Kandal M Venture
Contract manufacturer of affordable-luxury handbags and small leather goods.
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Profile
Manufactures affordable-luxury handbags and small leather goods for fashion brands, earning revenue from finished goods sold after customer-led design and approval. The Cayman holding company relies on Cambodian production and Hong Kong procurement, trading, and invoicing, with orders placed customer by customer.
Manufactures affordable-luxury handbags and small leather goods for fashion brands, using customer design packages to assess manufacturability, develop prototypes, and move approved styles into production. Product categories include shoulder bags, crossbody bags, tote bags, backpacks, top-handle handbags, satchels, and wallets.
Runs production from Cambodia, with a Hong Kong subsidiary handling procurement, trading, and customer invoicing. Materials include leather, fabric, hardware, and edge paint, sourced internationally or specified by customers. Quality checks occur when materials arrive and throughout production; logistics providers ship finished goods to customer-designated locations.
Depends on order-by-order customer authorizations rather than long-term agreements, while production remains centered at a single leased Cambodian site. Customer concentration, supplier availability and customer-designated materials, Cambodian labor requirements, trade policy, and the ability to meet inspection, cost, and delivery standards shape execution.
Company facts
Key statistics
Year to date −27.7% · Average volume (30d) 7.5M
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Fiscal year | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise |
|---|---|---|---|---|---|---|
| 2025 | — | $0.01 | — | — | $17.2M | — |
Financial highlights
| 9 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.8M | $3.8M | $3.8M | $7.9M | $4.6M | $9.2M | |
| Gross profit | $1.1M | $545.3K | $545.3K | $1.5M | $889.8K | $1.7M | |
| Operating income | $472.2K | −$284.7K | −$569.4K | $189.7K | $66.3K | $132.5K | |
| Net income | $325.8K | −$221.0K | −$221.0K | $168.9K | $33.4K | $66.8K | |
| Diluted EPS | $0.02 | −$0.01 | −$0.01 | $0.01 | $0.00 | $0.00 | |
| Gross margin | 23.8% | 14.2% | 14.2% | 18.7% | 19.3% | 18.7% | |
| Operating margin | 9.9% | -7.4% | -14.9% | 2.4% | 1.4% | 1.4% |
Fiscal years (4-quarter sums)FY25 $17.2M
Revenue by geography · FY26
Balance sheet, Mar 31, 2026Cash & short-term investments $3.6M · Total debt $87.6K · Total assets $11.2M · Shareholders' equity $8.0M
Dividends
No dividends on record.
Ownership
Shares outstanding 18.30M · Float 8.32M · 45.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| JAK FMFC Opportunities I LLC | 1.70M | 9.90% | 13G | Aug 13, 2026 |
| HRT Financial LP | 69.1K | 0.38% | 13F | May 14, 2026 |
| XTX Topco Ltd | 51.8K | 0.28% | 13F | May 15, 2026 |
| Jane Street Group, LLC | 22.7K | 0.12% | 13F | May 12, 2026 |
| Two Sigma Investments, LP | 13.6K | 0.07% | 13F | May 15, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
Not reported.



