Annual Report for the Financial Year 2025-2026

01st September, 2026 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, Dalat Street, Mumbai-400001 Bandra-Kurla Complex, Mumbai 400051 Symbol: RACE Scrip Code: 537785 Subject: Annual Repor t for the F.Y 2025-2026 Dear Sir/ Madam, Pursuant to Regulation 30 and 34 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find enclosed herewith a copy of Annual Report for the Financial Year 2025-2026 including the Notice of 26th Annual General Meeting of the Company scheduled to be held on Saturday, 26th September, 2026 at 01:00 PM to transact the business as set out in the notice. This is for your reference and record. Thanking you, Yours Faithfully For Race Eco Chain Limited Shiwati Company Secretary & Compliance Officer Enclosure: As above Regd. Office: Shop No. 37, Shanker Market, New Delhi, Central Delhi-110001 Corporate Office Address: A-115, Sector-136, Noida, Uttar Pradesh- 201304 Email: communications@raceecochain.com; Tel: 0120-28028196; CIN: L37100DL1999PLC102506 RACE ECO CHAIN LTD. ANNUAL REPORT 2025-26 WELCOME TO RACE Revolutionizing Waste Management WASTE MANAGEMENT RECYCLED PRODUCTS BIOMASS BRIQUETTES COPYRIGHT © 2026 RACE ECO CHAIN LTD. WHAT’S INSIDE Corporate Information 3 Vision 2030 5 Previous Year Highlights (FY 2024-25) 6 FY '26 Performance Highlights 7 Journey so Far.. 8 Note from the Managing Director 9 Operations Overview 11 Management Discussion & Analysis 16 ESG & Supplier Ecosystem 23 Industry Outlook 24 Strategic Priorities & Outlook 25 Business Model 27 AGM Notice 29 Board's Report 41 Annexure to Board Report (AOC-1) 54 Secretarial Audit Report 57 Corporate Governance Report 71 Particulars of Employees 87 Independent Auditor's Report (Standalone) 88 Standalone Financial Statements 107 Independent Auditor's Report (Consolidated) 164 Consolidated Financial Statements 172 Thank You 243 Corporate Information Board of Directors & Key Managerial Personnel (KMP) Mr. Sunil Kumar Mr. Lalit Kumar Mr. Anil Kumar Mr. Sanjay Malik Malik Behl Kukreja Chairman & Non-Executive Non-Executive Non-Executive Managing Director Director Director Independent Director Mr. Pranav Mrs. Seema Mr. Sujeet Kumar Mrs. Shiwati Vasan Malik Thakur Gandhi Non-Executive Non-Executive Chief Financial Company Secretary Independent Independent Officer (CFO) & Compliance Director Director (Appointed w.e.f. Officer May 30, 2026) Statutory & Regulatory Advisors Statutory Auditors (Appointed for 5 Years): M/s Akshay Singhla & Associates, Chartered Accountants (FRN: 039880N) Secretarial Auditors: M/s HKS & Associates LLP, Practicing Company Secretaries, Kanpur (CP No: 14214) 3 Internal Auditors: M/s SSAR & Associates, Chartered Accountants Registrar & Share Transfer Agent (RTA): Skyline Financial Services Private Limited, D-153/A, 1st Floor, Okhla Industrial Area Phase-1, New Delhi – 110020 Corporate Information Company Identifiers & Offices Corporate Identification Number (CIN) L37100DL1999PLC102506 ISIN INE084Q01012 | BSE Scrip Code / NSE Symbol: 537785 / RACE Registered Office: Shop No. 37, Shanker Market, Connaught Place, Central Delhi, New Delhi – 110001 Corporate Office: A-115, Sector-136, Noida, Uttar Pradesh – 201304 Website & Investor Contact www.raceecochain.com | communications@raceecochain.com VISION 2030 From Organising the Unorganised to Building India's Circular Supply Chain RACE Eco Chain was founded with a clear By 2030, RACE aims to build a technology- purpose - “Organising the Unorganised.” That enabled, traceable and ESG-aligned circular purpose continues to define the Company. What supply chain that connects waste generators, has changed is the scale of the opportunity and suppliers, collection centres, recyclers, RACE's position within the evolving circular processors, manufacturers and end markets. economy. Our 2030 Ambition To build one of India's most trusted circular supply-chain ecosystems - where waste is organised, materials are traceable, suppliers are future-ready and recovered resources return to productive use. PREVIOUS YEAR (FY-2025) FINANCIAL HIGHLIGHTS For the fiscal year 2025, RACE Eco Chain Ltd. reported the following standalone financial highlights: FY'26 PERFORMANCE HIGHLIGHTS A Year of Growth, Integration & Value Creation STRATEGIC MILESTONES NOTE FROM THE MANAGING DIRECTOR Dear Shareholders, RACE’s journey has always been guided by a simple philosophy — Reduce, Reuse and Recycle. Our focus today is clear: to build a strong and organised PET waste collection network across India and convert collected PET bottles into high-quality recycled material. India generates a very large volume of PET bottle waste every year. A significant opportunity exists to bring this waste into the organised recycling chain through better collection, aggregation, sorting, processing and traceability. At RACE, we are building this ecosystem by connecting waste collectors, aggregators, recyclers and end-users. Our objective is not merely to collect more waste, but to ensure that more PET bottles are collected, segregated, traced and supplied to recycling facilities. Through our RACE Eco App, we aim to bring greater transparency and efficiency to this fragmented market by connecting buyers and sellers of recyclable material and creating a technology-enabled collection network. Our PET Collection Strategy Our immediate priority is to significantly expand our PET bottle collection and aggregation network across India. We will focus on: Building a large network of PET waste collectors and aggregators Increasing collection of used PET bottles from municipalities, institutions, businesses and informal waste channels Improving segregation and quality at the collection stage Creating efficient transportation and aggregation systems Digitally tracking material from collection to recycling Supplying consistent, quality PET feedstock to recycling plants Capturing greater value from the PET recycling chain The next important step in this journey is our PET washing and recycling infrastructure through Ganesha Recycling Chain Private Limited, where RACE holds 51%. The objective is to create an integrated chain - from collection of PET bottles to processing and production of quality recycled PET flakes. The opportunity is simple: collect more PET bottles, improve their quality, recycle them efficiently and create greater value from every tonne collected. Our long-term vision is to establish RACE as an important player in India’s organised PET waste collection and recycling ecosystem. THREE BUSINESSES. ONE COMMON PHILOSOPHY. Waste Management Collect, Aggregate, Organise and Trace PET Recycling Wash, Process and Create Quality Recycled Feedstock RESTORE Convert Recycled Materials into Products Going forward, our priorities are clear: Build a pan-India PET collection network Increase PET bottle collection and aggregation Strengthen relationships with collectors and recyclers Establish PET washing infrastructure across India Increase production and supply of quality PET flakes Use technology to improve traceability and transparency Capture greater value across the PET recycling chain Create awareness and encourage responsible waste disposal Our ambition is to build a technology-enabled, traceable and scalable PET recycling supply chain for India. From Waste to Wealth. From Collection to Recycling. From Recycling to Circularity. Sunil Kumar Malik Managing Director RACE Eco Chain Limited OPERATIONS OVERVIEW Building the Infrastructure for Circularity RACE's operating philosophy is built around a simple principle: Collect Organise Add Value Recycle Reuse The Company's original business model centred on the collection, trading and supply of recyclable waste to recyclers, with PET plastic bottle waste forming a significant part of its business. In FY2021– 22, RACE reported app [Showing first 8,000 characters — download PDF for full document]