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Revenue
₹51.63 Cr
verified against source
Revenue YoY
51.6%
reported change
EBITDA
₹43.9 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Unicommerce delivered a strong FY26 with revenue of 204.3 crores (up 51.6% YoY) and adjusted EBITDA of 43.9 crores (up 54.5% YoY), driven by robust client additions (450+ enterprise clients) and cross-platform adoption. The standalone Uniware business expanded EBITDA margin from 25% to 37.5%, while Shipway grew 17.7% in Q4. Management guided for double-digit growth across platforms in FY27, with near-term margin pressure from planned investments in AI, sales, and talent, but expects higher full-year profitability. International business turned profitable and grew faster than domestic. Risks include subdued e-commerce market growth impacting NRR and potential slowdown in Middle East sales cycles due to geopolitical tensions.
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Guidance to track
- Management expects Uniware to sustain double-digit revenue growth in subsequent quarters, driven by strong client acquisition and new product adoption.
- Shipway is expected to grow double digits year-on-year, outpacing Uniware given its lower penetration and larger addressable market.
- Despite near-term margin pressure from investments in Q4 FY26 and Q1-Q2 FY27, management expects full-year FY27 EBITDA and PAT to be higher than FY26.
- The company is evaluating a merger with Shipway Technology to improve operational efficiency, simplify corporate structure, and enable better cross-selling.
Risks flagged
- Net Revenue Retention remains above 100% but is subdued due to slower growth in the broader e-commerce ecosystem, which is outside management's control.
- Management noted a small impact on sales cycles in the Middle East due to recent geopolitical tensions, though the situation is normalizing.
- Planned investments in AI, sales, and talent will compress EBITDA and PAT margins in Q1 and Q2 FY27 before operating leverage kicks in.
- One of the top 10 customers churned because of a change in their business model, impacting top customer revenue growth.
Key quotes
- We are no longer just a software provider. We are the operating system for e-commerce operations and with deep integration into client workflows, we have become the system of record for mission critical operations.
- We are now an AI first company. Platforms that enable faster better decisions will capture disproportionate value and we are building for that.
- We are confident of delivering higher full-year operational profitability in FY27 compared to FY26.
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