MRVL - 2026 Company Profile, Team & Financials

About MRVL

MRVL is a publicly listed company based in Mumbai (India) founded in 2000. Internet first brand offering apparel and fashion accessories for men and women. The company has 12 employees. Its chief executive, as recorded, is Manish S Biharilal Mandhana. Its Indian entity Heads Up Ventures Limited reported revenue of ₹19.04 Cr. MRVL offers products and services including Financial Insights Service. Its focus areas include Consumer Goods, Apparel Brands, Casual Wear and Multi category. Its competitors include Hopscotch, Bewakoof and Styched; 3 of its 3 listed competitors have raised funding.

Company details

The company was founded in 2000 and is based in Mumbai, India. Operations focus on the apparel sector as an internet-first brand, with products encompassing t-shirts, tops, jeans, joggers, shorts, jackets, sweaters, shirts, and similar items for both men and women. Accessories such as socks, caps, wallets, flip-flops, and belts are also offered through the online platform.

Headquarters Mumbai, India
Employees 12
Stage Public
Sectors
Retail
Phone
•••• ••••
Website mrvlindia.com
Social LinkedIn X Facebook Instagram YouTube
Legal Name Heads Up Ventures Limited
Date of Incorporation 12 Feb, 2011
Jurisdiction Boisar, Maharashtra, India

Operational Areas

Retail → Fashion & Lifestyle E-Commerce

Key Metrics

Market Cap
₹12.85 Cr
HEADSUP · NSE
Share Price
₹5.99
+2.92% today
Revenue
₹17.26 Cr
FY 2025-26 · +1115.5% YoY
EBITDA
−₹1.54 Cr
Margin -8.9%
Net Profit
−₹0.03 Cr
FY 2025-26 · -102.1% YoY
Employee Count
12

Associated legal entities of MRVL

MRVL operates through Heads Up Ventures Limited, a listed company (active). Its filings, financials, charges and directors are on the company page.

Legal entity	Status	Incorporated	Registered in	Revenue (FY 2026)	Employees	Directors	Company page
Heads Up Ventures Limited Listed CIN L52390MH2011PLC213349	Active	12 Feb 2011	Palghar, Maharashtra	₹19.0 Cr	12	9	View details

Products & Services of MRVL

MRVL offers a comprehensive portfolio of products and services, including Financial Insights Service.

Financial Insights Service

Market Analysis

Offers online updates and expert analysis on Indian financial markets

Apps and channels of MRVL

its YouTube channel Odys Global has 2.44K subscribers and 30 videos.

Odys Global

YouTube 2.44K subscribers 30 videos Science & Technology

Open channel

Videos from MRVL

The most watched videos on MRVL's YouTube channel, Odys Global (2.44K subscribers). Click a video to play it here.

Black Hat Only: SEO for iGaming with Craig Campbell and Charles Floate Part 1

14.2K views

SEO ranking factors for 2025: Kyle Roof reveals what is working right now!

12K views

Black Hat Only: SEO for iGaming with Craig Campbell and Charles Floate Part 2

6.5K views

Black Hat Local SEO: Fake Addresses Still Work (+ Tactics Google Can't Stop)

4.7K views

Board of directors of Heads Up Ventures Limited (MRVL)

Heads Up Ventures Limited is the primary company behind MRVL. The board of Heads Up Ventures Limited currently have 7 directors; the longest-serving is Sudhir Kumar Arya, appointed in 2024. 29 earlier directors have ceased.

Director	Designation	Appointed	Tenure	Entity
Sudhir Kumar Arya DIN 02414512	Director	27 Mar 2024	2 yrs 7 mo	Heads Up Ventures Limited
Abhishek Shivpujan Giri DIN 10364515	Director	11 Nov 2024	1 yr 11 mo	Heads Up Ventures Limited
Harsh Pravinbhai Patel DIN 10856046	Director	16 Dec 2024	1 yr 10 mo	Heads Up Ventures Limited
Kunj Yogeshbhai Patel DIN 10856058	Director	16 Dec 2024	1 yr 10 mo	Heads Up Ventures Limited
Amrita Ashutosh Tiwari DIN 10866957	Director	16 Dec 2024	1 yr 10 mo	Heads Up Ventures Limited
Asmitaben Ravikumar Patel DIN 11364870	Additional Director	14 Nov 2025	11 mo	Heads Up Ventures Limited
Vaishaliben Patel DIN 11027965	Additional Director	23 Feb 2026	8 mo	Heads Up Ventures Limited

People of MRVL

1 people are tracked at MRVL (1 in leadership); the tracked headcount is 12.

Name	Role	Group
Manish S Biharilal Mandhana	CEO	Leadership

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Complete people profiles for MRVL

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Full employee list
Team structure
Board tenure
Professional contacts

Verified entity values are shown only after access is granted.

