Why Is Murray Cod Australia (ASX:MCA) Stock Down 10% Today?

Sonal Goyal

22 October 2026 05:52 PM AEDT

Why Is Murray Cod Australia (ASX:MCA) Stock Down 10% Today?

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Key Highlights

Murray Cod Australia (ASX:MCA) shares were down 10.35% at $0.13 during the 22 October 2026 trading session, while the S&P/ASX 200 was down 0.44%.
The FY2026 Appendix 4E reported Revenue of $13.493 million, up 24%, and a loss after tax of $5.370 million versus a $8.558 million profit a year earlier.
Murray cod biomass stood at 3,834 tonnes at 30 June 2026, up from 2,659 tonnes, and no Dividend was declared.

Murray Cod Australia Limited (ASX:MCA) shares were down 10.35% at $0.13 during the Trading session on 22 October 2026, at the time of the data. By comparison, the S&P/ASX 200 stood at 8,792.20, down 0.44%, and the All Ordinaries stood at 8,916.20, down 0.45%. Murray Cod Australia is a Griffith, New South Wales, aquaculture Business that farms Murray cod and other native freshwater fish. Its latest update is the Appendix 4E preliminary final report for the year ended 30 June 2026, signed on 31 August 2026, which reported higher revenue but a net loss for the period.

About the Company

Murray Cod Australia Limited is an ASX-listed company trading under the code MCA, with its address at 2-4 Lasscock Road, Griffith, New South Wales. The group operates through wholly owned subsidiaries, including Bidgee Fresh Pty Ltd, Murray Darling Fisheries Pty Ltd and entities within the Australian Sustainable Protein group.

Its properties are recorded near Bilbul, Grong Grong, Euberta, Gogeldrie and Stanbridge in New South Wales. The Stanbridge site was described as fully operational during the 2026 financial year.

Business Overview

The group's biological Assets comprise live Murray cod, Golden perch and Silver perch. It also sells juvenile fish, including to the Victorian Fisheries Authority, although those sales were reported as significantly lower in FY2026.

Fish stock is the largest item on the balance sheet. Inventories, which include biological assets, were $86.143 million at 30 June 2026, compared with $69.543 million a year earlier. Murray cod biomass, net of provision, was 3,834 tonnes, up from 2,659 tonnes, while fish harvested for sale totalled 623 tonnes, compared with 387 tonnes.

Full-Year Revenue and Earnings

In its Appendix 4E dated 31 August 2026, the company reported revenue of $13.493 million for the year ended 30 June 2026, up 24% from $10.852 million. Loss after tax attributable to owners was $5.370 million, compared with a profit of $8.558 million in FY2025. Basic loss per share was 4.006 cents, against Earnings of 8.091 cents a year earlier.

The gain from changes in the Fair Value of biological assets was $29.540 million, down from $43.256 million. Other income fell to $0.464 million from $2.141 million, which the company attributed to recognising the FY2025 Research and Development Tax Incentive in the 2027 financial year and to lower juvenile fish sales.

Costs, Capital Raising and Balance Sheet

Employee benefits expense rose to $11.688 million from $9.847 million, reflecting a termination payment to the previous chief executive, redundancy payments, pay increases and greater labour needs at Stanbridge. Fish farm operating expenses increased to $8.296 million from $5.725 million. Share-based payments produced a $3.819 million gain after Options expired.

A capital raising in May 2026 delivered $17.5 million after costs. Cash rose to $4.145 million from $0.355 million, and the overdraft was paid down. Net cash used in Operating Activities was $26.573 million, while net cash from financing was $32.386 million. Net assets were $125.149 million, and net tangible assets per share were $0.51, versus $0.97. No dividend was paid or recommended, and the accounts were unaudited, with the audit in process.

Related Sector Context

Aquaculture is part of the broader food production industry, in which businesses raise fish for sale into domestic and export markets. Operators typically carry large biological asset balances, with earnings influenced by fish growth, feed, energy and valuation movements, as these accounts illustrate.

Smaller consumer-linked companies can trade with different Volatility from the wider market. During the 22 October 2026 session the S&P/ASX 200 was down 0.44% and the All Ordinaries down 0.45%, compared with the 10.35% decline in Murray Cod Australia shares at the time of the data.

Risks to Weigh In

The FY2026 financial statements are unaudited, so the reported figures remain subject to review. Fair value gains on biological assets form a large part of reported results and depend on estimates of fish numbers, weights and expected harvest values.

Operating cash outflows widened to $26.573 million, and the group carries $26.360 million of non-current borrowings. Feed, fuel, energy and labour costs increased during the year.

Catalysts on Watch

The completion of the audit and the release of the audited financial report are the next items tied to the Appendix 4E. The company also noted that the FY2025 R&D tax incentive is to be recognised in the 2027 financial year.

Harvests from the fully operational Stanbridge site, and initiatives in progress to improve cash reserves that management said it is managing daily, are other matters disclosed.

Putting It Together

Murray Cod Australia shares were down 10.35% at $0.13 during the 22 October 2026 session. The company's most recent report, dated 31 August 2026, showed revenue up 24% to $13.493 million and a loss after tax of $5.370 million. That report predates the session and is not presented as an explanation for the move.

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