IT Software Products company Unicommerce eSolutions announced Q2FY26 results Revenue grew by 75.3% YoY to Rs 51.4 crore, compared to Rs 29.3 crore in Q2FY25. Adjusted EBITDA rose 85.1% YoY to Rs 11.4 crore, up from Rs 6.2 crore in Q2FY25. Adjusted EBITDA Margin increased by ~118 bps YoY to 22.2%, up from 21.0% in Q2FY25. PAT increased by 29.2% YoY to Rs 5.8 crore, up from Rs 4.5 crore in Q2FY25. PAT (excluding non-cash amortization expenses from the Shipway acquisition) stood at Rs 6.6 crore, up 46.5% from Q2FY25. Kapil Makhija, Managing Director & CEO said: “We continued the strong momentum from Q1FY26 into Q2 with focused execution across revenue growth, profitability, and our key strategic priorities. Our consolidated revenue grew at a healthy pace, taking our annualized revenue run-rate to over Rs 200 crore for the first time, up from approximately Rs 110 crore at the time of listing. This quarter also marked a significant improvement in profitability. For the first time, we crossed an annualized and sustainable Adjusted EBITDA run-rate of Rs 45 crore, driven by cost efficiency, operating leverage, and sustained platform growth. Uniware continued to perform at scale, achieving an annual transaction run-rate of over 1.1 billion order items. The platform saw steady client additions across both traditional brands and digital-first D2C brands across different industries. Our enterprise base crossed 1,000 clients during the quarter. Shipway remained PAT profitable, with annualized revenue run-rate up 26% QoQ to Rs 86.9 crore in Q2FY26 from Rs 68.8 crore in Q1, and nearly 50% higher from Rs 55–60 crore within a year of the acquisition announcement. We continued to invest in meaningful product innovation to enhance value for clients across our platforms. We launched UniCapture, a Video Management System integrated with Uniware, to improve shipment visibility, strengthen dispute resolution, and reduce return-related losses. Shipway introduced ShipSense AI, which optimizes courier allocation to lower logistics costs and improve delivery success. Convertway enhanced its COD-to-prepaid journey, helping clients reduce returns and improve margins. While consumer sentiment was mixed during the quarter due to the Shradh period and anticipation of GST-related pricing changes, demand recovered strongly in the last 10 days of Q2 and remained firm through the festive period in Q3. Looking ahead, our focus remains on disciplined execution, expanding our client base, and continuously strengthening our platforms to drive sustainable and profitable growth.” Anurag Mittal, Chief Financial Officer, said: “We are pleased to report another quarter of consistent growth and improved profitability, building on the strong start to FY26. Our consolidated revenue grew by 75.3% YoY in Q2FY26 and by 69.6% in H1FY26, taking our annualized revenue run-rate over Rs 200 crore for the first time, compared to around Rs 110 crore at the time of our listing. The revenue performance was supported by the sustained scale of Uniware and continued growth momentum in Shipway. Profitability also strengthened, with Adjusted EBITDA, which reflects our operational profitability, growing by 85.1% YoY in Q2 and by 96.4% in H1FY26, leading to an annualized Adjusted EBITDA run-rate of over Rs 45 crore. This reflects enhanced operational efficiency and cost discipline. PAT for the quarter stood at Rs 5.8 crore, up 29.2% YoY, and for H1FY26 at Rs 9.7 crore, up 21.1% YoY. The lower PAT growth compared to Adjusted EBITDA reflects non-cash amortisation expenses of Rs 1.0 crore in Q2 and Rs 4.3 crore in H1, related to intangible assets from the Shipway acquisition. Excluding this impact, PAT stood at Rs 6.6 crore for the quarter, up 46.5% YoY, and Rs 12.9 crore for H1FY26, up 61.9% YoY on a comparable basis. Cash Flow from Operations also grew 84.2%, from Rs 16.1 crore in H1FY25 to Rs 29.7 crore in H1FY26. Cash and Bank Balance also increased from Rs 35.3 crore in March 2025 to Rs 63.4 crore in September 2025, growing 79.5% over six months. Going forward, Shipway will continue to drive growth, while Uniware will remain the key contributor to profitability, supported by strong operating leverage. We will stay focused on financial discipline and sustainable expansion, deepening relationships with existing clients, adding new ones, and investing in platform innovation to drive further growth.” Result PDF
