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Heads UP Ventures Limited (HEADSUP) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹155M

HU Heads UP Ventures Limited HEADSUP · NSE
Price₹6.93
Fair Value₹2.57
Upside-63.0%
Quality26/100
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Expensive Growth
Loss-making · -0.2% net margin
negative free cash flow
Trails peers (1/7)
Narrow moat 13/100
Evidence: Low Range ₹1.69 – ₹3.20 Share as image

Fair value as of: Aug 13, 2026

From 1 valuation models · updated 3 days ago

Share price +2.5% over the past month.

Below-average quality, and screening another 63% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (₹3.20). The favourable scenario is already priced in.
  • Weak quality (26/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (₹1.69 to ₹3.20) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹24.45 ₹6.05 Fair Value ₹2.57 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹6.05 – ₹24.45 · fair‑value band ₹1.69 – ₹3.20 · the ₹6.93 price screens above the ₹2.57 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Heads UP Ventures Limited (HEADSUP) currently trades at ₹6.93, while our model-based Fair Value estimate is ₹2.57, implying the stock looks roughly 63.0% overvalued today. The Quality Score stands at 26/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Heads UP Ventures Limited generated revenue of ₹173M at a net margin of -0.2%. Revenue grew 119.8% year over year. It earns a return on equity of -0.2%. The balance sheet holds a net cash position of ₹10.3M. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹1.69 (bear case) to ₹3.20 (bull case); at ₹6.93, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 46% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -44% fair-value upside, at -63%, HEADSUP screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
NCAV (Graham) ₹3.47 ₹4.65 ₹6.94 50
All 1 models by family
Asset-Based
NCAV (Graham) ₹3.47 ₹4.65 ₹6.94 50

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Key figures & financial health

Revenue (TTM) ₹173M
Revenue growth (YoY) +120%
Net margin -0.2%
Return on equity -0.2%
Free cash flow −₹9.5M FY2026
Operating margin -111%
More key figures
EPS (TTM) ₹-0.0100
EPS growth (YoY) +192%
Net cash ₹10.3M FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 26/100

Of which business quality 29 · Market factors (momentum, volatility) 31

Profitability 13
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Heads UP Ventures Limited reported revenue of ₹173M in FY2026 versus ₹9.7M in FY2022, a compound +105.2%/yr. Reported net income was −₹326K in FY2026.

Growth Quality 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹173M
Latest YoY
+1,116.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+186.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+108.2%
Avg. growth/yr (11Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−18.9%
Revenue +105.2%/yr
FY22 ₹9.7M
FY23 ₹7.3M
FY24 ₹6.3M
FY25 ₹14.2M
FY26 ₹173M
Net income
FY22 −₹53.6M
FY23 −₹96.6M
FY24 −₹43.2M
FY25 ₹13.9M
FY26 −₹326K

HEADSUP screens 63% overvalued. Compare with Industria de Diseño Textil, S.A →

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Cite: Fair Value Calculator (2026). "Heads UP Ventures Limited Fair Value". https://www.fairvalue-calculator.com/stock/HEADSUP

Peer Group

Apparel Retail · 108 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 29 · Bottom 25%
Fair Value upside −63% · Bottom 25%
Return on assets -3% · Bottom 25%
Net margin (TTM) -0% · Below median
Operating margin (TTM) -111% · Bottom 25%
Revenue growth 120% · Top 25%

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 33
FUTURE 100 · sector 20
PAST 0 · sector 36
HEALTH 0 · sector 100
DIVIDEND 0 · sector 57

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Apparel Retail stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Industria de Diseño Textil, S.A ITX 246.10 PLN 189.40 PLN -23%
The TJX Companies, Inc TJX $152.61 $84.95 -44%
Fast Retailing Co 6288 HK$37.80 HK$15.21 -60%
Ross Stores, Inc ROST $248.25 $118.41 -52%
Burlington Stores, Inc BURL $353.63 $143.65 -59%
Trent Limited TRENT ₹2,990 ₹709.49 -76%
lululemon athletica inc., LULU $120.87 $299.63 +148%
Aritzia Inc ATZ C$140.07 C$70.30 -50%
The Gap, Inc GAP $20.96 $36.44 +74%
Urban Outfitters, Inc URBN $79.43 $92.88 +17%

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Frequently asked questions

Is Heads UP Ventures Limited (HEADSUP) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹2.57 versus a price of ₹6.93, about −63% (overvalued).
What is the fair value of HEADSUP?
Our model-based fair value for Heads UP Ventures Limited is ₹2.57 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹6.93.
What is the quality score of HEADSUP?
Heads UP Ventures Limited has a Quality Score of 26/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Heads UP Ventures Limited (HEADSUP)?
Heads UP Ventures Limited reported trailing-twelve-month revenue of about ₹173M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of HEADSUP?
The net profit margin of Heads UP Ventures Limited is about -0.2%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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