IPO & Listings of MRVL

MRVL is a publicly listed company on the NSE with ticker symbol HEADSUP in India, operating in the Retail sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

IPO date16 Dec 2016
Listed onNSE: TMRVL
Listed entityHeads Up Ventures Limited
Exchange sectorRetail

Financials of MRVL

Exchange-reported figures of Heads Up Ventures Limited, the listed company behind MRVL (NSE: HEADSUP).

Financial Highlights

FY 2025-26 · Standalone

Revenue

₹17.26 Cr

+1115.5% YoY

EBITDA

−₹1.54 Cr

-297.4% YoY

Profit After Tax

−₹0.03 Cr

-102.1% YoY

Net Worth

-

Total Assets

-

Total Debt

-

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

Metrics	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Income statement
Revenue	17.26	1.42	0.63	0.73	0.97	0.44	152
Revenue growth	+1115.5%	+125.4%	-13.7%	-24.7%	+120.5%	-99.7%	-
EBITDA	(1.54)	0.78	(4.41)	(9.99)	(6.38)	(7.67)	(9.07)
EBITDA margin	-8.9%	+54.9%	-700.0%	-1368.5%	-657.7%	-1743.2%	-6.0%
Profit before tax	0.24	1.61	(4.30)	(9.75)	(5.37)	(2.79)	(21.94)
Net profit	(0.03)	1.41	(4.30)	(9.66)	(5.37)	(2.88)	(30.85)
Net profit margin	-0.2%	+99.3%	-682.5%	-1323.3%	-553.6%	-654.6%	-20.3%
EPS (₹)	(0.01)	0.63	(1.96)	(4.37)	(2.43)	(1.26)	(14.06)
Balance sheet
Total assets	-	15.35	13.96	18.47	28.09	33.43	38.68
Net worth	-	15.33	13.94	18.15	27.77	33.15	36.01
Total debt	-	0.00	0.00	0.00	0.00	0.00	2.29
Cash & bank	-	2.29	1.35	2.35	15.01	17.06	5.45
Net working capital	-	14.19	12.91	17.25	27.10	33.19	36.91
Cash flow
Cash from operations	-	0.09	(1.14)	(9.46)	0.84	12.20	23.68
Cash from investing	-	0.84	0.14	1.45	0.85	(15.15)	(5.32)
Cash from financing	-	0.00	0.00	(0.49)	(0.48)	(2.42)	(13.32)

Particulars	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024
Revenue	0.00	2.80	0.00	2.96	11.50	1.27	0.15	0.00
Revenue growth (YoY)	-100.0%	+120.5%	-100.0%	-	-	-	-	-
Other income	0.00	0.00	0.00	1.03	0.75	0.17	0.17	0.32
Total expenses	0.02	5.91	0.61	2.94	9.33	0.14	0.06	0.04
EBITDA	(0.02)	(3.11)	(0.61)	0.02	2.17	1.13	0.09	(0.04)
EBITDA margin	-	-111.1%	-	+0.7%	+18.9%	+89.0%	+60.0%	-
Depreciation	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	(0.02)	(3.11)	(0.61)	1.05	2.92	1.29	0.26	0.28
Tax	0.00	0.00	0.00	0.26	0.00	0.19	0.00	0.01

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 26 Oct 2026

Particulars	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024
Revenue	0.00	2.80	0.00	2.96	11.50	1.27	0.15	0.00
Revenue growth (YoY)	-100.0%	+120.5%	-100.0%	-	-	-	-	-
Other income	0.00	0.00	0.00	1.03	0.75	0.17	0.17	0.32
Total expenses	0.02	5.91	0.61	2.94	9.33	0.14	0.06	0.04
EBITDA	(0.02)	(3.11)	(0.61)	0.02	2.17	1.13	0.09	(0.04)
EBITDA margin	-	-111.1%	-	+0.7%	+18.9%	+89.0%	+60.0%	-
Depreciation	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	(0.02)	(3.11)	(0.61)	1.05	2.92	1.29	0.26	0.28
Tax	0.00	0.00	0.00	0.26	0.00	0.19	0.00	0.01