IT Software Products company Unicommerce eSolutions announced Q1FY26 results Revenue increased by 63.6% YoY to Rs 449.3 million, up from Rs 274.7 million in Q1FY25. Adjusted EBITDA increased by 112.0% YoY to Rs 94.7 million, up from Rs 44.7 million in Q1FY25. Adjusted EBITDA margins increased by ~482 bps YoY to 21.1%, up from 16.3% in Q1FY25. PAT increased by 10.8% YoY to Rs 38.9 million, up from Rs 35.1 million in Q1FY25. PAT (excluding non-cash amortisation expenses related to Shipway acquisition) stood at Rs 63.7 million, representing a year-over-year increase of 81.5%. Kapil Makhija, Managing Director & CEO said: “Q1FY26 marked a strong start to the year, with continued scale and meaningful product upgrades across our platforms. Our international business for the Uniware platform maintained its positive momentum and achieved operational profitability during the quarter. We expanded our relationship with a key client in the Middle East and secured a significant contract in South-east Asia, representing a key milestone in our international operations. In addition, we also commercially launched our payment reconciliation module, UniReco, to enhance value for our clients. Uniware achieved an annual transaction run-rate of over 1 billion order items, matching the high-volume Diwali quarter of FY25. We introduced multiple product enhancements on Uniware, including 'Blink Mode' to accelerate high-volume workflows, expanded capabilities for B2B and quick commerce order management, and multilingual support for invoices and labels. New client additions remained strong, with 88 new clients acquired in Q1FY26, including established traditional and D2C brands such as Ajanta Shoes, Himalaya Wellness, Rupa, Lacoste, Richlook, SuperYou, Beyond Snack and Eat Better Co. Shipway continued to see strong adoption from new and existing customers. We introduced several enhancements aimed at improving user experience and expanding integrations. Aligned with our focus on profitability, we reviewed and restructured select low-margin accounts, enabling Shipway to become PAT positive in this quarter. Convertway progressed steadily, with feature additions focused on improving WhatsApp message deliverability and introducing multi-agent support for the customer support module. Internally, we continue to embed AI across our operations, with applications including code development, improved ticket resolution, and enhanced productivity in client support functions. Our focused execution allowed us to enhance operational performance while continuing to invest in long-term platform development. As we look ahead in FY26, we remain committed to disciplined execution, deepening client relationships, and strengthening platform capabilities.” Result PDF
IT Software Products company Unicommerce eSolutions announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Revenue increased by 70.6% YoY to Rs 452.7 million, up from Rs 265.3 million in Q4FY24. Adjusted EBITDA increased by 98.1% YoY to Rs 88.8 million, up from Rs 44.8 million in Q4FY24. Adjusted EBITDA margins increased by ~271 bps YoY to 19.6%, up from 16.9% in Q4FY24. PAT increased by 16.4% YoY to Rs 33.5 million, up from Rs 28.8 million in Q4FY24. FY25 Financial Highlights: Revenue increased by 30.1% YoY to Rs 1,347.9 million, up from Rs 1,035.8 million in FY24. Adjusted EBITDA increased by 56.3% YoY to Rs 283.9 million, up from Rs 181.6 million in FY24. Adjusted EBITDA margins increased by ~353 bps YoY to 21.1%, up from 17.5% in FY24. PAT increased by 34.3% YoY to Rs 176.2 million, up from Rs 131.2 million in FY24. Kapil Makhija, Managing Director & CEO, said: “We conclude FY25 marking a significant milestone – first, the 100% acquisition of ‘Shipway Technology Pvt. Ltd.’ has been approved by our board and our shareholders, and second, reaching Adjusted EBITDA breakeven for Shipway. These outcomes were the result of strong business synergies and effective cross-sell initiatives. The Shipway acquisition is well aligned with our long-term vision to be a one-stop shop for e-commerce enablement and will play a central role in our strategic roadmap. The broader macro-environment continued to remain muted in FY25. Despite the headwinds, our Net Revenue Retention (NRR) for Uniware, which is measured as revenue growth in FY25 from clients active in FY24, stood at 103%. While the broader industry trend of slower e-commerce growth resulted in drop in NRR from 108% in FY24 to 103% in FY25, we remained focused on our core execution levers – maintaining a 100%+ NRR from existing