Heads UP Ventures Limited (HEADSUP)
₹6.23 +0.48% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Heads UP's revenue was ₹2.8 Cr (+120.5% year on year), and net profit ₹-3.1 Cr (against a profit a year earlier); the operating margin was -111.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹2.8 | +120.5% | — |
| Operating profit | ₹-3.1 | to loss | loss widened |
| Net profit | ₹-3.1 | to loss | loss widened |
| EPS (₹) | -1.41 | to loss | loss widened |
| Operating margin | -111.1% | — | — |
HEADSUP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.18% of the HEADSUP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 77.76%. That is lower than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 79.3% · 96.2% · 88.0% · 82.7% · 60.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Heads UP Ventures Limited has informed the exchanges of two key resignations effective October 7, 2026. Mrs. Dhruvi Patel has resigned from her role as Company Secretary and Compliance Officer citing personal reasons. Additionally, Mr. Abhishek Shivpujan Giri has stepped down from his position as Non-Executive Independent Director. The micro-cap company, with a market capitalization of Rs 14 Cr, reported no other material reasons for these departures.
- Company Secretary and Compliance Officer Dhruvi Patel resigned effective October 7, 2026
- Independent Director Abhishek Shivpujan Giri resigned effective October 7, 2026
- Both resignations took effect on the same date with no stated operational disagreements
Heads UP Ventures reported zero revenue from operations for the quarter ended June 30, 2026, down sharply from ₹1,150.24 lakh in the corresponding quarter of the previous year. The company posted a net loss of ₹1.89 lakh against a net profit of ₹291.42 lakh in June 2025. Total expenses dropped to ₹1.89 lakh, primarily comprising employee benefits of ₹1.35 lakh and other expenses of ₹0.54 lakh. Basic and diluted EPS stood at ₹-0.01 compared to ₹1.32 in the year-ago period.
- Revenue from operations fell to ₹0.00 lakh vs ₹1,150.24 lakh in June 2025
- Net loss of ₹1.89 lakh compared to a net profit of ₹291.42 lakh in June 2025
- Total expenses stood at ₹1.89 lakh vs ₹933.42 lakh in June 2025
- Basic and diluted EPS stood at ₹-0.01 vs ₹1.32 in June 2025
Heads UP Ventures Limited has appointed Mrs. Dhruvi Patel as Company Secretary and Compliance Officer effective August 10, 2026. The appointment was approved in a board meeting held on the same day. This is a critical administrative role for the company, which currently operates with a very small workforce of 2 employees and a market capitalization of Rs 15 Cr. The move is essential for maintaining regulatory compliance, especially given the company's previously disclosed challenges with audit trail facilities.
- Appointment of Mrs. Dhruvi Patel (ACS-81388) effective from August 10, 2026
- Board meeting conducted within 45 minutes from 03:15 p.m. to 04:00 p.m.
- Company operates in the trading industry with a TTM revenue of Rs 16 Cr
- The firm maintains a minimal workforce of only 2 employees as per recent filings
Heads Up Ventures Limited has announced the closure of its corporate office in Ahmedabad, Gujarat, effective July 15, 2026. The company will now consolidate all official activities and correspondence at its existing registered office in Palghar, Maharashtra. This administrative move centralizes operations for the trading firm, which reported a TTM revenue of ₹16 Cr and maintains a very small workforce of 2 employees. There is no change to the registered office address itself.
- Discontinued corporate office located at 108 – F, Supath -2, Ahmedabad, Gujarat.
- Consolidated all official correspondence to the Registered Office in Palghar, Maharashtra.
- Board meeting approving the change was held on July 15, 2026, between 4:30 PM and 5:30 PM.
- Company operates with a minimal workforce of 2 employees as per latest qualitative filings.
Heads UP Ventures Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ending June 30, 2026. The certificate, issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that share certificates received for dematerialization were processed within prescribed timelines. This filing is a routine administrative requirement to ensure the integrity of the company's shareholding records and compliance with depository standards.
