Heads UP Ventures Limited HEADSUP NSE

Consumer Cyclical · Apparel Retail · India

Heads UP Ventures Limited operates fashion apparels and accessories business in India and internationally. It retails and distributes shirts, t-shirt, jackets, hoodies, sweatshirts, caps, hats, socks, underwear, belts, bags, and flip flops. It offers its products under the HUP and Device of Turtle brand names and, as well as through e-commerce platform. The company was formerly known as The Mandhana Retail Ventures Limited and changed its name to Heads UP Ventures Limited in May 2022. Heads UP Ventures Limited was incorporated in 2011 and is based in Palghar, India.

Market & Price

Market Cap

₹15.77 Cr

Current Price

₹7.14

High / Low (52W)

₹11.72 / ₹6.05

Beta

Valuation

Stock P/E

3.76

Industry PE

26.67

Forward P/E

PEG Ratio

Book Value

₹8.53

Price to Book

0.84

P/S

0.83

EV/EBITDA

60.95

Dividend Yield

Profitability & Returns

ROCE

4.97%

ROE

-0.21%

ROA

0.47%

Profit Margin

-0.17%

Op Margin

EPS (Latest Qtr)

₹-0.28

EPS (TTM)

₹1.90

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

0.63

Current Ratio

1.22

Debt

₹0

Total Assets

₹18.26 Cr

Current Assets

₹17.11 Cr

Working Capital

₹14.20 Cr

Ownership

Promoter Holding

34.53%

Chg in Prom Hold

FII / Inst Holding

0.00%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹14.75 Cr

Total Revenue (TTM)

₹19.04 Cr

EBITDA

₹24.20 L

Free Cash Flow

₹6.43 Cr

Operating Cash Flow

₹-94.92 L

Shares Outstanding

₹2.21 Cr

Gross Margin

7.71%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

13.41%

Profit 5Y

42.00%

Revenue (YoY)

119.80%

Earnings (YoY)

PROS

Compounding revenue at 13.4% over 5 years.
Profit CAGR of 42.0% over 5 years.
Generates positive free cash flow.

CONS

Trading 39.1% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Consumer Cyclical).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	HEADSUP Heads UP Ventures Limited NSE	7.14	3.76	₹15.77 Cr	-	4.97%	-0.21%	13.41%	42.00%
2	MARUTI Maruti Suzuki India Limited NIFTY50NSEAI	13,127.00	28.09	₹4.13 L Cr	1.07%	17.22%	14.43%	16.60%	21.11%
3	M&M Mahindra & Mahindra Limited NIFTY50NSEAI	3,045.60	20.00	₹3.66 L Cr	1.08%	17.26%	18.75%	18.44%	18.48%
4	TITAN Titan Company Limited NIFTY50NSE	4,074.90	71.43	₹3.61 L Cr	0.27%	38.43%	37.13%	23.83%	16.00%
5	ETERNAL Eternal Limited NSEAITECH	250.58	626.45	₹2.30 L Cr	-	2.87%	1.19%	97.70%	45.90%
6	EICHERMOT Eicher Motors Limited NIFTY50NSEAI	7,177.00	35.71	₹1.97 L Cr	0.98%	26.43%	23.77%	17.47%	23.70%
7	TVSMOTOR TVS Motor Company Limited NSE	3,355.70	52.91	₹1.59 L Cr	0.36%	28.86%	31.62%	26.91%	31.46%
8	HYUNDAI HYUNDAI MOTOR INDIA LTD NSE	1,924.00	28.82	₹1.56 L Cr	1.09%	32.62%	29.92%	5.50%	4.87%
9	MOTHERSON Samvardhana Motherson International Limited NSEAI	145.74	39.82	₹1.53 L Cr	0.41%	11.82%	10.11%	17.10%	37.17%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	-	14.50 L	1.27 Cr	11.50 Cr	2.96 Cr	0
Cost of Revenue	-	0	0	8.89 Cr	2.90 Cr	0
Gross Profit	-	14.50 L	1.27 Cr	2.62 Cr	5.82 L	0
Operating Expenses	-	5.54 L	14.74 L	44.74 L	4.10 L	60.93 L
Operating Income	-	8.96 L	1.13 Cr	2.17 Cr	1.72 L	-60.93 L
EBITDA	-	25.79 L	46.65 L	2.91 Cr	1.05 Cr	-60.93 L
Interest Expense	-	0	5,000	0	0	0
Pretax Income	-	25.79 L	1.30 Cr	2.91 Cr	1.05 Cr	-60.93 L
Tax Provision	-	0	19.42 L	0	26.42 L	0
Net Income	-	25.79 L	1.10 Cr	2.91 Cr	78.21 L	-60.93 L
Diluted EPS	0.12	0.12	-	1.32	0.35	-0.28