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Revenue	17.26	1.42	0.63	0.73	0.97	0.44	152
Revenue growth	+1115.5%	+125.4%	-13.7%	-24.7%	+120.5%	-99.7%	-
Other income	1.78	0.84	0.16	0.78	1.54	5.13	8.84
Total expenses	18.80	0.64	5.04	10.72	7.35	8.11	161
Employee cost	0.00	0.30	1.82	3.56	3.56	4.05	20.66
EBITDA	(1.54)	0.78	(4.41)	(9.99)	(6.38)	(7.67)	(9.07)
EBITDA margin	-8.9%	+54.9%	-700.0%	-1368.5%	-657.7%	-1743.2%	-6.0%
Depreciation	0.00	0.01	0.05	0.04	0.04	0.05	14.01
Interest	0.00	0.00	0.00	0.50	0.49	0.20	7.70
Profit before tax	0.24	1.61	(4.30)	(9.75)	(5.37)	(2.79)	(21.94)
Tax	0.27	0.20	0.00	(0.09)	0.00	0.00	9.11
Net profit	(0.03)	1.41	(4.30)	(9.66)	(5.37)	(2.88)	(30.85)
Net profit margin	-0.2%	+99.3%	-682.5%	-1323.3%	-553.6%	-654.6%	-20.3%
EPS (₹)	(0.01)	0.63	(1.96)	(4.37)	(2.43)	(1.26)	(14.06)

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Equity & liabilities
Share capital	-	22.08	22.08	22.08	22.08	22.08	22.08
Reserves & surplus	-	(6.75)	(8.14)	(3.93)	5.69	11.07	13.93
Shareholders' funds (net worth)	-	15.33	13.94	18.15	27.77	33.15	36.01
Secured loans	-	0.00	0.00	0.00	0.00	0.00	2.29
Unsecured loans	-	0.00	0.00	0.00	0.00	0.00	0.00
Total debt	-	0.00	0.00	0.00	0.00	0.00	2.29
Total liabilities	-	15.35	13.96	18.47	28.09	33.43	38.68
Assets
Gross block	-	0.22	0.24	0.39	0.23	0.22	1.79
Net block	-	0.15	0.16	0.24	0.12	0.15	1.70
Capital work in progress	-	0.00	0.00	0.00	0.03	0.00	0.00
Investments	-	0.00	0.00	0.00	0.00	0.00	0.00
Inventories	-	0.00	0.00	1.32	0.00	0.00	0.16
Sundry debtors	-	1.06	0.92	1.12	1.38	1.98	6.31
Cash & bank balances	-	2.29	1.35	2.35	15.01	17.06	5.45
Loans & advances	-	13.76	12.95	15.49	17.77	24.77	43.79
Total current assets	-	17.11	15.22	20.28	34.16	43.81	55.71
Total current liabilities	-	2.92	2.31	3.03	7.06	10.62	18.80
Net working capital	-	14.19	12.91	17.25	27.10	33.19	36.91
Total assets	-	15.35	13.96	18.47	28.09	33.43	38.68

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Opening cash	-	1.35	2.35	10.85	9.67	5.45	0.41
Net cash from operating activities	-	0.09	(1.14)	(9.46)	0.84	12.20	23.68
Net cash from investing activities	-	0.84	0.14	1.45	0.85	(15.15)	(5.32)
Net cash from financing activities	-	0.00	0.00	(0.49)	(0.48)	(2.42)	(13.32)
Net change in cash	-	0.93	(0.99)	(8.50)	1.21	(5.37)	5.04
Closing cash	-	2.29	1.35	2.35	15.01	17.06	5.45

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Growth
Sales growth	+1115.5%	+125.4%	-13.7%	-24.7%	+120.5%	-99.7%	-
EBITDA growth	-297.4%	+117.7%	+55.9%	-56.6%	+16.8%	+15.4%	-
PBT growth	-85.1%	+9998.0%	+55.9%	-81.6%	-92.5%	+87.3%	-
Net income growth	-102.1%	+132.8%	+55.5%	-79.9%	-86.5%	+90.7%	-
Revenue CAGR (3Y)	+187.0%	+13.6%	+12.7%	-83.1%	-83.6%	-88.1%	-16.4%
EBITDA CAGR (3Y)	-46.4%	-	-16.9%	+3.3%	-	-	-
Profitability & leverage
Net income margin	-0.2%	+99.3%	-682.5%	-1323.3%	-553.6%	-634.1%	-20.4%
Return on capital employed	-	+8.8%	0.0%	0.0%	-15.8%	-7.2%	-24.6%
Return on net worth	-	+7.7%	0.0%	0.0%	-17.6%	-8.1%	-60.4%
Debt / equity	-	0.00	0.00	0.00	0.00	0.03	0.10
Long-term debt / equity	-	0.00	0.00	0.00	0.00	0.00	0.00
Interest cover	0.00	0.00	0.00	-4.99	-7.63	-2.59	-33.36
Efficiency & per share
Fixed asset turnover	-	6.17	2.00	2.35	4.31	0.44	8.85
Inventory turnover	-	0.00	0.95	1.11	0.00	5.50	7.52
Debtors turnover	-	1.43	0.62	0.58	0.58	0.11	10.70
EPS (₹)	(0.01)	0.63	(1.96)	(4.37)	(2.43)	(1.26)	(14.06)
Dividend per share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per share (₹)	0.00	6.94	6.31	8.22	12.58	15.01	16.31

Competitors of MRVL

MRVL has 3 listed competitors in our database, 3 of them funded. They include Hopscotch, Bewakoof and Styched.