- Covers the reporting period from April 1, 2026, to June 30, 2026
- Confirms that securities received for dematerialization were listed on the stock exchanges
- Registrar MUFG Intime India Private Limited confirmed the mutilation and cancellation of physical certificates
- Verification of depository names in the register of members completed within prescribed timelines
Heads Up Ventures Limited has informed the exchanges of a change in its registered office address, effective July 1, 2026. The office is moving from Saravali, Palghar to Tembhode, Palghar, remaining within the same city. This is a purely administrative update and has no impact on the company's trading operations or its TTM revenue of ₹16 Cr. The board approved this shift in a meeting held on the same day.
- Board approval for the office relocation was granted on July 1, 2026
- The registered office remains within the same city of Palghar, Maharashtra
- New address is H. No. 101, Mahim Road, Tembhode, Palghar – 401404
- Company maintains a small workforce of 2 employees as per qualitative filings
Heads UP Ventures Limited has announced the closure of its trading window for all designated persons and their relatives starting July 01, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of unaudited financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are officially announced. Given the company's small TTM revenue of ₹16 Cr and volatile quarterly performance, the upcoming results will be critical for assessing its recovery from the ₹3.12 Cr loss reported in March 2026.
- Trading window closure begins on July 01, 2026, for all Designated Persons and Promoters.
- Closure is in anticipation of the Unaudited Financial Results for the quarter ended June 30, 2026.
- The window will reopen 48 hours after the declaration of the financial results.
- Company reported a net loss of ₹3.12 Cr in the most recent quarter (March 2026) on revenue of ₹2.8 Cr.
Heads UP Ventures Limited reported a significant expansion in its balance sheet for the fiscal year ended March 31, 2026, with total assets growing from ₹18.26 crore to ₹45.09 crore. This growth was primarily driven by a massive increase in trade receivables to ₹17.84 crore and the addition of ₹9.14 crore in inventory. However, trade payables also surged dramatically to ₹25.95 crore, and the company continues to carry a negative other equity balance of ₹6.75 crore. The statutory auditor issued an unmodified opinion on these audited results.
- Total assets grew by approximately 147% year-on-year to ₹45.09 crore as of March 31, 2026
- Trade receivables saw a massive spike from ₹1.06 crore to ₹17.84 crore over the 12-month period
- Inventories increased from zero in the previous year to ₹9.14 crore, indicating a shift in operational scale
- Trade payables surged to ₹25.95 crore compared to just ₹0.14 crore in March 2025
- The company reported a negative 'Other Equity' of ₹6.75 crore, reflecting accumulated losses
Heads UP Ventures Limited has informed the stock exchanges about a change in its corporate office address effective from May 5, 2026. The office has shifted within the city of Ahmedabad from Gulbai Tekra to Ashram Road. This update is a routine administrative filing under Regulation 30 of SEBI (LODR) Regulations, 2015. The move does not impact the company's core business operations or financial standing.
- Corporate office shifted from Gulbai Tekra, Ahmedabad (380015) to Ashram Road, Ahmedabad (380013).
- The relocation became effective as of Tuesday, May 5, 2026.
- The filing was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- The change is restricted to the corporate office location within the same city.
Heads UP Ventures Limited has informed the exchanges about the resignation of Mr. Ayush Patel from the post of Additional Director, effective April 27, 2026. The director cited personal reasons for his departure and confirmed that there are no other material reasons for the resignation. Mr. Patel (DIN: 10848330) also serves as an Independent Director at Auri Grow India Limited. This change is part of a routine management update and does not impact the company's core operations.
- Mr. Ayush Patel (DIN: 10848330) resigned as Additional Director effective April 27, 2026.
- The resignation is attributed to personal reasons with no other material factors reported.
- The company complied with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements.
- The outgoing director holds a directorship in one other listed entity, Auri Grow India Limited.
Heads UP Ventures Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MUFG Intime India Private Limited, covers the period from January 1, 2026, to March 31, 2026. It confirms that all share certificates received for dematerialization were processed, mutilated, and cancelled according to regulatory timelines. This is a standard administrative filing required for all listed companies in India.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
- Confirms that dematerialized securities are listed on the stock exchanges where earlier securities were listed.
