Dashboard
1
Poor Management Efficiency with a low ROCE of 18.05%
- The company has been able to generate a Return on Capital Employed (avg) of 18.05% signifying low profitability per unit of total capital (equity and debt)
2
The company is Net-Debt Free
3
Poor long term growth as Net Sales has grown by an annual rate of 19.90% and Operating profit at 20.34% over the last 5 years
4
Negative results in Jun 26
5
With ROE of 16.30%, it has a very expensive valuation with a 35.04 Price to Book Value
Total Returns (Price + Dividend) 
TimePeriod
Price Return
Dividend Return
Total Return
3 Months
-34.98%
0%
-34.98%
6 Months
120.03%
0%
120.03%
1 Year
204.9%
0%
204.9%
2 Years
362.09%
0%
362.09%
3 Years
312.31%
0%
312.31%
4 Years
119.75%
0%
119.75%
5 Years
161.29%
0%
161.29%
Novoray Corp. for the last several years.
Risk Adjusted Returns v/s 
News
No Recent News for the Company
Announcements 
No announcement available
Corporate Actions 
No corporate action available
Quality key factors 
Factor
Value
Sales Growth (5y)
19.90%
EBIT Growth (5y)
20.34%
EBIT to Interest (avg)
99.73
Debt to EBITDA (avg)
0
Net Debt to Equity (avg)
-0.20
Sales to Capital Employed (avg)
0.55
Tax Ratio
12.11%
Dividend Payout Ratio
41.26%
Pledged Shares
0
Institutional Holding
0
ROCE (avg)
19.10%
ROE (avg)
14.59%
Valuation key factors
Factor
Value
P/E Ratio
215
Industry P/E
Price to Book Value
35.04
EV to EBIT
199.50
EV to EBITDA
174.01
EV to Capital Employed
37.46
EV to Sales
54.67
PEG Ratio
NA
Dividend Yield
0.19%
ROCE (Latest)
18.78%
ROE (Latest)
16.30%
Technicals key factors
Indicator
Weekly
Monthly
MACD
Mildly Bearish
Bullish
RSI
No Signal
Bullish
Bollinger Bands
Bullish
Mildly Bullish
Moving Averages
Bullish (Daily)
KST
Mildly Bearish
Bullish
Dow Theory
No Trend
No Trend
OBV
No Trend
Bullish
Shareholding Snapshot
No data for shareholding present.
Shareholding Compare (%holding) 
No data for shareholding present.
Quarterly Results Snapshot (Consolidated) - Jun'26 - QoQ
Jun'26
Mar'26
Change(%)
Net Sales
335.40
294.00
14.08%
Operating Profit (PBDIT) excl Other Income
97.80
96.40
1.45%
Interest
3.00
2.80
7.14%
Exceptional Items
4.70
2.20
113.64%
Consolidate Net Profit
77.40
71.60
8.10%
Operating Profit Margin (Excl OI)
242.90%
272.20%
-2.93%
USD in Million.
Net Sales
QoQ Growth in quarter ended Jun 2026 is 14.08% vs 0.79% in Mar 2026
Consolidated Net Profit
QoQ Growth in quarter ended Jun 2026 is 8.10% vs -1.38% in Mar 2026
Annual Results Snapshot (Consolidated) - Dec'25
Dec'25
Dec'24
Change(%)
Net Sales
1,110.50
956.60
16.09%
Operating Profit (PBDIT) excl Other Income
370.90
309.00
20.03%
Interest
1.80
3.50
-48.57%
Exceptional Items
2.70
-1.00
370.00%
Consolidate Net Profit
292.60
251.40
16.39%
Operating Profit Margin (Excl OI)
279.00%
266.50%
1.25%
USD in Million.
Net Sales
YoY Growth in year ended Dec 2025 is 16.09% vs 35.19% in Dec 2024
Consolidated Net Profit
YoY Growth in year ended Dec 2025 is 16.39% vs 44.48% in Dec 2024
About Novoray Corp. 
Novoray Corp.
Specialty Chemicals
No Details Available.
Company Coordinates 
No Company Details Available






