Race Eco Chain Ltd is a business built on a simple idea - India’s waste is a resource that nobody had organised properly, so it set out to do exactly that. It began as a textile trader in 1999, pivoted hard into recycling in 2020, and even renamed itself RACE (Recycling and Circular Economy) to make the mission unmistakable. The recurring approach is to insert itself between the millions of informal waste collectors and the large industrial buyers who need reliable, traceable supply - aggregating, sorting, and certifying what was once chaotic, and taking a margin on every tonne that moves.
Business segments
Three engines at different stages - a plastic-waste aggregation cash cow at national scale, a biomass fuel business being restructured, and a small but fast-growing brand of recycled consumer goods - each built on the same aggregation playbook.
1. Plastic waste aggregation: the group’s backbone
It collects post-consumer PET bottles from a network of over 300 suppliers across 24 states and sells them to recyclers who turn flakes back into bottles - a transaction business that lives or dies on the spread between what it pays collectors and what recyclers pay it.
- A national sourcing web - the supplier network has grown from 57 franchisees and 63 dealers in FY21 to more than 300 by FY26, giving the company reach into 24 Indian states and making it one of India’s largest plastic-waste aggregators.
- Volume is the scorecard - standalone PET waste aggregation hit roughly 80,600 metric tonnes in FY26, up from about 46,000 MT in FY23, with a stated ambition to reach an annual run-rate of 150,000 MT.
- Regulation pulls demand - with the onset of mandatory EPR targets effective from ongoing FY25 and SEBI's ESG norms, brand owners are driven to seek sustainable waste management solutions, which forces them to buy traceable recycled feedstock.
- Certification opens doors - the division holds ISO 9001, ISO 14001, ISO 45001, SA8000, Global Recycled Standard, and SMETA certifications, so strategic partners like Ganesha Ecosphere Ltd can trust the supply chain for their own ESG compliance.
- Washing plants are the next move - the company is setting up B2B bottle-to-bottle washing lines across India, including four new collection centres in Roorkee, Haridwar, Rishikesh, and Dehradun, moving it beyond pure trading and into processing.
2. Biomass fuel supply: the green-energy bet under repair
It aggregates agricultural waste - paralli, husks, shells - compressed into briquettes and pellets that industrial boilers and thermal power plants burn instead of coal, but the supply chain has been volatile and is being rebuilt.
- A coal substitute from farm waste - the product, called “White Coal,” is made from paralli, wheat and rice husk, groundnut shell, mustard husk, and wood waste, and is sold to factories and power plants that must meet government co-firing mandates.
- Procurement broke, so it is being fixed - supply volumes collapsed from over 52,000 MT in FY24 to roughly 10,100 MT in FY26 after procurement-chain disruptions, and management has launched a full restructuring of the biomass sourcing ecosystem.
- Policy creates the customer - thermal power plants are required to co-fire 5% biomass from FY25 and 7% from FY26, while a separate Compressed Biogas Blending Obligation starts at 1% and rises to 5% by FY29, locking in industrial demand.
- Blue-chip clients, lumpy supply - prominent buyers include Reliance, CEAT, Orient Bell, PepsiCo, and UltraTech, but the division’s revenue contribution has swung from roughly 13% of standalone revenue in FY24 to about 4% in FY25 as volumes dried up.
3. Restore: the recycled-products brand
It takes four discarded PET bottles, shreds them, melts them, spins the result into yarn, and stitches that yarn into bags, cushions, and curtains sold under its own “Restore” label - a small consumer-facing business that turns waste into finished goods.
- Bottle-to-bag in one chain - the process shreds bottles into flakes, melts flakes into micro-pellets, extrudes pellets into yarn, and converts yarn into t-shirts, bags, and home furnishings, all under GRS and SMETA certification audited by a third-party lab.
- Built from a single room - launched in October 2020 with 20 sewing machines and 36 workers, the division now operates multiple factories with 70 machines and 90 workers, and opened its first showroom by FY22.
- A different commercial logic - unlike the aggregation divisions, Restore earns revenue from one-time product sales rather than recurring margin on traded volumes, and it contributed roughly 2% of standalone revenue in FY25.
RACE App and technology platform
A digital marketplace - live on Android and Apple stores - that lets waste sellers and buyers discover prices, negotiate, and settle payments transparently, dragging an informal industry onto a screen.
- A bazaar in the phone - the app handles buying and selling of PET bottles, non-PET plastics, biofuel briquettes, waste paper, metal scrap, and recycled products, with built-in pickup and delivery coordination and quick payment settlement.
- AI and blockchain are in the pipeline - future versions plan to layer on AI-driven market insights (price trends, regulatory updates) and blockchain-based traceability so every kilo of waste can be tracked from collection to recycling.
- An ERP for a sector that has none - the company is building a real-time tracking ERP system purpose-built for the scrap industry, and is automating accounting across its collection centres to tighten internal controls.
- Asset-light by design - the original vision was district-level warehouses run by franchisees, stitched together by the app and a “price discovery formula” that cuts out middlemen and prevents hoarding.
Group structure and partners
A listed parent with a web of majority-owned operating subsidiaries - several acquired, one jointly built with India’s largest PET recycler - plus a proposed demerger that would split the three businesses into separate listed companies.
- The listed parent - Race Eco Chain Ltd trades on both BSE and NSE, governed by a six-member board with one Executive Chairman, one Non-Executive Director, and four Independent Directors.
- A joint venture with the biggest buyer - Ganesha Recycling Chain Private Limited is a 51:49 joint venture with Ganesha Ecosphere Ltd, India’s largest PET waste recycler, set up to build washing lines that turn post-consumer bottles into premium rPET flakes.
- Acquisitions for regional reach - Silverline Eco Thrive Limited (51% stake, Tamil Nadu) and Vasundhara Envirogreen Private Limited (95% stake, Uttar Pradesh) were both bought to deepen waste-collection capacity in their respective territories.
- A biomass subsidiary and a step-down chain - Race Grassland Private Limited (51%) was incorporated in March 2026 to pursue the full biomass and green-energy value chain, while GEM Polymers and Shubhlaxmi Ecoplast LLP sit under the Ganesha JV as step-down entities in plastic recycling.
- A three-way split is planned - the Board has proposed a Scheme of Arrangement to demerge the Biomass Division into GEOECO GREEN ENERGY LIMITED and the Restore Bag Division into RACE GATEWAY LIMITED, leaving the core Recycle Division with Race Eco Chain Ltd, with shares in the new entities issued to existing shareholders.