Unicommerce Esolutions LimitedInformation TechnologyUNIECOM
Q1 FY27 concall · earnings callUnicommerce Esolutions Limited
The quarter was characterized by strong revenue growth, planned front-loaded investments to accelerate future growth, and confidence in achieving 15%+ growth in the core Uniware platform and 20%+ growth in Shipway by Q4 FY27.
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹51.4 Cr | 14.3% | |
| Adjusted EBITDA | ₹8.1 Cr | -14.5% | |
| Profit After Tax | ₹4.7 Cr | 20.2% | |
| Uniware Revenue Growth | 12.8% | — | |
| Shipway Revenue Growth | 16.8% | — |
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹32.74 Cr— YoY— QoQ | ₹6.29 Cr— YoY— QoQ | ₹0.56— YoY— QoQ |
| Q2 FY25 | ₹29.31 Cr— YoY+6.7% QoQ | ₹4.47 Cr— YoY+27.4% QoQ | ₹0.44— YoY+25.7% QoQ |
| Q1 FY25 | ₹27.47 Cr— YoY— QoQ | ₹3.51 Cr— YoY— QoQ | ₹0.35— YoY— QoQ |
- Revenue grew 14.3% YoY to INR51.4 crores.
- Adjusted EBITDA declined 14.5% YoY to INR8.1 crores due to planned investments.
- Uniware delivered 12.8% YoY revenue growth, or >15% excluding a past client exit.
- 115 new enterprise customers were added, up 30.7% YoY.
- Investments are focused on AI-led product innovation, talent, and go-to-market expansion, front-loaded in H1 FY27.
- Management expects improved profitability in H2 FY27 and targets breakeven for Shipway by Q3 FY27.
“I'm personally a big believer of compounding. I feel growing steadily and consistently over a long period of time leads to compounding results for the company as well as the shareholders, and that's how we are building the business today.”
| Topic | What management said |
|---|---|
| EBITDA Margin and ESOPs | Management explained the quarterly ESOP expense was ~INR2.5 crores and will trend at INR2.5-4 crores per quarter for the next year as per the amortization cycle. |
| Shipway Growth and Breakeven | Shipway has grown 15%+ for the last two quarters; with increased investments, management anticipates 20%+ growth from Q4 FY27 and targets the business to be breakeven from Q3 FY27. |
| Competitive Moat | Management argued their software has high switching costs, deep ecosystem relationships, and is mission-critical, making it hard for competitors or 'white-coded' solutions to replicate. |
| Client Overlap and Cross-sell | The overlap of Shipway customers within the Unicommerce ecosystem is 10%+ and growing in absolute terms; cross-selling Shipway is easier due to the sticky nature of the core Uniware OMS. |
| Guidance on Margins | Uniware adjusted EBITDA margin run rate is 32-35% and has strong operating leverage; Shipway is intended to be run at breakeven with profits reinvested for growth. |
| NRR and Churn | Net Revenue Retention has been 100%+ for years and is expected to remain so; churn is primarily from brand failures, not switching to competitors. |
| M&A and Fundraising | Management is evaluating a few start-ups for potential M&A but discussions are exploratory; no need for a fund raise is seen as cash balances are growing. |
- Uniware to deliver growth of over 15% from Q4 FY27 onwards.
- Shipway anticipated to grow at 20%+ year-on-year by the end of the year (Q4 FY27 onwards).
- Profitability trajectory to improve in H2 FY27 and beyond.
- Target for Shipway to become breakeven in Q3 FY27.
Summary written from the transcript filed by Unicommerce Esolutions Limited for the call held on 14 Aug 2026; published 21 Aug 2026, 13:20 IST.
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