About
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.
Key Metrics
as of Sep 2026Market Cap17 Cr
P/E—
Div Yield0.00 %
Book Value₹6.94
52w High₹13.00
52w Low₹5.69
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.00 | 2.80 | 0.00 | 2.96 | 11.50 | 1.27 | 0.15 | 0.00 | 0.00 | 0.16 | 0.00 | 0.03 | 0.44 |
| Expenses | 0.02 | 5.91 | 0.61 | 2.94 | 9.34 | 0.14 | 0.06 | 0.04 | 0.41 | 2.15 | 0.73 | 0.89 | 1.29 |
| Operating Profit | -0.02 | -3.11 | -0.61 | 0.02 | 2.16 | 1.13 | 0.09 | -0.04 | -0.41 | -1.99 | -0.73 | -0.86 | -0.85 |
| OPM % | — | -111.07 | — | 0.68 | 18.78 | 88.98 | 60.00 | — | — | -1,243.75 | — | -2,866.67 | -193.18 |
| Other Income | 0.00 | 0.00 | 0.00 | 1.03 | 0.75 | 0.17 | 0.17 | 0.32 | 0.18 | 0.04 | 0.02 | 0.10 | 0.00 |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 | 0.02 | 0.01 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | -0.02 | -3.11 | -0.61 | 1.05 | 2.91 | 1.29 | 0.26 | 0.28 | -0.23 | -1.96 | -0.73 | -0.78 | -0.86 |
| Tax % | 0.00 | 0.00 | 0.00 | 24.76 | 0.00 | 14.73 | 0.00 | 3.57 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Profit | -0.02 | -3.11 | -0.61 | 0.78 | 2.91 | 1.10 | 0.26 | 0.27 | -0.23 | -1.96 | -0.72 | -0.78 | -0.86 |
| EPS in Rs | -0.01 | -1.41 | -0.28 | 0.35 | 1.32 | 0.50 | 0.12 | 0.12 | -0.10 | -0.89 | -0.33 | -0.35 | -0.39 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 17.26 | 1.41 | 0.63 | 0.73 | 0.97 | 0.44 | 151.90 | 219.87 | 259.45 | 259.59 | 218.13 | 171.89 |
| Expenses | 18.80 | 0.64 | 5.05 | 10.72 | 7.34 | 8.11 | 160.63 | 213.79 | 238.90 | 232.06 | 177.73 | 127.82 |
| Operating Profit | -1.54 | 0.77 | -4.42 | -9.99 | -6.37 | -7.67 | -8.73 | 6.08 | 20.55 | 27.53 | 40.40 | 44.07 |
| OPM % | -8.92 | 54.61 | -701.59 | -1,368.49 | -656.70 | -1,743.18 | -5.75 | 2.77 | 7.92 | 10.61 | 18.52 | 25.64 |
| Other Income | 1.78 | 0.84 | 0.16 | 0.78 | 1.54 | 5.13 | 8.50 | 0.97 | 1.01 | 1.77 | 1.23 | 0.92 |
| Interest | 0.00 | 0.00 | 0.00 | 0.50 | 0.49 | 0.20 | 7.70 | 3.09 | 2.37 | 3.08 | 5.88 | 11.47 |
| Depreciation | 0.00 | 0.01 | 0.05 | 0.04 | 0.04 | 0.05 | 14.01 | 3.86 | 3.67 | 3.40 | 2.99 | 2.35 |
| Profit before tax | 0.24 | 1.60 | -4.31 | -9.75 | -5.36 | -2.79 | -21.94 | 0.10 | 15.52 | 22.82 | 32.76 | 31.17 |
| Tax % | 112.50 | 12.50 | 0.00 | -0.92 | 0.00 | 0.00 | 41.52 | 690.00 | 41.75 | 38.74 | 34.65 | 35.29 |
| Net Profit | -0.03 | 1.39 | -4.32 | -9.66 | -5.36 | -2.79 | -31.05 | -0.59 | 9.03 | 13.98 | 21.42 | 20.17 |
| EPS in Rs | -0.01 | 0.63 | -1.96 | -4.37 | -2.43 | -1.26 | -14.06 | -0.27 | 4.09 | 6.33 | — | — |
| Dividend Payout % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22.08 | 22.08 | 22.08 | 22.08 | 22.08 | 22.08 | 22.08 | 22.08 | 22.08 | 22.08 | 0.05 | 0.05 |
| Reserves | -6.75 | -6.75 | -8.14 | -3.93 | 5.69 | 11.07 | 13.93 | 44.76 | 45.34 | 36.21 | 63.58 | 42.16 |
| Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.29 | 8.46 | 7.50 | 8.08 | 19.93 | 38.90 |
| Other Liabilities | 29.76 | 2.93 | 2.33 | 3.34 | 7.38 | 10.90 | 19.18 | 45.22 | 59.41 | 66.74 | 64.25 | 29.74 |
| Total Liabilities | 45.09 | 18.26 | 16.27 | 21.49 | 35.15 | 44.05 | 57.48 | 120.52 | 134.33 | 133.11 | 147.81 | 110.85 |
| Fixed Assets | 0.15 | 0.15 | 0.17 | 0.24 | 0.12 | 0.15 | 1.70 | 22.58 | 26.05 | 24.86 | 24.68 | 21.81 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | 0.01 | 0.01 | 0.04 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 44.94 | 18.11 | 16.10 | 21.25 | 35.00 | 43.90 | 55.78 | 97.93 | 108.27 | 108.21 | 123.13 | 89.04 |
| Total Assets | 45.09 | 18.26 | 16.27 | 21.49 | 35.15 | 44.05 | 57.48 | 120.52 | 134.33 | 133.11 | 147.81 | 110.85 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -0.95 | 0.09 | -1.14 | -9.46 | 0.84 | 12.20 | 23.68 | 2.03 | 8.54 | 15.50 | 31.44 | 10.33 |
| Cash from Investing Activity | 0.00 | 0.84 | 0.14 | 1.45 | 0.85 | -15.15 | -5.32 | -1.57 | -5.19 | -3.52 | -5.86 | -38.20 |
| Cash from Financing Activity | -0.31 | 0.00 | 0.00 | -0.49 | -0.48 | -2.42 | -13.32 | -1.50 | -2.35 | -11.72 | -25.90 | 28.37 |
| Net Cash Flow | -1.25 | 0.93 | -0.99 | -8.50 | 1.21 | -5.37 | 5.04 | -1.04 | 0.99 | 0.27 | -0.32 | 0.50 |
| Free Cash Flow | -0.95 | 0.09 | -1.13 | -9.62 | 0.80 | 13.78 | 18.36 | 0.44 | 3.34 | 11.88 | 25.58 | -13.83 |
| CFO/OP % | 44.00 | 12.00 | 26.00 | 95.00 | -13.00 | -159.00 | -271.00 | 57.00 | 112.00 | 144.00 | 78.00 | 23.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 377.27 | 274.40 | 533.02 | 560.00 | 519.28 | 1,642.50 | 15.16 | 36.67 | 28.02 | 19.28 | 110.61 | 99.95 |
| Inventory Days | 189.87 | — | 0.00 | 708.53 | 0.00 | 0.00 | 0.81 | 152.75 | 180.67 | 215.58 | 126.86 | 108.36 |
| Days Payable | 539.09 | — | — | 220.07 | — | — | 62.92 | 139.96 | 143.55 | 144.88 | 94.13 | 56.24 |
| Cash Conversion Cycle | 28.05 | 274.40 | 533.02 | 1,048.46 | 519.28 | 1,642.50 | -46.95 | 49.47 | 65.15 | 89.98 | 143.34 | 152.07 |
| Working Capital Days | 119.06 | 3,083.09 | 6,703.25 | 7,455.00 | 4,553.09 | 13,380.57 | 70.07 | 56.11 | 40.91 | 27.22 | 58.01 | 49.56 |
| ROCE % | 1.57 | 10.93 | -26.86 | -40.29 | -15.99 | -7.50 | -24.47 | 5.84 | 25.72 | 34.55 | 46.93 | 105.14 |
Corporate Actions
8 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Other | 05 Sep 2024 | — | — | — | Annual General Meeting |
| Other | 22 Sep 2023 | — | — | — | Annual General Meeting |
| Other | 08 Sep 2022 | — | — | — | Annual General Meeting |
| Other | 21 Sep 2021 | — | — | — | Annual General Meeting |
| Other | 19 Nov 2020 | — | — | — | Annual General Meeting |
| Other | 21 Aug 2019 | — | — | — | Annual General Meeting |
| Other | 14 Aug 2018 | — | — | — | Annual General Meeting |
| Other | 12 Sep 2017 | — | — | — | Annual General Meeting |