Company Name	Domain	Founded	HQ Location	Total funding	Employees	Description
Hopscotch	hopscotch.in	2012	Thane, India	$71M	109	Apparel and accessories for children are provided online.
Bewakoof	bewakoof.com	2011	Mumbai, India	$39.49M	161	Multi-category fashion products are sold by an internet-first brand.
Styched	styched.in	2019	Bengaluru, India	$925,098		Multi-category fashion for men and women is offered online.

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Detailed competitors of MRVL

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Top companies in Fashion & Lifestyle E-Commerce

3 companies that operate in the same segment as MRVL (Fashion & Lifestyle E-Commerce) in India, ranked by their profile score on The Company Check.

Company	Description	Founded	Location	Total funding	Revenue	Employees
Lenskart	Eyewear is offered online for men, women, and kids.	2010	Gurugram, Haryana, India	USD 1.04 B	USD 939.4 M	18,984
Myntra	Fashion and lifestyle products are offered via an online marketplace.	2007	Bengaluru, Karnataka, India	USD 123.71 M	USD 542.17 M	1,108
GIVA	Gold and silver jewellery, lab-grown diamonds, and accessories are retailed.	2019	Bengaluru, Karnataka, India	USD 142.34 M	USD 32.66 M	711

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Related news about Mrvl

Heads UP Ventures reports consolidated net loss of Rs 0.02 crore in the June 2026 quarter | Capital Market News - Business Standard

Business Standard • 2 months ago

Heads UP Ventures reports standalone net profit of Rs 2.91 crore in the June 2025 quarter | Capital Market News - Business Standard

Business Standard • 1 year ago

Heads UP Ventures reports standalone net profit of Rs 1.10 crore in the March 2025 quarter | Capital Market News - Business Standard

Business Standard • 1 year ago

Heads Up Ventures Says Managing Director Sangeeta M. Mandhana Resigns

Reuters • 2 years ago

Heads Up Ventures Central Bureau Of Investigation Mumbai Carried Out Search And Seizure Operation At Corporate Office

Reuters • 3 years ago

Heads UP Ventures CEO Manish Mandhana Resigns

Reuters • 3 years ago

Heads Up Ventures in pact with Reliance Retail to sell fashion apparels, accessories

Moneycontrol • 3 years ago

Mandhana to take Being Human brand to tier 2 & 3 markets

Business Line • 9 years ago

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Complete news archive for MRVL

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Frequently Asked Questions about MRVL

When was MRVL founded?

MRVL was founded in 2000.

Where is MRVL located?

MRVL is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.

Who is the CEO of MRVL?

Manish S Biharilal Mandhana is the CEO of MRVL, as recorded in our data.

How many employees does MRVL have?

MRVL has 12 employees.

What is the annual revenue of MRVL?

The primary company behind MRVL, Heads Up Ventures Limited, reported revenue of ₹19.04 Cr for FY 2026, up 1115% year on year.

What does MRVL do?

The company was founded in 2000 and is based in Mumbai, India. Operations focus on the apparel sector as an internet-first brand, with products encompassing t-shirts, tops, jeans, joggers, shorts, jackets, sweaters, shirts, and similar items for both men and women. Accessories such as socks, caps, wallets, flip-flops, and belts are also offered through the online platform.

Who are the top competitors of MRVL?

MRVL's top competitors include Hopscotch, Bewakoof and Styched.

What products or services does MRVL offer?

MRVL offers Financial Insights Service.

Is MRVL publicly traded?

Yes, MRVL is publicly traded on NSE under the ticker symbol HEADSUP.

Which legal entities are associated with MRVL?

MRVL operates through Heads Up Ventures Limited.

Who are the directors of MRVL?

The legal entities of MRVL currently have 9 directors, including Dhanashree Vaibhav Salgaonkar, Abhishek Shivpujan Giri, Sudhir Kumar Arya and others.

About MRVL

Company details

Operational Areas of MRVL

Associated legal entities of MRVL

Products & Services of MRVL

Apps and channels of MRVL

Videos from MRVL

Board of directors of Heads Up Ventures Limited (MRVL)

People of MRVL

Complete people profiles for MRVL

IPO & Listings of MRVL

Financials of MRVL

Financial Highlights

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr Standalone AnnualQuarterly

Financial Statements

Competitors of MRVL

Detailed competitors of MRVL

Top companies in Fashion & Lifestyle E-Commerce

Related news about Mrvl

Complete news archive for MRVL

Frequently Asked Questions about MRVL

Financial summary ₹ Cr