Race Eco Chain Limited (RACE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1940.4%

-₹1,939.45

vs ₹105.38 price

Levered DCF

-₹1,828.59

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.34×	101.89×	350.11×	316.39×	446.34×	409.75×	11,158.48×	8,089×
P/B	1.86×	5.54×	24.42×	19.97×	21.32×	22.67×	23.99×	24.04×
P/S	0.22×	0.71×	1.56×	1.53×	2.61×	7×	25.95×	8.18×
EV / EBITDA	14.93×	42.75×	92.68×	143.94×	229.45×	176.54×	400.08×	421.09×
Gross margin	2.6%	2.1%	2.9%	2.4%	3.0%	5.5%	6.6%	3.8%
Operating margin	2.0%	1.6%	2.3%	0.6%	-0.2%	-0.2%	3.2%	1.7%
Net margin	1.1%	0.7%	0.4%	0.5%	0.6%	1.7%	0.2%	0.1%
Current ratio	1.23×	1.35×	1.27×	1.62×	2.14×	2.25×	2.3×	1.53×
Debt / equity	1.21×	0.86×	1.91×	0.75×	0.26×	0.37×	0.4×	0.41×
Interest coverage	1.51×	2.08×	2.67×	2.36×	-0.79×	-0.22×	0.69×	1.52×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.1%	5.4%	7.0%	6.3%	4.8%	5.5%	0.2%	0.3%
Return on invested capital	5.6%	4.8%	6.8%	3.3%	-1.2%	-0.3%	1.7%	2.2%
Return on assets	3.1%	2.1%	1.9%	2.7%	2.7%	3.1%	0.1%	0.1%
Free cash flow yield	-0.6%	-13.9%	-3.2%	-3.7%	0.2%	-1.3%	-1.0%	1.6%
Earnings yield	4.9%	1.0%	0.3%	0.3%	0.2%	0.2%	0.0%	0.0%
Enterprise value	₹2.1B	₹4.5B	₹5.8B	₹4.2B	₹4.1B	₹4.1B	₹4.2B	₹4.2B
Net debt / EBITDA	5.24×	5.32×	6.67×	4.22×	2.21×	1.08×	6.33×	6.83×
Cash conversion cycle (days)	43	55	41	40	47	85	214	63