- Verification confirms the name of depositories has been substituted in the register of members within prescribed timelines.
Heads UP Ventures Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is ahead of the declaration of the company's audited financial results for the quarter and fiscal year ending March 31, 2026. The restriction applies to all designated persons, including directors and promoters, and will remain in effect until 48 hours after the results are announced. This is a standard regulatory procedure for listed entities in India.
- Trading window closure begins on April 1, 2026.
- Closure is related to the audited financial results for the quarter and year ending March 31, 2026.
- Window will reopen 48 hours after the official declaration of financial results.
- Restriction applies to all designated persons, directors, promoters, and their relatives.
Heads UP Ventures Limited has announced the appointment of Mr. Ayush Patel and Ms. Vaishali Patel as Additional Executive Non-Independent Directors, effective February 23, 2026. Mr. Ayush Patel, a 2022 graduate born in 2003, is expected to focus on strategic development and modern business vision. Ms. Vaishali Patel, born in 1988, brings operational expertise and will handle administrative and financial oversight. These appointments aim to strengthen the leadership team and support the company's long-term growth objectives.
- Appointment of Mr. Ayush Patel (DIN: 10848330) as Additional Executive Non-Independent Director effective Feb 23, 2026
- Appointment of Ms. Vaishali Patel (DIN: 11027965) as Additional Executive Non-Independent Director effective Feb 23, 2026
- Mr. Ayush Patel is a young entrepreneur and 2022 graduate from Gujarat University
- Ms. Vaishali Patel brings experience in operational supervision and financial oversight
- Both directors confirmed they are not debarred by any SEBI order or authority
Heads Up Ventures Limited reported a significant operational downturn in Q3 FY26, with revenue from operations falling to zero from ₹295.88 Lakhs in the previous quarter. The company posted a net loss of ₹60.93 Lakhs for the quarter, a sharp reversal from the ₹78.21 Lakh profit recorded in Q2 FY26. Total expenses for the period stood at ₹60.93 Lakhs, primarily driven by other operating costs. Despite the poor quarterly performance, the nine-month period ending December 2025 remains profitable with a cumulative net profit of ₹308.70 Lakhs.
- Revenue from operations plummeted to ₹0.00 in Q3 FY26 compared to ₹295.88 Lakhs in Q2 FY26.
- The company reported a net loss of ₹60.93 Lakhs for the quarter ended December 31, 2025.
- Total expenses for the quarter were ₹60.93 Lakhs, with other expenses accounting for ₹57.65 Lakhs.
- Earnings Per Share (EPS) turned negative at -₹0.28 for the quarter.
- 9-month cumulative revenue stands at ₹1446.12 Lakhs with a net profit of ₹308.70 Lakhs.
Heads Up Ventures Limited has announced the resignation of its statutory auditor, M/s. J. Singh & Associates, effective January 22, 2026. The auditor cited internal resource constraints, specifically the resignation of a key partner and acute staff shortages, as the reasons for their inability to meet audit timelines. The firm was originally appointed for a term ending September 30, 2027, and had most recently completed the limited review for the quarter ended September 30, 2025. The auditor has explicitly stated there are no other material reasons or concerns regarding the company's management.
- Statutory Auditor M/s. J. Singh & Associates resigned effective January 22, 2026.
- The resignation is attributed to the loss of a key partner and significant staff constraints at the audit firm.
- The auditor's original appointment term was valid until September 30, 2027.
- The last audit report submitted was the Limited Review for the quarter ended September 30, 2025, on November 13, 2025.
- The auditor confirmed there are no other material concerns or disagreements with the company.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 126.05% YoY, reaching INR 1.42 Cr in FY25 compared to INR 0.63 Cr in FY24. For the half-year ended September 30, 2025, revenue scaled significantly to INR 14.46 Cr from zero in the previous year's corresponding period, driven by a massive expansion in trading activities.
Profitability Margins
The Net Profit Ratio saw a dramatic turnaround to 98.18% in FY25 from -6.71% in FY24. For the half-year ended September 30, 2025, the company maintained profitability with a Net Profit of INR 3.70 Cr on a total income of INR 16.24 Cr, representing a net margin of approximately 22.78%.
