Kandal M Venture Limited Financials

FMFC

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2025 Currency USD FYE March

This page shows Kandal M Venture Limited (FMFC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FMFC FY2025 2026-04-22

Strong cash conversion and minimal reinvestment needs define this business more clearly than its volatile reported earnings.

From FY2023 through FY2025, operating cash flow consistently ran far above net income—about $2.1M versus $210K in FY2025—while capital spending stayed tiny throughout. Because free cash flow remained above $2.1M in each reported year, the business looks lightly capital-intensive, and the income statement understates how much cash the operation actually releases.

FY2025 shows a liquidity squeeze without a cash-generation collapse: the current ratio slipped to 1.0x from 1.7x, putting current assets and current liabilities almost level. Cash ended at just $103K despite $2.1M of free cash flow, which indicates financing outflows absorbed most of the internally generated cash instead of rebuilding a buffer.

Balance-sheet cushioning is thin, with only $378K of equity against $9.7M of liabilities in FY2025. When the residual capital base is that small, even modest profit changes can distort return metrics and make a drop in net margin to 1.2% look more dramatic than the steadier cash-flow pattern suggests.

Financial Health Signals

Financial Profile 55/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Kandal M Venture Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Kandal M Venture Limited's revenue surged 23.0% year-over-year to $17.2M, reflecting rapid business expansion. This strong growth earns a score of 55/100.

Leverage

Kandal M Venture Limited carries a low D/E ratio of 0.23, meaning only $0.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Kandal M Venture Limited's current ratio of 0.98 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Kandal M Venture Limited converts 12.3% of revenue into free cash flow ($2.1M). This strong cash generation earns a score of 65/100.

Returns

100

Kandal M Venture Limited earns a strong 55.5% return on equity (ROE), meaning it generates $55 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 664.7% the prior year.

Piotroski F-Score Neutral

5/9

Kandal M Venture Limited passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

10.18x

For every $1 of reported earnings, Kandal M Venture Limited generates $10.18 in operating cash flow ($2.1M OCF vs $210K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$17.2M

YoY+23.0%

Kandal M Venture Limited generated $17.2M in revenue in fiscal year 2025. This represents an increase of 23.0% from the prior year.

EBITDA

N/A

Net Income

$210K

YoY-81.3%

Kandal M Venture Limited reported $210K in net income in fiscal year 2025. This represents a decrease of 81.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$2.1M

YoY-32.0%

Kandal M Venture Limited generated $2.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 32.0% from the prior year.

Cash & Debt

$103K

YoY-56.4%

Kandal M Venture Limited held $103K in cash against $88K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

1.2%

YoY-6.8pp

Kandal M Venture Limited's net profit margin was 1.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.8 percentage points from the prior year.

Return on Equity

55.5%

YoY-609.2pp

Kandal M Venture Limited's ROE was 55.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 609.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$17K

YoY-27.3%

Kandal M Venture Limited invested $17K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 27.3% from the prior year.

FMFC Income Statement

Metric	FY25	FY24	FY23
Revenue	$17.2M+23.0%	$14.0M+3.7%	$13.5M
Cost of Revenue	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A
Interest Expense	$17K-25.5%	$22K-19.0%	$28K
Income Tax	$19K-89.2%	$178K+60.7%	$111K
Net Income	$210K-81.3%	$1.1M+50.4%	$744K
EPS (Diluted)	N/A	N/A	N/A

Metric	Q4'25	Q4'24
Revenue	N/A	N/A
Cost of Revenue	N/A	N/A
Gross Profit	N/A	N/A
R&D Expenses	N/A	N/A
SG&A Expenses	N/A	N/A
Operating Income	N/A	N/A
Interest Expense	N/A	N/A
Income Tax	N/A	N/A
Net Income	N/A	N/A
EPS (Diluted)	N/A	N/A

FMFC Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$10.1M-1.1%	$10.2M	N/A
Current Assets	$9.4M+1.3%	$9.3M	N/A
Cash & Equivalents	$103K-56.4%	$235K-34.9%	$361K
Inventory	$1.6M-8.7%	$1.8M	N/A
Accounts Receivable	$1.5M+58.5%	$945K	N/A
Goodwill	N/A	N/A	N/A
Total Liabilities	$9.7M-3.2%	$10.0M	N/A
Current Liabilities	$9.6M+75.2%	$5.5M	N/A
Long-Term Debt	$88K-48.0%	$169K	N/A
Total Equity	$378K+124.5%	$168K+117.7%	-$951K
Retained Earnings	$2.9M+7.9%	$2.7M	N/A

