Heads UP Ventures LimitedQ1 FY27 Results & Financial Update
Heads UP Ventures Limited: Q1 FY27 consolidated results and company financials – revenue ₹0.00 Cr, PAT ₹-0.02 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Heads UP Ventures Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Heads UP Ventures Limited reported zero revenue from operations for the quarter ended 30 June 2026, marking a complete halt in top-line commercial turnover compared to both the preceding quarter ended 31 March 2026 and the corresponding quarter of the previous year.
Total income for Q1 FY27 stood at nil, reflecting a sharp contraction from INR 2.8022 crore reported in Q4 FY26 and INR 12.2484 crore in Q1 FY25.
Despite the absence of operational revenues, the company incurred total expenses of INR 0.0189 crore during the quarter, driven entirely by employee benefits expense of INR 0.0135 crore and other expenses of INR 0.0054 crore.
The absence of income alongside ongoing overheads resulted in a loss before and after tax of INR 0.0189 crore for the quarter ended 30 June 2026.
Basic and diluted earnings per share for Q1 FY27 stood at a negative INR 0.01, compared to positive earnings per share of INR 1.32 reported in Q1 FY25 and negative INR 1.41 in Q4 FY26.
The statutory auditors, Shweta Jain & Co LLP, issued an unmodified review report on both the consolidated and standalone unaudited financial results for the quarter.
Heads UP Ventures Limited reported zero revenue from operations for the quarter ended June 30, 2026, marking a complete cessation of top-line commercial turnover compared to INR 11.50 crore recorded in the corresponding quarter of the previous year and INR 2.80 crore in the preceding quarter ended March 31, 2026.
Total income for Q1 FY27 similarly stood at zero, reflecting the absence of both operating turnover and other income during the period under review.
01 · Business model
What does Heads UP Ventures do?
Heads UP Ventures Limited, formerly operating under the name The Mandhana Retail Ventures Limited, is a corporate entity registered in Maharashtra with corporate offices in Ahmedabad, Gujarat. The company is engaged in consumer retail and related commercial ventures.
The company's consolidated financial reporting structure includes its subsidiary, KCD Foodies (India) Private Limited, capturing broader operational activities within its reported scope.
The organization maintains a single reportable operating segment under applicable accounting standards, focusing its business activities around retail and allied commercial distribution channels.
02 · Historical context
What shaped the business before this quarter
Previously operating under the corporate identity The Mandhana Retail Ventures Limited, the company changed its name to Heads UP Ventures Limited to reflect shifts in its corporate and operational focus.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹0.00 Cr |
| Total income | ₹0.00 Cr |
| Profit before tax | ₹-0.02 Cr |
| Profit after tax | ₹-0.02 Cr |
| EPS | ₹-0.01 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The company recorded nil revenue from operations during the quarter ended 30 June 2026, compared to INR 11.5024 crore in Q1 FY25 and INR 2.8022 crore in Q4 FY26.
Other income for the quarter was reported at nil, down from INR 0.7460 crore in the corresponding period of the previous year.
Operations generated zero revenue during the quarter, halting the top-line inflow that previously stood at INR 11.50 crore in Q1 FY26 and INR 2.80 crore in Q4 FY26.
Other income dropped to zero in Q1 FY27 compared to INR 0.746 crore in the corresponding period of the previous year.
What drove margins
With zero revenue generation, total expenses of INR 0.0189 crore directly resulted in negative operating profitability and a net loss for the period.
Employee benefits expense accounted for the primary operational outgo during the quarter at INR 0.0135 crore.
Miscellaneous other expenses contributed INR 0.0054 crore to the total quarterly cost base.
Total quarterly expenses reduced sharply to INR 0.0189 crore as purchases of stock-in-trade and inventory adjustments fell to zero alongside the cessation of active trading turnover.
Employee benefit expenses accounted for INR 0.0135 crore of the total expenditure, while other administrative expenses constituted INR 0.0054 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company continues to operate within a single reportable operating segment as per Ind AS 108 disclosures.
06 · Pressure points & risks
What is not going smoothly
Operations generated zero revenue during the quarter, indicating a complete cessation of commercial inflows for the period.
Quarterly revenue from operations dropped entirely to zero, indicating a severe contraction or suspension of active commercial operations during Q1 FY27.
07 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The company reported zero finance costs for the quarter ended 30 June 2026, consistent with previous periods.
08 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Review
The unaudited consolidated and standalone financial results for Q1 FY27 were reviewed by statutory auditors Shweta Jain & Co LLP and approved by the Board of Directors on August 14, 2026.
09 · Previous-quarter changes
What changed since the previous quarter
Revenue declined from INR 2.8022 crore in Q4 FY26 to zero in Q1 FY27.
Total expenses dropped from INR 591.30 crore in Q4 FY26 to INR 0.0189 crore in Q1 FY27, primarily due to the absence of stock-in-trade purchases and inventory adjustments.
10 · Key Q&A
The quarter, answered directly
What does Heads UP Ventures do?
Heads UP Ventures Limited, formerly operating under the name The Mandhana Retail Ventures Limited, is a corporate entity registered in Maharashtra with corporate offices in Ahmedabad, Gujarat. The company is engaged in consumer retail and related commercial ventures.
What is the clearest takeaway from Q1 FY27?
Heads UP Ventures Limited reported zero revenue from operations for the quarter ended 30 June 2026, marking a complete halt in top-line commercial turnover compared to both the preceding quarter ended 31 March 2026 and the corresponding quarter of the previous year.
What drove revenue or demand?
The company recorded nil revenue from operations during the quarter ended 30 June 2026, compared to INR 11.5024 crore in Q1 FY25 and INR 2.8022 crore in Q4 FY26.
What mattered most for margins or profitability?
With zero revenue generation, total expenses of INR 0.0189 crore directly resulted in negative operating profitability and a net loss for the period.
What changed operationally beyond the headline numbers?
The unaudited consolidated and standalone financial results for Q1 FY27 were reviewed by statutory auditors Shweta Jain & Co LLP and approved by the Board of Directors on August 14, 2026.
What are the main pressure points disclosed for the quarter?
Operations generated zero revenue during the quarter, indicating a complete cessation of commercial inflows for the period.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Resumption of Commercial Operations: Monitor future filings for any resumption of operational revenue or changes in business activity within the consolidated entity.
- 02
Resumption of Commercial Operations: Observers will monitor whether the company resumes revenue-generating commercial activities or maintains dormant operations in subsequent quarters of FY27.
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