Race Eco Chain logo

Race Eco Chain MD, chairman, board of directors and AGM

NSE: RACEBSE: 537785Other UtilitiesSmall Cap

Last close ₹105.69down ₹2.67 (2.46%)BSE ₹105.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹108.36.

52-week range of traded prices to 23 Oct 2026
₹84.11Low, 30 Mar 2026₹234.99High, 23 Oct 2025
Market cap
₹182 Cr2,404th largest listed
P/E
23.9
P/E without one-offs
44.0
P/B
2.5
Dividend yield
Nonein the last 12 months
ROE
10.5%
ROE without one-offs
5.7%
ROCE
7.1%
Debt to equity
1.04
Volume, NSE
35,09940.9% delivered

Race Eco Chain board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Chairperson and managing directorSUNIL KUMAR MALIK
  • Company Secretary and Compliance OfficerSHIWATI

6 directors3 independent1 executive2 non-executive

  • SUNIL KUMAR MALIK · Chairperson and managing directorExecutive · joined Nov 1999 · reappointed Oct 2021 · 2 listed boards
  • ANIL KUMAR BEHLNon-executive · joined Aug 2022 · 2 listed boards · 2 committee seats
  • PRANAV VASANIndependent · joined Apr 2019 · reappointed Jun 2023 · 77 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • LALIT KUMAR MALIKNon-executive · joined Jan 2023 · 1 listed board
  • SANJAY KUKREJAIndependent · joined Jul 2019 · reappointed Jul 2024 · 74 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • SEEMA MALIKIndependent · joined Jun 2023 · reappointed Jun 2023 · 27 months as independent · 1 listed board · 1 as independent

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 12 Aug 20265 of 6 present3 independent · 8 days in between
    • 3 Aug 20265 of 6 present3 independent · 43 days in between
    • 20 Jun 20265 of 6 present3 independent · 20 days in between
    • 30 May 20265 of 6 present3 independent · 58 days in between
    1 earlier meeting
    • 1 Apr 20265 of 6 present3 independent

  • Audit Committee

    Chair SANJAY KUKREJA

    ANIL KUMAR BEHL, PRANAV VASAN

    • 12 Aug 20263 of 3 present2 independent · 74 days in between
    • 29 May 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair SANJAY KUKREJA

    ANIL KUMAR BEHL, PRANAV VASAN

    • 12 Aug 20263 of 3 present2 independent · 74 days in between
    • 29 May 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair PRANAV VASAN

    SANJAY KUKREJA, ANIL KUMAR BEHL

    No meeting listed in the filing.

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • M/s. Garg Arun & AssociatesPeer-review certificate valid to Jul 2027
1 earlier auditor
  • Garg Arun & AssociatesNamed in the filing for the quarter to Sep 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Race Eco Chain AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Race Eco Chain share news and announcements

Annual general meeting, 26 Sep 2026

6,938 shareholders on the register on 19 Sep 2026; present: 1 promoter and 40 others; votes counted by Amit Saxena / Amit Saxena and Associates.The company's voting result (opens in a new tab)

  1. TO RECEIVE, CONSIDER AND ADOPT THE AUDITED STANDALONE AND CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026 TOGETHER WITH THE REPORTS OF BOARD OF DIRECTORS AND AUDITORS THEREON.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 46.55% · promoters 100.00% · institutions 0.00% · other public 3.22%

  2. TO RE-APPOINT MR. LALIT KUMAR MALIK, WHO RETIRES BY ROTATION AND BEING ELIGIBLE, OFFERS HIMSELF FOR REAPPOINTMENT AS A DIRECTOR AND IN THIS REGARD
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 46.55% · promoters 100.00% · institutions 0.00% · other public 3.22%