Metric	Q4'25	Q4'24
Total Assets	$10.1M-1.1%	$10.2M
Current Assets	$9.4M+1.3%	$9.3M
Cash & Equivalents	$103K-56.4%	$235K
Inventory	$1.6M-8.7%	$1.8M
Accounts Receivable	$1.5M+58.5%	$945K
Goodwill	N/A	N/A
Total Liabilities	$9.7M-3.2%	$10.0M
Current Liabilities	$9.6M+75.2%	$5.5M
Long-Term Debt	$88K-48.0%	$169K
Total Equity	$378K+124.5%	$168K
Retained Earnings	$2.9M+7.9%	$2.7M

FMFC Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	$2.1M-32.0%	$3.1M+44.3%	$2.2M
Capital Expenditures	$17K-27.3%	$23K+130.2%	$10K
Free Cash Flow	$2.1M-32.0%	$3.1M+43.9%	$2.2M
Investing Cash Flow	-$582K-129.4%	-$254K-2441.0%	-$10K
Financing Cash Flow	-$1.7M+44.0%	-$3.0M-56.9%	-$1.9M
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

Metric	Q4'25	Q4'24
Operating Cash Flow	N/A	N/A
Capital Expenditures	N/A	N/A
Free Cash Flow	N/A	N/A
Investing Cash Flow	N/A	N/A
Financing Cash Flow	N/A	N/A
Dividends Paid	N/A	N/A
Share Buybacks	N/A	N/A

FMFC Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A
Net Margin	1.2%-6.8pp	8.0%+2.5pp	5.5%
Return on Equity	55.5%-609.2pp	664.7%	N/A
Return on Assets	2.1%-8.9pp	11.0%	N/A
Current Ratio	0.98-0.7	1.69	N/A
Debt-to-Equity	0.23-0.8	1.00	N/A
FCF Margin	12.3%-10.0pp	22.3%+6.2pp	16.1%

Metric	Q4'25	Q4'24
Gross Margin	N/A	N/A
Operating Margin	N/A	N/A
Net Margin	N/A	N/A
Return on Equity	N/A	N/A
Return on Assets	N/A	N/A
Current Ratio	0.98-0.7	1.69
Debt-to-Equity	0.23-0.8	1.00
FCF Margin	N/A	N/A

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Kandal M Venture Limited's annual revenue?

Kandal M Venture Limited (FMFC) reported $17.2M in total revenue for fiscal year 2025. This represents a 23.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Kandal M Venture Limited's revenue growing?

Kandal M Venture Limited (FMFC) revenue grew by 23% year-over-year, from $14.0M to $17.2M in fiscal year 2025.

Is Kandal M Venture Limited profitable?

Yes, Kandal M Venture Limited (FMFC) reported a net income of $210K in fiscal year 2025, with a net profit margin of 1.2%.

How much debt does Kandal M Venture Limited have?

As of fiscal year 2025, Kandal M Venture Limited (FMFC) had $103K in cash and equivalents against $88K in long-term debt.

What is Kandal M Venture Limited's net profit margin?

Kandal M Venture Limited (FMFC) had a net profit margin of 1.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Kandal M Venture Limited's return on equity (ROE)?

Kandal M Venture Limited (FMFC) has a return on equity of 55.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Kandal M Venture Limited's free cash flow?

Kandal M Venture Limited (FMFC) generated $2.1M in free cash flow during fiscal year 2025. This represents a -32.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Kandal M Venture Limited's operating cash flow?

Kandal M Venture Limited (FMFC) generated $2.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Kandal M Venture Limited's total assets?

Kandal M Venture Limited (FMFC) had $10.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Kandal M Venture Limited's capital expenditures?

Kandal M Venture Limited (FMFC) invested $17K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Kandal M Venture Limited's current ratio?

Kandal M Venture Limited (FMFC) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Kandal M Venture Limited's debt-to-equity ratio?

Kandal M Venture Limited (FMFC) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Kandal M Venture Limited's return on assets (ROA)?

Kandal M Venture Limited (FMFC) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Kandal M Venture Limited's Piotroski F-Score?

Kandal M Venture Limited (FMFC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Kandal M Venture Limited's earnings high quality?

Kandal M Venture Limited (FMFC) has an earnings quality ratio of 10.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Kandal M Venture Limited?

Kandal M Venture Limited (FMFC) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.