clients, scaling new client acquisitions and expanding our cross-sell footprint, particularly for Shipway. We added over 125 new clients in Q4FY25 for Uniware, our highest acquisition in a single quarter to date. Notable client additions this quarter include Tata 1MG, Duroflex, Reid & Taylor, and Ethos, along with emerging brands featured on Shark Tank India such as FAE Beauty and KIWI Kisan We also continue investing in enhancing our platforms to support new use cases such as B2B workflows, a simplified order management system, quick-commerce capabilities for Uniware, and supporting sub-500 gram package sizes for Shipway. In addition, we continue to add AI-led enhancements across our platforms to improve client experience. Looking ahead to FY26, we remain committed to disciplined execution with a focus on revenue growth, operational efficiency, and sustained profitability.” Anurag Mittal, Chief Financial Officer said, “We are pleased to report that in Q4FY25, our consolidated revenue reached Rs 452.7 million, representing a 70.6% year-over-year increase. Adjusted EBITDA grew to Rs 88.8 million, up 98.1% from Q4FY24, while profit after tax rose 16.4% to Rs 33.5 million. For the full year, our revenue was Rs 1,347.9 million, a 30.1% increase over FY24. Adjusted EBITDA for FY25 stood at Rs 283.9 million, reflecting a 56.3% year-over-year growth, while PAT grew 34.3% to Rs 176.2 million. Our cash and bank balance stood at Rs 353.0 million as of March 25, compared to Rs 690.1 million as of March 24. The year-on-year change reflects the cash outflow of Rs 684 million for the acquisition of ‘Shipway Technology Pvt. Ltd.’. Net cash flow from operations improved to Rs 279.6 million in FY25, up from Rs 61.7 million in FY24. As we move into FY26, we are focused on further strengthening the Uniware platform and fully leveraging the Shipway acquisition. The integration has progressed well in a short span of time, with meaningful synergies already realized leading to Adjusted EBITDA break-even in Q4FY25. We will continue to uphold similar discipline across the businesses. We have consistently delivered strong performance over the years and expect to sustain this momentum, driven by operating leverage and growing profitability in our Uniware business, while Shipway is expected to contribute meaningfully to growth.” Result PDF
Conference Call with Unicommerce eSolutions Management and Analysts on Q4FY25 & Full Year Performance and Outlook. Listen to the full earnings transcript.
IT Software Products company Unicommerce eSolutions announced Q3FY25 results Revenue increased by 26.1% YoY to Rs 327.4 million, up from Rs 259.6 million in Q3FY24. Adjusted EBITDA increased by 63.5% YoY to Rs 88.8 million, up from Rs 54.3 million in Q3FY24. Adjusted EBITDA margins increased by ~620 bps YoY to 27.1%, up from 20.9% in Q3FY24. PAT increased by 62.3% YoY to Rs 62.9 million, up from Rs 38.8 million in Q3FY24. Kapil Makhija, Managing Director & CEO said: "We are pleased to report a strong YoY performance for both Q3FY25 and 9MFY25, demonstrating our strong momentum. This quarter, we continued expanding our enterprise client base, onboarding marquee brands such as Hidesign and Hummel while strengthening our engagement with existing clients like SUGAR Cosmetics. Our platform usage has seen a steady rise, achieving an annualized run rate of over 1 billion order items processed, reflecting the increasing adoption of our solutions. Our strategic acquisitions of Shipway and Convertway have strengthened our position as a leading ecommerce enablement platform. With a combined customer base of 7,000+ across the three platforms, we are unlocking upsell and cross-sell opportunities, further enhancing the value we deliver across the e-commerce ecosystem. As India’s eCommerce market expands, we are well-positioned to capitalize on this opportunity. With our differentiated offerings, we remain confident in Unicommerce’s ability to drive sustained growth and profitability." Anurag Mittal, Chief Financial Officer said: “In Q3FY25, including the Shipway acquisition effective December 17, 2024, our revenue grew by 26.1% YoY, reaching Rs 327.4 million. For 9MFY25, revenue increased 16.2% YoY to Rs 895.2 million, reflecting our consistent expansion. Strong operating leverage in our business led to significant profitability improvements. Adjusted EBITDA for Q3FY25 increased by 63.5% YoY to Rs 88.8 million, while for 9MFY25, it grew 42.7% YoY to Rs 195.1 million. Our Adjusted EBITDA margin expanded by ~620 bps YoY to 27.1% in Q3FY25 and by ~405 bps YoY to 21.8% for 9MFY25. Additionally, Profit After Tax (PAT) saw a strong growth of 62.3% YoY, reaching Rs 62.9 million in Q3FY25, while 9MFY25 PAT grew 39.3% YoY to Rs 142.8 million. With the expansion of our product offerings, continued operational efficiencies and inherent operating leverage, we are committed to delivering long-term value to our stakeholders while sustaining profitable growth." Result PDF
