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Race Eco Chain Limited

RACE.NS
39
Waste Management · Industrials
Price
₹99.30
-1.64 (-1.62%)
Market Cap
₹1.71B
Exchange
National Stock Exchange of India
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Good
Cash Flow
Weak
Stability
Weak
Valuation
Mixed

Share count falling — buybacks

2.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 16.4M (2022) → 16.0M (2026)

§Winston Score History

The full picture

Race Eco Chain Limited specializes in the commercial activity and promotion of textile products, encompassing both fabrics and yarns. Its comprehensive product portfolio serves a broad spectrum of home furnishing requirements, including materials for bedding, window dressings, ornamental uses, cushions and accents, table coverings, kitchen textiles, and other domestic fabric items. The enterprise structures its operations across three distinct divisions: Miscellaneous Old Economy Products, the Recycle Division, and the Restore Division. Established on November 22, 1999, the company's central office is situated in Ghaziabad, India.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+200.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

₹0 cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Race Eco Chain Limited is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
3.1%
Thin — 3.1% gross margin
Profit after running costs
Operating Margin
2.5%
Thin — 2.5% operating margin
Return on the money invested
ROCE
16.9%
Strong — 16.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+4.4%
Slow sales growth (+4.4% YoY)
Profit growth
EPS YoY
+0.2%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
44%
Weak — only 44% of profit becomes cash
Spare cash per sale
FCF Margin
-0.3%
Burning cash (-0.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
2.23x
Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
22.2x
Growth-priced — P/E 22.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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