  3. TO APPOINT AKSHAY SINGHLA & ASSOCIATES, CHARTERED ACCOUNTANTS (FIRM REGISTRATION NO. 039880N), AS THE STATUTORY AUDITORS OF THE COMPANY AND, IN THIS REGARD, TO CONSIDER AND IF THOUGHT FIT, TO PASS THE FOLLOWING RESOLUTION AS AN ORDINARY RESOLUTIONMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 46.55% · promoters 100.00% · institutions 0.00% · other public 3.22%

  4. TO RE-APPOINT AND FIX THE REMUNERATION PAYABLE TO MR. SUNIL KUMAR MALIK (DIN: 00143453) AS MANAGING DIRECTOR OF THE COMPANY
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 46.55% · promoters 100.00% · institutions 0.00% · other public 3.22%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 24 Sep 2025, 5 resolutions

7,264 shareholders on the register on 17 Sep 2025; present: 2 promoters and 42 others; votes counted by AMIT SAXENA / AMIT SAXENA AND ASSOCIATES.The company's voting result (opens in a new tab)

  1. Approved and adopted the standalone and consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2025 together with the reports of Board of Directors and Auditors’ thereonMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 13.83% · promoters 0.00% · institutions 0.00% · other public 83.94%

  2. Approved the re-appoint Mr. Sunil Kumar Malik, who retires by rotation and being eligible, offers himself for re-appointment as a Director and in this regard
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 13.83% · promoters 0.00% · institutions 0.00% · other public 83.94%

  3. To Appoint Secretarial Auditors of the Company for a term of five (5) consecutive years
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 13.83% · promoters 0.00% · institutions 0.00% · other public 83.94%

  4. Approval of Material Related Party Transactions entered into or to be entered into with M/s. Ganesha Recycling Chain Pvt Ltd and M/s. Silverline Eco Thrive Limited (Subsidiaries Company) during the Financial Year 2025-26, beyond the Materiality threshold as provided in Regulation 23(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 13.83% · promoters 0.00% · institutions 0.00% · other public 83.94%

  5. To Increase the limit to advance any loan/give guarantee/provide security u/s 185 of the Companies Act, 2013
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 13.83% · promoters 0.00% · institutions 0.00% · other public 83.94%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 3 Jul 2024, 6 resolutions

Present: 0 promoters and 26 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements and Reports of the Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 51.84% · promoters 100.00% · institutions 0.00% · other public 12.80%

  2. Appointment of a Director in place of Mr. Lalit Kumar Malik, who is retiring by rotation and being eligible, offers himself for re-appointment
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 51.84% · promoters 100.00% · institutions 0.00% · other public 12.80%

  3. Preferential Allotment of 8,25,000 Equity Shares to the Persons Belonging to Promoter and Non-Promoter Category
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 51.84% · promoters 100.00% · institutions 0.00% · other public 12.80%

  4. Issue of 19,70,000 Warrants convertible into Equity Shares to the persons belonging to promoter Group and non-promoter category, on a Preferential basis.
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 51.84% · promoters 100.00% · institutions 0.00% · other public 12.80%

  5. Disinvestment of 99.32% Stake in the M/s. Abhay Innovative Recycling Limited the material subsidiary of the company by selling the entire stake equally in the favour Mr. Raj Kumar Modani and Mr. Sanjay Modani.MoreLess
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 51.84% · promoters 100.00% · institutions 0.00% · other public 12.80%

  6. Re-appointment of Mr. Sanjay kukreja as an Independent Director of the Company for a second term of five yearscommencing from 20th July, 2024 till 19th July, 2029.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 51.84% · promoters 100.00% · institutions 0.00% · other public 12.80%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 25 Sep 2023, 8 resolutions

Present: 1 promoter and 23 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2023 together with the reports of Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 56.34% · promoters 100.00% · institutions 0.00% · other public 20.93%

  2. To re-appoint Mr. Sunil Kumar Malik, who retires by rotation and being eligible, offers himself for re-appointment as a Director and in this regard.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 56.34% · promoters 100.00% · institutions 0.00% · other public 20.93%

