Unicommerce Esolutions Ltd

Financial Performance

• Q1 FY27 revenue INR 51.4 crores, up 14.3% YoY.
• Uniware revenue growth 12.8% YoY in Q1 FY27.
• PAT INR 4.7 crores, up 20.2% YoY; tax benefits recognized.
• Adjusted EBITDA INR 8.1 crores; down 14.5% YoY vs Q1 FY26.
• Enterprise customers added: 115; up 30.7% YoY.
• Uniware module adoption: 40-45% using quick commerce and B2B.
• UniReco adoption: 6-7% within 1 year of launch.
• UniCapture adoption: 3-4% within 2 quarters of launch.
• Shipway revenue grew 16.8% YoY.

Segment and Product Update

• Uniware: 4th consecutive quarter of growth; top-10 client exit masked true growth.
• Shipway investment to accelerate growth; targeted 20%+ from Q4 FY27.
• Mahindra Logistics partnership: Uniware OMS/WMS onboarded; Shipway for last-mile ops.
• Top 10 clients overlap with Shipway; 10%+ overlap; base > 1,100 customers.
• ARPU for Uniware enterprise customers ~ INR 1 lakh per month.

Balance Sheet and Cash Flow

• Cash and bank balances at INR 92 crores; 70% growth YoY.
• Investments front-loaded in H1 FY27; cash réserve supports growth funding.

Guidance and Outlook

• Uniware growth target: 15%+ from Q4 FY27 onwards.
• Shipway growth target: 20%+ from Q4 FY27 onwards.
• Investments to show results in H2 FY27; front-loaded in H1 FY27.
• No fund raise planned; cash to be used for potential M&A.

Q&A Highlights

• Shipway amortization and synergies; margins to improve in H2 FY27.
• ESOP expense ~ INR 2.5 crores in Q1; amortized over 4 years.
• Next year ESOP spend likely INR 2.5–4 crores per quarter.
• Shipway revenue around INR 20 crores for 3–4 quarters; ramp to 20%+ by Q4 FY27.
• Cross-sell opportunities across Uniware/Shipway base; top 10 not sole growth driver.
• M&A pipeline: evaluating start-ups; materialize only if profitable or path to profitability.

Partnership expansion

• Urban Company and Unicommerce extend their partnership to UAE and Saudi Arabia.
• Uniware will power inventory, fulfillment, and real-time stock visibility across the region.
• The platform supports stock replenishment and coordinated fulfilment for Urban Company's service ecosystem.
• Unicommerce cites existing India collaboration and regional integrations with marketplaces, logistics, ERP, and tax compliance.
• Local capabilities include Arabic invoice generation and region-specific tax compliance.

Meeting Details

• Date and time: 14 August 2026, 9:00 IST.
• Type/Mode: Audio conference call (virtual).
• Event/Organizer: Analyst/Investor Conference Call by Unicommerce eSolutions Limited.
• Key participants: Company Secretary.
• Purpose: Q1 FY27 earnings discussion (quarter ended 30 June 2026) and investor interaction.
• Recording: Audio link available on company website.

Business overview

• Unicommerce offers AI-first eCommerce enablement platforms, including Uniware and Shipway.
• FY27 focuses on AI-led product development, talent expansion, and GTM investments.
• Targets include 15%+ Uniware growth and 20%+ Shipway growth by Q4 FY27.

Operational highlights

• Q1 FY27 revenue from customers: ₹51.4 Cr; total income ₹52.8 Cr.
• Uniware added 115 enterprise clients in Q1 FY27.
• Shipway grew 16.8% YoY; new modules expanding QC, B2B, UniReco, UniCapture.
• Most investments front-loaded in H1 FY27; profitability to improve in H2.
• Cash balance rose to ₹92.6 Cr; balance sheet strengthened.

Financial performance

• Revenue from contract with customers: ₹51.4 Cr; YoY growth 14.3%.
• Total income: ₹52.8 Cr; total expenses: ₹48.2 Cr.
• Adj. EBITDA: ₹8.1 Cr; Adj EBITDA margin 15.8%.
• PAT: ₹4.7 Cr; PAT margin 9.1%.
• Gross margin: 51.9%.

Capital structure & liquidity

• Cash balance rose from ₹53.8 Cr (FY26 end) to ₹92.6 Cr (Q1 FY27 end).
• No debt or equity raise disclosed; investments funded from earnings.
• Liquidity supports front-loaded investments in H1 FY27.

Strategic priorities & outlook

• AI-first product development to drive scale; talent and GTM expansion.
• Investments front-loaded in H1 FY27; profitability to improve in H2.
• Pursue selective inorganic opportunities with meaningful AI relevance.
• FY27 targets: Uniware 15%+ growth; Shipway 20%+ growth by Q4 FY27.
• Five-year 5X revenue growth foundation for next growth phase.

Risks & mitigation

• Top-ten client discontinuation weighed on Uniware growth; diversification mitigates risk.
• Near-term margin softness due to investments; profitability to recover with scale.
• AI investments may temper near-term profitability; long-run operating leverage improves.

Governance & leadership

• Added senior management bandwidth; dedicated teams for product partnerships and AI talent.
• Leadership emphasizes AI, capabilities, and GTM to support growth.

Financial highlights

• Revenue at ₹51.4 Cr, up 14.3% YoY (Q1 FY27).
• Uniware standalone revenue grew 12.8% YoY; Shipway grew 16.8% YoY.
• Adjusted EBITDA ₹8.1 Cr; margin 15.8%.
• PAT ₹4.7 Cr, up 20.2% YoY.
• Cash balance ₹92.6 Cr; up 72.1% YoY.
• Uniware Adjusted EBITDA margin at 35.3%.

Operational momentum

• Enterprise customers onboarded: 115, up 30.7% YoY.
• New marquee customers include Amul, Haldiram's, STUDDS, The Sleep Company, Mahindra Logistics.

Outlook and investments

• Major investments planned in H1 FY27; profitability expected to improve in H2 FY27.

Strategic actions

• AI-led product innovation, talent expansion, and go-to-market investments drive next growth phase.
• Guided 15%+ Uniware growth and 20%+ Shipway growth by FY27 Q4.

Appointment details

• Sourabh Yadav appointed Compliance Officer with immediate effect.
• Monish Pal resigned as Compliance Officer with immediate effect.
• Effective date of Sourabh Yadav's appointment: August 13, 2026.
• Sourabh Yadav is B.Com from Maharshi Dayanand University and an ICSI Associate.
• Transferred from AceVector Limited to Unicommerce with effect from August 1, 2026.
• Monish Pal is not related to any director.
• Term: Whole-time appointment.

Certificate details

• Regulation 74(5) certificate from the Registrar and Transfer Agent enclosed.

Partnership and scope

• Ajanta Group partners with Unicommerce to streamline e-commerce across marketplaces and D2C site.
• Onboards Unicommerce OMS and WMS to manage inventory and order fulfillment.
• VMS UniCapture will strengthen returns verification and dispute resolution with video evidence.

Operational impact

• Centralized technology backbone to manage high order volumes and inventory across channels.
• Ajanta brands include Ajanta Shoes and Ajanta Footcare across platforms and own site.

Company profile and certifications

• Unicommerce serves 8,000+ clients across India, Southeast Asia, and the Middle East; ISO 27001/27701 certified.
• Unicommerce is listed on NSE and BSE.

Platform capabilities

• Unicommerce cited 350+ integrations and local language and UAE taxation support for cross-border commerce.