Race Eco Chain Ltd. · NSE:RACE
Race Eco Chain — Q2 FY26 Earnings Presentation
33 slides from Race Eco Chain's earnings presentation, Nov 22, 2025
Slide 1: Exchange filing cover letter
Dated: 22nd November, 2025 Bombay Stock Exchange Limited National Stock Exchange of India Limited Department of Corporate Services, Listing Department Phiroze Jeejee Bhoy Towers, Exchange Plaza, C-1, Block-G, Dalal Street, Mumbai-400001 Bandra-Kurla Kurla Complex, Mumbai 400051 Scrip Code: 537785 Sy
Slide 2: Earnings Presentation Q2FY26
Earnings Presentation Q2FY26 www.raceecochain.com 1
Slide 3: Disclaimer
Disclaimer This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed to constitute prospectus or placement memorandum or an offer to acquire any securities. No representation or warranty, express or implied is made as to, and no reli
Slide 4: Initiatives Taken to Organize the Unorganized Waste Industry
PAN India Network Washing Plants A comprehensive network for Waste Setting up washing plants across India Suppliers ensuring efficient waste focusing on B2B (Bottle to Bottle) INITIATIVES TAKEN management across India manufacturing raw materials Supply. TO ORGANIZE THE UNORGANIZED Community Engageme
Slide 5: Company Highlights
COMPANY HIGHLIGHTS Environment & Certification Highlights Pan India Presence 80+ Recycler Network Pan India* 2,62,927 Tonnes of CO2 Saved One of the Fastest Growing Supply Chain Setting up washing plants across India ESG Score of 65+ 300+ Suppliers Network* Exclusive Bailer Network ISO 9001 ISO 5001
Slide 6: Q2FY26: Performance Highlights
Q2FY26 : Performance Highlights (Standalone) (YoY) SNAPSHOTS ₹ 96.10 crore ₹ 3.06 crore ₹ 1.15 crore 10% YoY 29% YoY ~22,491 MT 480% YoY Operating Revenue EBITDA PAT This is the quantum of waste (in tonnes) that we aggregated during Q2FY26. 22,491 20,238 India generates more than 62mn tons of 3.19%
Slide 7: HY26: Performance Highlights (Standalone)
HY26 : Performance Highlights (Standalone) (YoY) SNAPSHOTS ₹ 460.30 crore ₹ 9.49 crore ₹ 3.76 crore 36% YoY 53% YoY 140% YoY ~121,159 MT Operating Revenue EBITDA PAT This is the quantum of waste (in tonnes) 131,028 that we aggregated during FY25. 121,159 India generates more than 62mn tons of 2.06%
Slide 8: HY26: Performance Highlights (Consolidated)
HY26 : Performance Highlights (Consolidated) (YoY) SNAPSHOTS ₹ 555.10 crore ₹ 10.60 crore ₹ 4.19 crore 60% YoY 64% YoY 171% YoY Operating Revenue EBITDA PAT 1.91% 0.76% 5 bps YoY 31 bps YoY EBITDA Margin* PAT Margin *To reflect upon our core operations, EBITDA margin is computed excluding other inco
Slide 9: India Plastic Waste Industry
India Plastic Waste Industry India’s plastic waste recycling market size is estimated to be 10.8 Million Tons in 2023. Going forward, the market is expected to reach 23.7 Million Tons by 2029, exhibiting a growth rate (CAGR) of 14.0% during 2023-2029. (source: CareEdge) As the consumption of plastic
Slide 10: Q2FY26: Plastic Packaging Waste
Q2FY26: Plastic Packaging Waste Business Highlights (Standalone) (YoY) SNAPSHOTS ₹92.02 crore ₹2.31 crore 2.5% EBIT Margin 8% YoY 65 bps YoY Revenue EBIT ~22,491 MT 22,491 23,667 This is the quantum of plastic waste (in tonnes) that we aggregated during Q2FY26. Q2FY25 Q2FY26 Plastic Waste Aggregated
Slide 11: HY26: Plastic Packaging Waste
HY26: Plastic Packaging Waste Business Highlights (Standalone) (YoY) SNAPSHOTS ₹432.65 crore ₹7.96 crore 1.84% EBIT Margin 48% YoY 14 bps YoY Revenue EBIT ~95,318 MT 95,318 75,972 This is the quantum of plastic waste (in tonnes) that we aggregated during FY25. Registering a growth of FY24 FY25 25% Y
Slide 12: India Biofuel Industry
India Biofuel Industry 1.7 4.0 7% Mandatory 5% Indian Biomass AGR Biomass co-firing AGR 8% C 8% C According to research report published by Market (US $Bn) Rate for Thermal “Transparency Market research”, the Indian biomass Power Plants (TPPs) industry was valued around US $ 1.7 Bn in 2019 & is expe
Slide 13: Q2FY26: Biofuel Business Highlights
SNAPSHOTS Q2FY26: Biofuel ₹1.24 crore ₹0.04 crore 3.35% EBIT Margin 7,753 77% YoY 1,408 Business Highlights 206 bps YoY Q2FY25 Q2FY26 (Standalone) (YoY) Revenue EBITA Biofuel Aggregated (MT) ~1,408 MT This is the quantum of Biomass (in tonnes) that we aggregated during Q2FY26. 12
Slide 14: FY25: Biofuel Business Highlights
SNAPSHOTS 52,918 FY25: Biofuel ₹18.71 crore ₹0.21 crore 1.13% EBIT Margin 25,840 58% YoY Business Highlights 17 bps YoY FY24 FY25 (Standalone) (YoY) Revenue Biofuel Aggregated (MT) EBITA ~25,840 MT This is the quantum of Biomass (in tonnes) that we aggregated during FY25. 13
Slide 15: Our Major Biofuel Clients
Our Major Biofuel Clients ®RACE (6) Q a = SUN | Reliance | weeaam | CAT PHARMA aS orientbell } wes sh tiles Hi L PA ANJAL esk] user 3 PEPSICO MD | OC VISAKA ORIENT CRAFT TOGETHER, WE BUILD. ADITYA BIRLA GROUP ed
Slide 16: Q2FY26: RESTORE Business Highlights
