Heads UP Ventures Limited

Consumer Cyclical — Apparel Retail · NSE

₹6.30+₹0.10 (+1.61%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Heads UP Ventures Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

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.

IndustryApparel Retail

SectorConsumer Cyclical

Annual revenue₹17 Cr

How does it make money?

Turns over ₹17 Cr a year. Of every ₹100 of sales, about ₹-0 reaches shareholders as profit, with ₹1 left at the operating level before interest, tax and depreciation.

EBITDA margin1.4%

Net margin-0.2%

Who are its competitors?

The closest listed comparisons in its industry are TRENT LTD, TITAN COMPANY LIMITED, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

TRENT LTDP/E 87.2x · ROE 25.9%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 1.5% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE1.5%

ROE-0.2%

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +2258% while net margin moved -100% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+2258%

Margin effect-100%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✓ ROE has improved by 53.0 points over the period

Quality vs. Valuation

Company Quality

52/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

P/E (Trailing)

Not meaningful

P/B

0.91x

EV/EBITDA

53.2x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -1159.2% to 1.4% over 3 years.
Return on equity is rising
ROE has improved from -53.2% to -0.2%.
Return on capital is rising
ROCE has improved from -50.1% to 1.5%.

🔴 What Needs Attention1

Free cash flow is negative
The business is not currently covering its capital spending from operations.

Red Flags

2 items require attention · 1 high · 1 watch

🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹1 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -1159.2% to 1.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 140% a year✓ 186.8% CAGR
Latest reported year was 1116.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -1%✓ 1.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ 1.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 3 neutral · 6 weak

Market Cap

₹14 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.91x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-1.35

Loss-making

Negative earnings per share — the business is losing money

ROE

-0.2%

Weak

Weak capital efficiency

ROCE

1.5%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

1116.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-102.3%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹6.3

Operating Margin

-64.7%

Weak

Thin margins leave little room for error

Net Margin

-51.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.22

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.52

Defensive

Steadier than the market

52W Range Position

11%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

6.5 / 6.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

42.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹1 Cr	₹17 Cr	+186.8%
EBITDA	-₹8 Cr	-₹4 Cr	₹2 Cr	₹0 Cr	—
EBITDA Margin	-1159.2%	-675.1%	113.7%	1.4%	—
PAT (Net Profit)	-₹10 Cr	-₹4 Cr	₹1 Cr	-₹0 Cr	—
EPS	₹-4.37	₹-1.96	₹0.63	₹-0.01	—
ROE	-53.2%	-31.0%	9.1%	-0.2%	—
ROCE	-50.1%	-31.4%	10.4%	1.5%	—
Free Cash Flow	-₹10 Cr	-₹1 Cr	₹0 Cr	-₹1 Cr	—

🟢 Revenue has grown at 186.8% a year over 3 years.

🟢 EBITDA has turned positive, from -₹8 Cr to ₹0 Cr.

🟢 EBITDA Margin has risen from -1159.2% to 1.4% over 3 years (+1160.6 pts).

🟢 ROE has risen from -53.2% to -0.2% over 3 years (+53.0 pts).

🟢 ROCE has risen from -50.1% to 1.5% over 3 years (+51.7 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹45 Cr

Total Liabilities

₹30 Cr

Total Debt

—

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

33.5%

Peer Comparison

Company	P/E	ROE
TRENT LTD	87.2x	25.9%
TITAN COMPANY LIMITED	68.5x	36.7%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

3 mixed3 general

Heads UP Ventures vs Nifty 50: Share Price Performance Compared

Univest, 25 Sept

Heads Up Ventures closes trading window ahead of Q2FY27 results

scanx.trade, 28 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Heads UP Ventures: Nil Q1 Revenue, Director Resignations Filed

Kalkine India, 12 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Heads UP Ventures Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Why Is Heads UP Ventures Share Price Falling Key Reasons 2026

Univest, 06 JulPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Heads UP Ventures Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🔴Financial HealthStretched8.2/20

🟢GrowthStrong18.4/20

🔴ProfitabilityWeak5/15

🟡ValuationFair7.1/15

🔴RiskHigh4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 140% a year186.8% CAGR
✓EBITDA margin holds above -1%1.4%
✗Free cash flow remains positive-₹1 Cr
✗ROCE stays above 8%1.5%