Results are mixed with flat revenue and declining margins offset by improved net income and a strong cash position from the IPO. Monitor next quarter for revenue growth and margin stabilization as the company expands capacity. The negative operating cash flow and inventory build warrant attention.
Price Chart
Executive Summary
Kandal M Venture Ltd reported fiscal year 2026 results with revenue essentially flat at $17.1M (down 0.3% YoY), gross profit declining 3.4% to $3.2M, and gross margin contracting 60bps to 18.9%. Net income rose 12.4% to $235,625 due to lower interest expense, but operating cash flow swung to negative $1.9M from positive $2.1M. The company is investing in capacity expansion using IPO proceeds and a growth capital facility.
Key Facts
- Revenue decreased 0.3% YoY to $17,128,067 for FY2026 from $17,186,677
- Gross profit fell 3.4% to $3,243,017; gross margin declined from 19.5% to 18.9%
- Net income increased 12.4% to $235,625, driven by lower interest expense
- Operating cash flow turned negative to -$1,884,807 from +$2,134,565 in FY2025
- Cash and cash equivalents rose to $3.6M from $0.1M, boosted by $8.0M net IPO proceeds
- Company invested $2.5M in an associate and repaid $5.1M in borrowings
- Announced growth capital facility on June 16, 2026 for equipment and tech upgrades in Cambodia and Philippines
Financial Impact
Revenue flat YoY; gross profit down $114K (3.4%); net income up $26K (12.4%); operating cash flow swing of -$4.0M
Risk Factors
- Negative operating cash flow and inventory increase of $864K may pressure liquidity
- Gross margin contraction of 60bps suggests cost pressures from added personnel and overhead
- Small market cap ($5M) amplifies price sensitivity to any operational miss
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-083090 |
| Document: ea0299481-6k_kandal.htm | 0001213900-26-083090 |
| Document: 0001213900-26-083090-index-headers.html | 0001213900-26-083090 |
| Document: 0001213900-26-083090-index.html | 0001213900-26-083090 |
| Document: 0001213900-26-083090.txt | 0001213900-26-083090 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 6-K | $3.72 | awaiting T+60 | — | $3.90 (−4.84%) |
Oct 15, 2026 11d ago | 6-K | $5.95 | awaiting T+60 | — | $3.90 (−34.45%) |
Oct 15, 2026 11d ago | Press Release | $5.95 | awaiting T+60 | — | $3.90 (−34.45%) |
Sep 28, 2026 28d ago | 6-K | $0.1857 | awaiting T+60 | — | $3.90 (−2000.16%) |
Sep 25, 2026 4w ago | 6-K | $0.1857 | awaiting T+60 | — | $3.90 (+2000.16%) |
Sep 4, 2026 7w ago | 6-K | $0.1966 | awaiting T+60 | — | $3.90 (−1883.72%) |
Sep 1, 2026 7w ago | 6-K | $0.2000 | awaiting T+60 | — | $3.90 (−1850.00%) |
Aug 19, 2026 9w ago | EFFECT | $0.2239 | awaiting T+60 | — | $3.90 (−1641.85%) |
Jul 30, 2026 12w ago | 6-K | $0.2171 $0.1018 | ▼ −53.13% | ▼ −55.60% | $3.90 (+1696.41%) |
Jul 30, 2026 12w ago | Press Release | $0.2171 $0.1018 | ▼ −53.13% | ▼ −55.60% | $3.90 (+1696.41%) |
US Market Status
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