EBITDA Margin
The company reported a Profit Before Tax (PBT) of INR 1.60 Cr in FY25, a recovery of 137% from a loss of INR 4.32 Cr in FY24. For H1 FY26, PBT stood at INR 3.96 Cr, reflecting strong core profitability from scaled-up operations.
Capital Expenditure
Net cash used in investing activities was INR 0.05 Cr (INR 5 Lakhs) in FY25, primarily for increasing investments. No major historical or planned CAPEX for manufacturing facilities was disclosed, as the business model appears focused on trading.
Credit Rating & Borrowing
Borrowing costs were negligible, with finance costs recorded at INR 0.00 Cr for H1 FY26. The company reported no active borrowings in its financing activities for the period ended September 30, 2025.
Operational Drivers
Raw Materials
The primary operational cost is 'Purchase of stock in trade', which represents 96.02% of total expenses (INR 11.79 Cr out of INR 12.28 Cr) for the half-year ended September 30, 2025.
Capacity Expansion
Not applicable as the company operates in trading/ventures; however, the company is devising plans for enhanced procurement to amplify production volume and expand brand reach.
Raw Material Costs
Purchase of stock-in-trade costs rose from zero in H1 FY25 to INR 11.79 Cr in H1 FY26, aligning with the 1,000%+ increase in operational scale during the same period.
Manufacturing Efficiency
Not applicable for the current trading-heavy business model; workforce strength is recorded at only 2 employees (excluding directors) as of March 31, 2025.
Strategic Growth
Growth Strategy
The company is pursuing a market penetration strategy by producing high-quality goods at affordable prices. This involves enhanced procurement to amplify production volume and expanding the brand's reach across new market segments.
Products & Services
High-quality consumer goods and stock-in-trade items (specific product categories like apparel or electronics are not explicitly named but referred to as 'goods').
Brand Portfolio
Heads Up Ventures.
New Products/Services
The company is refining its market penetration strategy based on responses to existing product inventories, though specific new product names were not disclosed.
Market Expansion
The company plans to expand the reach of its brand through increased procurement and production volume, targeting broader market penetration.
External Factors
Industry Trends
The industry is shifting toward value-based retail where high-quality goods are offered at competitive prices. Heads Up Ventures is positioning itself to capture this by scaling its trading revenue from INR 1.42 Cr to over INR 14 Cr in less than a year.
Competitive Landscape
The company operates in a competitive retail/trading environment where market penetration depends on procurement efficiency and pricing.
Competitive Moat
The company's moat is currently limited to its internal control systems and procurement strategy. However, the sustainability of this moat is challenged by a very small workforce (2 employees) and inconsistent audit trail compliance.
Macro Economic Sensitivity
The company's focus on 'affordable prices' makes it sensitive to consumer spending power and inflationary pressures on procurement costs.
Consumer Behavior
Shifting consumer preference toward affordable yet high-quality branded goods is the primary driver for the company's current procurement and production strategy.
Regulatory & Governance
Industry Regulations
The company is subject to the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It must comply with Indian Accounting Standards (Ind AS).
Taxation Policy Impact
The company incurred a current tax expense of INR 0.26 Cr (INR 26.42 Lakhs) for the quarter ended September 30, 2025.
Legal Contingencies
The company reported no pending litigation as of March 31, 2025, that would impact its financial position.
Risk Analysis
Key Uncertainties
The independent auditor noted that the audit trail (edit log) facility in the accounting software was not operated throughout the year for all relevant transactions in FY25, representing a significant internal control weakness.
Third Party Dependencies
High dependency on suppliers for 'stock in trade', which accounts for nearly all operational expenses.
Technology Obsolescence Risk
The company uses accounting software with audit trail features, but the failure to maintain these logs consistently suggests a risk in digital governance and data integrity.
Credit & Counterparty Risk
There is a significant credit risk as trade receivables increased by INR 9.45 Cr in H1 FY26, which is a substantial portion of the INR 14.46 Cr revenue for the period.