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue	97.31 L	73.21 L	62.80 L	1.42 Cr
Cost of Revenue	1.20 Cr	78.07 L	1.47 Cr	0
Gross Profit	-22.87 L	-4.86 L	-84.57 L	1.42 Cr
Operating Expenses	6.16 Cr	9.24 Cr	3.54 Cr	65.67 L
Operating Income	-6.38 Cr	-9.29 Cr	-4.39 Cr	76.29 L
EBITDA	-4.84 Cr	-9.22 Cr	-4.33 Cr	77.60 L
Interest Expense	48.03 L	49.23 L	0	28,000
Pretax Income	-5.36 Cr	-9.75 Cr	-4.32 Cr	1.60 Cr
Tax Provision	0	-9.45 L	0	20.44 L
Net Income	-5.36 Cr	-9.66 Cr	-4.32 Cr	1.39 Cr
Diluted EPS	-2.43	-4.37	-1.96	0.63

Compounded Sales Growth

5 Years:	13.41%
1 Year:	119.80%

Compounded Profit Growth

5 Years:	42.00%
1 Year:	-

Stock Price Performance

1 Year:	-31.28%
6 Months:	-30.54%
3 Months:	-11.08%
1 Month:	-2.72%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Assets	35.15 Cr	21.50 Cr	16.27 Cr	18.26 Cr
Current Assets	34.17 Cr	20.28 Cr	15.23 Cr	17.11 Cr
Cash & Equivalents	15.01 Cr	2.35 Cr	1.35 Cr	2.29 Cr
Inventory	0	1.32 Cr	0	0
Receivables	1.38 Cr	1.12 Cr	92.31 L	1.06 Cr
Total Liabilities	7.37 Cr	3.34 Cr	2.33 Cr	2.93 Cr
Current Liabilities	7.06 Cr	3.02 Cr	2.31 Cr	2.91 Cr
Long Term Debt	-	-	-	-
Total Debt	4.17 Cr	-	-	0
Total Equity	27.78 Cr	18.16 Cr	13.94 Cr	15.33 Cr
Shares Outstanding	2.21 Cr	2.21 Cr	2.21 Cr	2.21 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Operating Cash Flow	84.33 L	-9.46 Cr	-1.14 Cr	9.46 L
Investing Cash Flow	84.92 L	1.45 Cr	14.35 L	83.77 L
Financing Cash Flow	-48.03 L	-49.16 L	0	0
Capital Expenditure	-4.15 L	-15.63 L	-2.74 L	-3,000
Free Cash Flow	80.18 L	-9.62 Cr	-1.16 Cr	9.43 L
Net Change in Cash	1.21 Cr	-8.50 Cr	-99.16 L	93.23 L

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Gross Margin %	-23.5%	-6.6%	-134.7%	100.0%
Operating Margin %	-656.0%	-1,269.2%	-698.4%	53.7%
Net Margin %	-550.9%	-1,318.8%	-687.6%	98.2%
ROE %	-19.3%	-53.2%	-31.0%	9.1%
ROCE %	-22.7%	-50.3%	-31.4%	5.0%

Shareholding Pattern

Insiders

34.53%

Institutions

0.00%

Public Float

0.00%

Analyst View

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HEADSUP · Consumer Cyclical