Q2FY26: RESTORE Business Highlights (Standalone) (YoY) SNAPSHOTS ₹2.83 crore ₹0.04 crore 1.41% EBIT Margin 433% YoY 491 bps YoY Revenue EBITA I used to be plastic bottle 15
Slide 17: HY26: RESTORE Business Highlights
HY26: RESTORE Business Highlights (Standalone) (YoY) SNAPSHOTS ₹8.94 crore ₹0.25 crore 2.85% EBIT Margin 282% YoY 491 bps YoY Revenue EBITA I used to be plastic bottle 16
Slide 18: Performance Review
Performance Review 17
Slide 19: Performance Review: Key Highlights
Performance Review Key Highlights Profitability Enhancement Delivered exceptional bottom-line improvement with standalone PAT more than doubling to ₹3.76 crore compared to ₹1.57 crore in FY24, marking a 140% increase YoY. Revenue Growth Achieved standalone revenue of ₹460.30 crore, representing robu
Slide 20: Performance Review: Segment Performance
Performance Review Segment Performance: Segment Performance: 1 Biofuel Division 2 Restore Division The Biofuel Division faced operational The RESTORE Division has demonstrated headwinds during FY25: exceptional momentum, validating our strategic focus on sustainability-driven Revenue Performance: Re
Slide 21: Standalone Income Statement
Particulars (INR Cr) Q2FY26 Q1FY26 Q2FY25 FY25 FY24 Standalone INCOME STATEMENT INR Cr Income Revenue from Operations Operating Costs 96.10 93.49 98.81 96.85 106.28 104.44 460.30 451.92 338.50 332.97 Statement Operating Profit 2.51 1.96 1.84 8.38 5.53 Other Income 0.55 0.43 0.09 1.11 0.67 Finance Co
Slide 22: Consolidated Income Statement
Particulars (INR Cr) Q2FY26 Q1FY26 Q2FY25 FY25 FY24 Consolidated INCOME STATEMENT INR Cr Income Revenue from Operations Operating Costs 148.43 144.75 156.71 153.81 106.29 104.44 555.10 545.40 347.48 341.71 Statement Operating Profit 3.86 2.90 1.85 9.70 5.77 Other Income 0.38 0.30 0.10 0.90 0.70 Fina
Slide 23: Bridging the Sustainability Gap: Organizing the Unorganized
Bridging the Strategic Positioning: At RACE, we are ESG Assessments: We are planning to engage Alliance with Ganesha Ecosphere: Sustainability Gap: committed to leading this transformation: independent third parties for comprehensive ESG evaluations Our strategic alliance with GANESHA ECOSPHERE will
Slide 24: Opportunities & Challenges
Race at the forefront for upcoming Opportunities & Challenges Growing demand for ESG EPR norms require 1/3rd of Bottle to Bottle Technology will play a OPPORTUNITY complaint and organized recycled material to be used Manufacturing. huge role in organizing Waste Supply Chain for packaging material th
Slide 25: Our Strategic Pillars of Excellence
Our Strategic Pillars of Excellence ESG Focused Voluntary adoption to SEBI’s BRSR 1 End to End Traceability 2 3 Digitization initiative via RACE App 4 Certifications 5 Organizing the Unorganized Suppliers’ Due Diligence
Slide 26: Progressing towards digitization via RACE APP
Progressing towards digitization via RACE APP Our company is strongly committed to enhancing its technological capabilities. Further, in alignment with our vision to optimize the overall efficiency and digitize the existing value chain, our organization has developed the "RACE App“ currently availab
Slide 27: Journey Towards Greener Environment
Journey Towards Greener Environment CO2 savings via our business operations 262,927 Tonnes of 140,475 Tonnes 403,402 Tonnes of CO2 saved via of CO2 saved by CO2 saved till date efficient utilizing biomass through our waste Equivalent to CO2 management vis-a-vis coal management emitted by a car after
Slide 28: Our Progress towards ESG Journey
Our Progress towards ESG Journey “Progress Towards Business Sustainability” Voluntary filing of SEBI BRSR: Our Undergoing ESG assessment, our company has recently Here are some of our ongoing company has voluntarily adopted received a score of 58 out of 100 based on CareEdge initiatives aimed at est
Slide 29: Ganesha Ecosphere and RACE Eco Chain Join Hands
Ganesha Ecosphere and RACE Eco Chain Join Hands 1 Investment 2 Key Initiatives 3 Benefits and 4 Future Strategy : Highlights : planned : Outcomes : Race Ecochain with Ganesha This collaboration aims to launch This joint venture marks a Aim to forge similar joint ventures Ecosphere Limited, the large
Slide 30: The Way Ahead for RACE: Demerger
The Way Ahead for RACE: Waste Management DEMERGER Proposed To make operations more focused Demerger of Biomass Briquettes and making capital allocation more efficient, The Board of the company Business has proposed the demerger of Segments existing business segments of RACE into three entities: Recy
Slide 31: Recent Update
Recent RECENT Update UPDATE 30
Slide 32: Recent Updates
Recent Updates New Collection Center Coming Up RVM Machine Setup in Collages We are excited to share that Race is further expanding the collection center We are excited to announce that Race network by establishing two new centers have Installed reverse-vending in Bengaluru (Karnataka) and Guwahati
Slide 33: Thank You!
Thank You! www.raceecochain.com 33