  3. To appoint Mrs. Seema Malik (DIN: 09498208), as an Independent Director on the board of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 56.34% · promoters 100.00% · institutions 0.00% · other public 20.93%

  4. To appoint Mr. Pranav Vasan (DIN: 07631095), as an Independent Director on the board of the Company.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 99.98% · promoters 100.00% · institutions 0.00% · other public 100.00%

  5. Regularization of additional director, Mr. Piyanshu Sharma (DIN: 01485270), as director of the company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 56.34% · promoters 100.00% · institutions 0.00% · other public 20.93%

  6. Approve the Borrowing powers of board of the directors under Section 180(1)(c) of the Companies Act, 2013 upto the revised limit of Rs. 500 crores.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 56.34% · promoters 100.00% · institutions 0.00% · other public 20.93%

  7. To sell, lease, mortgage or otherwise disposed of whole or substantially whole of the undertaking of the company under Section 180(1)(a) of the Companies Act, 2013 upto limit of Rs. 500 crores
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 56.34% · promoters 100.00% · institutions 0.00% · other public 20.93%

  8. Approve the limit of Inter Corporate Loan, Guarantee, security and/ or to invest the funds of the Company under Section 186 of the Companies Act, 2013 upto limit of Rs. 500 crores.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 56.34% · promoters 100.00% · institutions 0.00% · other public 20.93%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Tax disputeSuperintendent RANGE - 35:DIVISION VII GHAZIABAD:GHAZIABAD:MEERUT:CBICSince 26 Jun 2025
    Under Process
    At the filing before: Demand of Rs.58,125 paid Appeal filed against Penalty and Interest
  • Tax disputeAssistant Commissioner Central Goods & Services Tax Division-VII, GhaziabadSince 23 Dec 2025
    Under Process
    At the filing before: Demand of Rs.3,34,41,778 denied by the department... Demand Contested and final outcome awaited
  • Tax disputeSuperintendent RANGE - 35:DIVISION VII GHAZIABADSince 20 Dec 2024
    Under Process
    At the filing before: ITC of Rs.2.74 lakh denied by the department Demand Contested and final outcome awaited
  • Tax disputeSuperintendent RANGE - 35:DIVISION VII GHAZIABADSince 11 Sep 2025
    Under Process
    At the filing before: ITC of Rs.7.12 lakh denied by the department Demand Contested and final outcome awaited
  • Tax disputeIncome Tax DepartmentSince 11 Apr 2011
    Under Process
    At the filing before: Demand of Rs.49,340 for the F.Y 2008-09 raised by IT department, contested and outcome awaited
  • Tax disputeIncome Tax DepartmentSince 6 Jan 2023
    Under Process
    At the filing before: Demand of Rs.91,780 for the F.Y 2019-20 raised by IT department, contested and outcome awaited
  • Tax disputeIncome Tax DepartmentSince 25 Nov 2010
    Under Process
    At the filing before: Demand of Rs.2,99,405 for the F.Y 2007-08 raised by IT department, contested and outcome awaited
  • Tax disputeIncome Tax DepartmentSince 28 Sep 2025
    Under Process
    At the filing before: Demand of Rs.14,30,070 for the F.Y 2022-23 raised by IT department, contested and outcome awaited
3 more
  • Tax disputeSu-tantra EquipmentsSince 8 Apr 2026
    Under Process
    At the filing before: Supplier filed the Civil Suit demanding Rs.4,83,925. Reply to be submitted in the court by our Advocate
  • Tax disputeIncome Tax DepartmentSince 27 Feb 2026
    Under Process
    At the filing before: Demand of Rs.410 for the F.Y 2023-24 raised by IT department, contested and outcome awaited
  • Tax disputeCommissioner, CGST Commissionerate, NoidaSince 29 Aug 2026
    Under Process
    At the filing before: Demand of Rs.16,74,60,039 raised by GST department, contested and outcome awaited

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
No
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.