Heads up ventures Limited has announced its unaudited financial results for the quarter ended December 31, 2025, revealing a challenging third quarter performance despite maintaining strong nine-month profitability. The Board of Directors approved these results on February 14, 2026, following a meeting that commenced at 4:30 PM and concluded at 5:10 PM.

Quarterly Performance Analysis

The company reported a net loss of ₹60.93 lakhs for Q3 FY26, marking a significant decline from the previous quarter's profit of ₹78.21 lakhs and the corresponding quarter's profit of ₹25.79 lakhs in the previous year. The quarterly performance was particularly impacted by zero revenue from operations and elevated other expenses.

Nine-Month Performance Highlights

Despite the quarterly challenges, Heads Up Ventures demonstrated robust nine-month performance with significant year-over-year growth. The company achieved a net profit of ₹308.70 lakhs for the nine months ended December 31, 2025, representing a substantial increase from ₹29.29 lakhs in the corresponding period of the previous year.

Expense Structure and Cost Management

The quarterly results revealed a significant shift in the company's expense structure. Other expenses increased substantially to ₹57.65 lakhs in Q3 FY26 from just ₹0.02 lakhs in the previous quarter. Employee benefit expenses remained relatively stable at ₹3.28 lakhs compared to ₹4.08 lakhs in Q2 FY26.

For the nine-month period, purchase of stock-in-trade constituted the largest expense component at ₹1178.73 lakhs, while other expenses totaled ₹95.65 lakhs. The company maintained disciplined cost management with total expenses of ₹1288.51 lakhs against total income of ₹1623.63 lakhs.

Capital Structure and Share Information

Heads Up Ventures maintained its capital structure with a paid-up equity share capital of ₹2208.26 lakhs and face value of ₹10.00 per share throughout the reporting periods. The company operates in the trading segment as its primary business activity, in accordance with Indian Accounting Standards (Ind-AS-108).

Regulatory Compliance and Audit Status

The unaudited financial results were prepared in compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Shweta Jain & Co LLP, the statutory auditors, conducted a limited review of both standalone and consolidated financial results. The results were reviewed by the Audit Committee and approved by the Board of Directors on February 14, 2026.

Heads up ventures Limited has announced the resignation of its statutory auditor M/s. J. Singh & Associates, effective January 21, 2026. The company informed BSE Limited and National Stock Exchange of India Limited about this development on January 22, 2026, in compliance with Regulation 30 of the Listing Regulations.

Auditor Details and Timeline

The resignation involves M/s. J. Singh & Associates (FRN: 110266W), Chartered Accountants, with partner Hemant Kumar Shantilal Mehta (Membership No.: 100748) signing the resignation letter. The auditing firm had been serving as statutory auditor since their appointment on September 12, 2024, with their original term scheduled to run until September 30, 2027.

Reasons for Resignation

J. Singh & Associates cited two primary factors necessitating their resignation. The auditing firm explained that a key partner who was primarily responsible for overseeing audits of Heads Up Ventures Limited had recently resigned from the partnership, resulting in a significant reduction in their overall audit leadership capacity.

Additionally, the firm reported experiencing acute staff constraints due to unexpected staff shortages and resource limitations. These circumstances left them unable to allocate the necessary team strength required to ensure timely and quality completion of the audit work within stipulated timelines prescribed under applicable laws and regulations.

Recent Audit Work and Compliance

Prior to their resignation, J. Singh & Associates had submitted a Limited Review Report for the quarter ended September 30, 2025, which was filed on November 13, 2025. The auditing firm confirmed in their resignation letter that they had provided all information and explanations as required under Section 140(2) of the Companies Act, 2013, read with Rule 8 of the Companies (Audit and Auditors) Rules, 2014.

The firm also declared that there were no other material reasons for their resignation beyond those stated and confirmed that no concerns were raised with the Audit Committee or Board of Directors prior to their resignation.

Corporate Communication

The resignation letter was signed by Harsh Pravinbhai Patel, Director (DIN: 10856046) of Heads Up Ventures Limited, and communicated to both stock exchanges as required under regulatory provisions. J. Singh & Associates, based at HubTown Viva in Andheri East, Mumbai, expressed appreciation for the cooperation extended during their tenure as statutory auditor.

The company will now need to appoint a new statutory auditor to complete the remaining audit work and fulfill regulatory requirements for the current financial year.