and MD re-appointments at the upcoming AGM.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	168.42	1.77	1.81
Q2FY25	106.29	4.03	1.74
Q1FY25	86.44	0.10	1.61
Q4FY24	85.17	0.11	1.22

2 Financial Results 🔴 High Importance Neutral 📄 PDF

📢 Key Event
Board approves unaudited Q1 results and auditor appointments

💡 Investor Takeaway
Shareholders must approve the new statutory auditor at the upcoming AGM, which may delay final audit confirmation.

Race Eco Chain Limited announced the outcome of its board meeting held on August 12, 2026, where it approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, along with a limited review report. The board also approved the appointment of Modi Harsh & Co. as internal auditor for 2026-27, appointed Akshay Singhla & Associates as statutory auditors for five years pending shareholder approval, re-appointed Sunil Kumar Malik as Managing Director with remuneration fixed until 2029, and set the AGM for September 26, 2026. The appointment of the statutory auditor is subject to shareholder approval at the upcoming AGM.

3 Financial Results 🔴 High Importance Neutral 📄 PDF

📢 Key Event
Board approves new internal and statutory auditors, reappoints MD, sets AGM date

💡 Investor Takeaway
Shareholders must approve auditor appointments and MD reappointment at the upcoming AGM.

Race Eco Chain Limited announced the appointment of Modi Harsh & Co. as internal auditor for 2026-27 and Akshay Singhla & Associates as statutory auditors for a five-year term starting after the 26th AGM, pending shareholder approval. The Board also reappointed Sunil Kumar Malik as Managing Director for three years effective October 2, 2026, with remuneration unchanged, and set the AGM for September 26, 2026.

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About Race Eco Chain Limited (RACE)

Utilities · Other Utilities · Listed on NSE

Market Cap: ₹225.78 Cr P/E: 37.4

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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