Murray Cod Australia (ASX:MCA) Grows FY26 Revenue as Fish Sales Volumes Rise

Aditi Sarkar

06 November 2026 10:34 PM AEDT

Murray Cod Australia (ASX:MCA) Grows FY26 Revenue as Fish Sales Volumes Rise

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Highlights

Murray Cod Australia reported FY26 Revenue of AUD 13.5 million, increasing 24%, while total fish sales volumes rose 53% overall.
The company sold 558.4 tonnes of Murray cod during FY26, compared with 364.4 tonnes in the previous financial year period.
FY26 net loss after tax reached AUD 5.4 million, compared with an AUD 8.6 million net profit in FY25 results.
Murray Cod Australia raised AUD 18.6 million in Equity during FY26, supporting infrastructure expansion and increased aquaculture production capacity plans.

Murray Cod Australia Limited (ASX:MCA), branded as Aquna Sustainable Murray Cod, is an ASX-listed aquaculture company producing pond-grown Murray cod — Australia's largest native freshwater fish — at its facilities near Griffith, New South Wales, in the Murray-Darling Basin. The company sells premium fresh and frozen Murray cod to restaurants, food service, and retail customers including major supermarkets. Murray Cod Australia's FY26 results for the year ended 30 June 2026 were released on 31 August 2026.

FY26 Revenue and Volume Growth

Murray Cod Australia reported FY26 revenue of $13.5 million, up 24% from $10.9 million in FY25. Full-year sales volumes reached 558.4 tonnes, up 53% from 364.4 tonnes in FY25, driven by higher production capacity and the onboarding of Coles and Woolworths as retail distribution partners — a transformational development for the company's premium consumer strategy. Customer receipts for the full year were $13.4 million. Q4 FY26 volumes were 147.5 tonnes (steady from 149.8 tonnes in Q3), 43.8% higher than Q4 FY25. FY26 EPS was negative 3.87 cents per share, compared to positive 7.71 cents in FY25.

Net Loss and Growth Investment

The FY26 net loss after tax was $5.4 million, a significant Reversal from the $8.6 million net profit recorded in FY25. The swing reflects increased costs associated with the company's growth program: expanded pond infrastructure, higher fish feed and production costs as biomass grew, Capital Expenditure on facilities, and the cost of onboarding and fulfilling orders for Coles and Woolworths. The company raised $18.6 million in equity capital during FY26, including a $10.1 million institutional and retail Placement in May 2026, to fund this infrastructure expansion. MCA also implemented a biomass reduction program in Q3 FY26 to clear grow-out ponds and optimise stocking density. The loss reflects the typical trajectory of aquaculture businesses investing ahead of full commercial-scale production.

Retail Expansion and Strategic Outlook

The securing of Coles and Woolworths distribution represents a major strategic milestone for Murray Cod Australia, giving the Aquna Brand access to mainstream retail consumers across Australia for the first time at scale. Murray cod is positioned as a premium freshwater protein — healthier, more sustainable, and with a superior flavour profile to imported seafood. Management has indicated that the retail channel, combined with ongoing foodservice and restaurant relationships, positions MCA for continued revenue growth through FY27 and beyond. The company's long-term goal is to become a nationally recognised premium seafood brand, with Griffith's pond system providing scalable production capacity. MCA's next half-year results are expected in early 2027.

Stock Price Information

Shares in Murray Cod Australia Limited (ASX:MCA) traded around $0.145–0.165 during mid-2026, with the stock rising to approximately $0.150 on the Q4 FY26 trading update (31 July 2026). As of 6 November 2026, MCA shares were trading on the ASX. Investors should refer to ASX announcements at www.asx.com.au and Investor relations at www.aquna.com for current pricing and company updates.

FAQs

Q: What is Murray cod and why is it premium?

A: Murray cod (Maccullochella peelii) is Australia's largest native freshwater fish, found naturally in the Murray-Darling Basin river system. It has a mild, buttery flavour and firm white flesh, and is considered a premium product in Australian fine dining and premium retail. Murray Cod Australia breeds and grows Murray cod in large open ponds near Griffith, NSW — a sustainable, land-based aquaculture method that uses Murray-Darling Basin river water. The fish are free from antibiotics, hormones, and parasites common in some imported seafood, and are sold under the Aquna Sustainable Murray Cod brand, targeting chefs, restaurants, and premium retail consumers.

Q: Why did MCA record a net loss in FY26 after a large profit in FY25?

A: FY25's net profit of $8.6 million included one-off gains and reflected a period of relatively stable (but lower-volume) operations. FY26's $5.4 million net loss reflects the company's decision to invest aggressively in growth: expanding pond infrastructure, growing biomass, adding staff, and fulfilling new orders from major retail partners Coles and Woolworths. These are front-loaded costs — infrastructure, fish feed, and labour costs are incurred before the full revenue benefit of higher volumes flows through. The company raised $18.6 million in equity to fund this investment phase, expecting improved profitability as volumes and revenues scale further in FY27.

Q: What was Murray Cod Australia's equity raise used for?

A: Murray Cod Australia raised $18.6 million in equity capital during FY26, including a significant $10.1 million institutional and retail placement in May 2026. These funds were used primarily for: (1) expanding pond infrastructure at the Griffith facility to increase total production capacity; (2) growing fish biomass (stocking fingerlings and feeding fish to harvest weight, which requires 12–24 months lead time); (3) working capital to support the increased supply required for Coles and Woolworths; and (4) general operating costs during the ramp-up phase. The expansion is expected to underpin materially higher production volumes in FY27 and FY28.

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