IT Software Products company Unicommerce eSolutions announced Q2FY25 results Financial Highlights: Revenue increased by 13.0% YoY to Rs 293.1 million in Q2FY25 from Rs 259.3 million in Q2FY24. Adjusted EBITDA increased by 33.5% YoY to Rs 61.7 million in Q2FY25 from Rs 46.2 million in Q2FY24. Adjusted EBITDA margins increased by ~322 bps YoY to 21.0% in Q2FY25 from 17.8% in Q2FY24. PAT increased by 21.1% YoY to Rs 44.7 million in Q2FY25 from Rs 36.9 million in Q2FY24. Other Hihghlights: Annual Recurring revenue stood at Rs 1,172.3 million, reflecting a growth of ~13.0% YoY. Client Concentration (Top 10 Clients Revenue) for Q2FY25 reduced to 21.6% compared to 26.3% in Q2FY24, whereas for H1FY25, it reduced to 21.2% compared to 30.4% in H1FY24. In Q2FY25, we added 100+ Enterprise clients. For Q2FY25, our Enterprise clients stood at 904. The number of order items processed for the quarter stood at 232.8 million, a growth of 21.9% YoY, whereas for H1FY25, the number of order items processed stood at 445.6 million, witnessing a growth of 27.6% YoY. The Annual Transaction run rate is 931 million+. Kapil Makhija, Managing Director & CEO said: “We are pleased to report strong performance on a QoQ and YoY basis. In Q2FY25, we gained significant momentum, acquiring over 100+ new enterprise clients, including a few marquee names such as VIP Bags, Landmark Group etc. We continue to demonstrate 100%+ NRR in our Enterprise business, driven by strong client retention. India’s eCommerce industry continues to grow, driven by increasing digital adoption and shifting consumer preferences. While the long-term outlook continues to be positive, in the short term, the ecommerce growth continues to be soft overall. While the festive season sales demonstrated a strong start, but beyond the sale period, the softness continues, similar to last year. Given the overall macros, our focus is to drive growth from existing clients through cross sell/upsell initiatives, continuing a strong momentum of acquiring new clients and continue our investment in building new products (UniShip and UniReco). Both of our new products are gaining strong traction with early adopters. These products are currently in the build phase, and we are optimistic they will gain momentum as they mature. With the promising long-term outlook for India’s eCommerce market and our competitive advantages, we are confident that Unicommerce will continue its trajectory of consistent growth with expanding profitability, as we have consistently demonstrated over the years.” Anurag Mittal, Chief Financial Officer said: “We are pleased to report that in Q2FY25, our revenue increased by 13.0% YoY, reaching Rs 293.1 million. For H1FY25, the revenue increased by 11.1% YoY to Rs 567.8 million. Adjusted EBITDA for the quarter rose by 33.5% YoY, amounting to Rs 61.7 million. For H1FY25, Adjusted EBITDA witnessed a growth of 29.0% YoY and stood at Rs 106.3 million. As we continue to reap the benefits of operating leverage, adjusted EBITDA margin for Q2FY25 expanded by 322 bps YoY to 21.0%, whereas for H1FY25 increased by 259 bps YoY and stood at 18.7%. Profit after tax also saw a YoY growth of 21.1% to Rs 44.7 million in Q2FY25. For H1FY25, profit after tax grew by 25.4% YoY to Rs 79.9 million. Cash and bank balance stood at Rs 811.9 million. as of Q2FY25. Cash flow from operations were positive Rs 161.0 million. in H1FY25 compared to negative cash flow from operations of Rs 13.1 million. in H1FY24. The Company's revenues are linked to the volume of transactions and the growth in transaction numbers is expected to drive further business growth. Furthermore, sustained investments in existing products, the introduction of new products and the operational efficiencies provided by our scalable model positions us well for the future growth and profitability. With over 100+ new enterprise clients added in Q2FY25, we are optimistic these new clients will drive further growth in the coming quarters." Result PDF