Heads UP Ventures Limited (HEADSUP) AI Stock Analysis

• Market Cap: ₹178.87M
• Dividend Yield: N/A
• Average Volume (3M): 6.34K
• Price to Earnings (P/E): 3.6
• Beta (1Y): 0.59
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 12
• Sector: Technology
• Sector Strength: 88
• Industry: Apparel - Retail
• EPS (TTM): 0.35
• Shares Outstanding: 22,082,607
• 10 Day Avg. Volume: 8,503
• 30 Day Avg. Volume: 6,342
• PEG Ratio: -0.12
• Price to Book (P/B): 1.48
• Price to Sales (P/S): 15.96
• P/FCF Ratio: 239.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: ₹8.50 ▼(-4.71% Downside)

The score is driven by a strong balance sheet and a very low P/E, tempered by concerns over earnings quality and durability (weak cash conversion and historically volatile profitability) plus currently weak technical trend and momentum.

Positive Factors

Conservative Balance Sheet

Extremely low leverage and a sizable equity base give the company financial flexibility to fund operations or investments without heavy interest burden. This durable strength reduces solvency risk, supports strategic options, and helps the firm endure sector cyclical stress over months to years.

Recent Revenue Turnaround

A material revenue rebound indicates regained market traction or successful product/segment execution. If sustained, stronger top-line growth can drive operating leverage, support reinvestment, and improve long-term competitiveness versus peers over the next several quarters.

Improved Return on Equity

ROE turning positive reflects that recent profitability is beginning to generate shareholder returns on the existing capital base. Continued positive ROE can signal better capital allocation and make future growth investments more accretive, strengthening long-term shareholder value.

Negative Factors

Weak Cash Conversion

Very low conversion of earnings into operating cash undermines the reliability of reported profits. Over months to years, weak cash conversion constrains capex, working capital financing and dividends, and raises the risk that earnings are driven by non-cash items or timing effects.

Highly Volatile Profitability

Multi-year swings from large losses to outsized margins indicate earnings instability. Such volatility complicates planning, increases financing and refinancing risk, and suggests the company may struggle to sustain margins absent structural changes to business model or cost base.

Earnings-Quality Concerns

Analyst-flagged earnings-quality issues imply reported margins may reflect one-off items or accounting drivers. Over the medium term this raises uncertainty about sustainable free cash flow and whether recent profitability will translate into durable operating performance.

Heads UP Ventures Limited Business Overview & Revenue Model

Company Description

Heads UP Ventures Limited does not have significant operations. Previously, it was engaged in the designing, retailing, marketing, and distribution of men's and women's wear, and accessories under the Being Human brand name in India and internationally. 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 founded in 2000 and is based in Mumbai, India.

How the Company Makes Money

Heads UP Ventures Limited Financial Statement Overview

Summary

Latest year shows a sharp earnings turnaround with strong revenue growth and very high reported margins, supported by a low-debt balance sheet. Offsetting this, profitability has been highly inconsistent over multiple years and operating cash flow conversion versus net income is very weak, which raises earnings-quality and sustainability risk.

Income Statement

Results show a sharp turnaround in the latest annual period (2025) with revenue up strongly (about +368%) and very high reported profitability (gross margin ~100% and net margin ~98%). However, the prior several years (2020–2024) were characterized by deeply negative margins and sizable losses, indicating a highly volatile earnings profile and raising questions about sustainability/quality of the latest margin spike. Overall: strong most-recent improvement, but weak multi-year consistency.

Balance Sheet

The balance sheet appears conservatively financed with extremely low debt in 2025 (debt-to-equity effectively near zero) and a sizable equity base relative to assets. Return on equity improved to positive in 2025 after negative returns in earlier years, signaling better profitability off the capital base. Key watch-out: equity and assets have fluctuated materially over time, and prior-year losses suggest the capital base has been under pressure historically despite low leverage.

Cash Flow

Cash generation is mixed. Operating and free cash flow turned positive in 2025, but at a very low level versus reported profits (only ~3.6% of net income converted into operating cash flow), which weakens confidence in the quality of earnings. Several earlier periods also showed meaningful cash outflows (notably 2023–2024), despite some years with strong inflows (2020–2021). Overall: improving recently, but cash conversion and stability remain concerns.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	129.22M	14.20M	6.28M	7.32M	9.73M	4.42M
Gross Profit	40.39M	14.20M	-26.49M	-486.00K	-2.29M	-39.13M
EBITDA	45.80M	7.76M	-42.63M	-92.19M	-48.39M	-25.38M
Net Income	45.40M	13.94M	-43.18M	-96.55M	-53.60M	-27.89M
Balance Sheet
Total Assets	0.00	182.64M	162.70M	214.96M	351.47M	440.52M
Cash, Cash Equivalents and Short-Term Investments	22.87M	22.87M	13.55M	23.46M	150.15M	170.63M
Total Debt	0.00	66.00K	0.00	0.00	41.69M	73.89M
Total Liabilities	-153.35M	29.29M	23.29M	33.39M	73.70M	109.05M
Stockholders Equity	153.35M	153.35M	139.41M	181.57M	277.77M	331.48M
Cash Flow
Free Cash Flow	0.00	944.00K	-11.62M	-96.18M	8.02M	121.81M
Operating Cash Flow	0.00	944.00K	-11.35M	-94.62M	8.43M	121.97M
Investing Cash Flow	0.00	8.38M	1.44M	14.54M	8.49M	-151.47M
Financing Cash Flow	0.00	0.00	0.00	-4.92M	-4.80M	-24.24M

Heads UP Ventures Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CIGNITITEC	80 Outperform	₹44.60B	14.75	―	―	13.58%	104.94%
RSYSTEMS	73 Outperform	₹44.83B	23.73	―	3.06%	8.36%	36.68%
INTENTECH	72 Outperform	₹2.66B	34.16	―	0.84%	-10.39%	-52.44%
ADSL	66 Neutral	₹7.00B	17.47	―	0.96%	20.23%	-17.78%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
HEADSUP	61 Neutral	₹178.87M	3.56	―	―	―	―
INSPIRISYS	61 Neutral	₹3.40B	8.60	―	―	-1.07%	187.83%

Heads UP Ventures Limited Corporate Events

Heads UP Ventures Confirms SEBI Dematerialisation Compliance for December Quarter

Heads UP Ventures Limited has informed the stock exchanges that it has received and confirmed a compliance certificate from its registrar and share transfer agent, MUFG Intime India Private Limited, under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The registrar has certified that all securities received for dematerialisation during the period were duly verified, accepted or rejected, listed on the appropriate stock exchanges, and that corresponding physical certificates were mutilated, cancelled and replaced in the company’s register of members within prescribed timelines, underscoring ongoing compliance with depository and dematerialisation norms for shareholders and regulators.

Heads UP Ventures Mourns the Loss of Managing Director

Heads UP Ventures Limited has announced the unfortunate passing of its Managing Director, Mr. Hansraj Rathor, on December 4, 2025. This loss is deeply felt by the company, and condolences have been extended to his family. The demise of Mr. Rathor is considered an irreparable loss to the company, potentially impacting its operations and leadership structure.