Date: 19th June, 2026

Financial Results (Standalone & Consolidated)

Consolidated Income Statement (Amounts in ₹ Lakhs):

Quarter Ended:

  • Revenue from Operations: 31-Mar-25: ₹1,939.46 lakhs, 31-Mar-26: ₹1,824.77 lakhs
  • Other Income: 31-Mar-25: ₹3.76 lakhs, 31-Mar-26: ₹5.26 lakhs
  • Total Income: 31-Mar-25: ₹1,943.22 lakhs, 31-Mar-26: ₹1,830.02 lakhs
  • Purchase of Stock-in-Trade: 31-Mar-25: ₹1,884.38 lakhs, 31-Mar-26: ₹1,756.93 lakhs
  • Employees Benefits Exp.: 31-Mar-25: ₹9.00 lakhs, 31-Mar-26: ₹11.08 lakhs
  • Finance Costs: 31-Mar-25: ₹15.53 lakhs, 31-Mar-26: ₹25.07 lakhs
  • Depreciation and amortization expenses: 31-Mar-25: ₹2.15 lakhs, 31-Mar-26: ₹5.09 lakhs
  • Other Expenses: 31-Mar-25: ₹10.59 lakhs, 31-Mar-26: ₹13.67 lakhs
  • Total Expenses: 31-Mar-25: ₹1,923.03 lakhs, 31-Mar-26: ₹1,812.16 lakhs
  • Profit before Exceptional items and Tax: 31-Mar-25: ₹20.19 lakhs, 31-Mar-26: ₹17.86 lakhs
  • Profit before tax: 31-Mar-25: ₹20.80 lakhs, 31-Mar-26: ₹24.14 lakhs

Year Ended:

  • Revenue from Operations: 31-Mar-25: ₹5,550.95 lakhs, 31-Mar-26: ₹6,187.55 lakhs
  • Other Income: 31-Mar-25: ₹8.99 lakhs, 31-Mar-26: ₹16.56 lakhs
  • Total Income: 31-Mar-25: ₹5,559.94 lakhs, 31-Mar-26: ₹6,284.11 lakhs
  • Purchase of Stock-in-Trade: 31-Mar-25: ₹5,389.63 lakhs, 31-Mar-26: ₹5,966.78 lakhs
  • Employees Benefits Exp.: 31-Mar-25: ₹30.73 lakhs, 31-Mar-26: ₹38.74 lakhs
  • Finance Costs: 31-Mar-25: ₹42.41 lakhs, 31-Mar-26: ₹82.00 lakhs
  • Depreciation and amortization expenses: 31-Mar-25: ₹8.70 lakhs, 31-Mar-26: ₹17.96 lakhs
  • Other Expenses: 31-Mar-25: ₹25.73 lakhs, 31-Mar-26: ₹39.67 lakhs
  • Total Expenses: 31-Mar-25: ₹5,505.10 lakhs, 31-Mar-26: ₹6,145.48 lakhs
  • Profit before Exceptional items and Tax: 31-Mar-25: ₹54.84 lakhs, 31-Mar-26: ₹58.63 lakhs
  • Profit before tax: 31-Mar-25: ₹55.46 lakhs, 31-Mar-26: ₹91.78 lakhs

Operational Metrics:

  • Q4 FY26 PET Waste Aggregated: 144,737 MT (Company As A Whole)
  • FY26 PET Waste Aggregated: 144,737 MT (Company As A Whole)
  • Q4 FY26 Biomass Aggregated: 6,440 MT (Standalone)
  • Biomass Division Q4 FY26 Revenue: ₹5.07 crore, up 172.6% YoY
  • Biomass Division Q4 FY26 EBIT: ₹0.17 crore with 3.38% EBIT Margin (262 bps improvement YoY)

Management Commentary

Business Impact and Analysis:

During the period, profitability was impacted primarily due to a significant increase in raw material prices, which increased by approximately 25%. While the company maintained stable margins to ensure competitiveness and customer retention, the increase in input costs could not be fully passed through, resulting in temporary pressure on EBITDA margins. Additionally, higher working capital requirements and investments towards strengthening the operational ecosystem impacted short-term profitability. The company remains focused on improving operational efficiencies, optimizing costs and enhancing value realization to drive sustainable margin improvement.

Strategic Initiatives & Business Update

Demerger Plan:

The Board has proposed demerger of existing business segments into three entities: Recycled Products, Biomass Briquettes, and Plastic packaging waste. Benefits include unfolding the value of all three businesses, shareholders receiving stocks of two other listed entities apart from RACE, and a committee has been formed to implement the plan.

Strategic Alliance with Ganesha Ecosphere:

The company has entered a strategic partnership with Ganesha Ecosphere Ltd, India's largest PET waste recycler, including their strategic equity investment in Race Eco Chain Ltd. This alliance opens avenues for value addition, growth and innovation, enhancing competitive edge in the waste management industry. The partnership will revolutionize India's waste management supply chain, streamlining operations and ensuring sustainable practices. The company plans to establish dedicated waste collection centers for Ganesha Ecosphere with stringent ESG compliances.

Focus Execution Areas:

  • Improving Value Realisation: Expand washing & recycling capabilities, strengthen bottle-to-bottle recycling ecosystem, grow higher-margin business segments, increase contribution from recycled products
  • Scaling Technology Platform: Digital supplier ecosystem, real-time waste tracking, AI-based market intelligence, data-driven procurement decisions
  • Expanding ESG-compliant Collection Network: Establish additional collection centers, strengthen supplier onboarding and ESG compliance, improve waste traceability
  • Strengthening Partnerships: Long-term partnership with recyclers, collaborations with brand owners and corporations, EPR compliance solutions and advisory

Regulatory Environment:

India's Plastic Waste Management (Amendment) Rules, 2026 are driving a major shift toward recycling and circularity with mandatory recycled content requirements: Rigid plastic packaging must contain 30% recycled content, increasing to 60% by FY 2028–29. End-of-Life Credits have been removed, requiring actual recycling. These changes create growing demand for recycled materials and traceability systems, strengthening the business case for Race's ESG-compliant supply chain model.

Business Segments:

1. Packaging waste: Aggregating & supplying packaging waste to recyclers through vast waste supply chain on ESG Compliance

2. Biofuel: Elevating the Green Energy Revolution by aggregating and supplying biomass briquettes & pellets to end users

3. Recycled Products: Manufacturing recycled products like bags, cushions, curtains, table mats under registered brand "Restore"

Technology Initiative:

Progressing towards digitization via RACE APP, available on Android Playstore and Apple Appstore, to optimize overall efficiency and digitize the sector.