Annualized Revenue Run Rate
INR 225 Cr
+58% YoY
Consolidated annualized revenue run rate exceeded INR 225 Cr in Q3 FY26.
UNICOMMERCEESOLUTIONS
Other
15 Feb 2026
Unicommerce eSolutions Ltd — Q3 FY26
Unicommerce delivered a strong Q3 FY26 with consolidated revenue of INR 56.4 Cr (+72.2% YoY) and adjusted EBITDA of INR 13.4 Cr (+51% YoY).
✓ Verified against BSE filing
2-Min Summary
Unicommerce delivered a strong Q3 FY26 with consolidated revenue of INR 56.4 Cr (+72.2% YoY) and adjusted EBITDA of INR 13.4 Cr (+51% YoY). Uniare standalone grew 8.1% YoY, absorbing the loss of a top-10 client that discontinued multi-channel operations. Management expects Uniare to return to double-digit growth from Q4 FY26, driven by enterprise additions (110+ per quarter) and new product adoption (35-40% attach rate for B2B/quick commerce modules). Shipway achieved an annualized revenue run rate of ~INR 100 Cr, up from INR 71 Cr in Q1 FY25. The company plans calibrated investments in AI, sales, and marketing for Shipway, which may keep it slightly below break-even in the near term. Key risk: sustained investment in Shipway could delay consolidated margin expansion.
Key Numbers
Enterprise Client Additions
110+
+29% YoY
Added over 110 enterprise clients in Q3 FY26, up from ~85 in Q3 FY25.
Quick Commerce Order Items
70M+
+250% YoY
Quick commerce order items processed jumped from 20M in Q4 FY25 to 70M+ in Q3 FY26.
Top 10 Client Revenue Concentration
12%
-7pp YoY
Revenue concentration from top 10 clients declined to 12% from 19% in FY25.
Management Guidance
Uniare double-digit growth from Q4 FY26
Management expects Uniare standalone revenue to grow at a double-digit rate from Q4 FY26 onwards, driven by enterprise additions and new product adoption.
revenueShipway to grow faster than Uniare
Shipway is expected to grow at a double-digit rate year-on-year, faster than Uniare, given its larger addressable market and low penetration.
growthShipway slightly below break-even in near term
Calibrated investments in AI, sales, and marketing may result in Shipway operating slightly below break-even adjusted EBITDA for the next few quarters.
marginsShipway annualized revenue run rate of INR 100 Cr
Shipway achieved an annualized revenue run rate of approximately INR 100 Cr in Q3 FY26, up from INR 71 Cr in Q1 FY25.
revenueKey Risks
Client churn in longtail segment
High gross enterprise additions but low net additions indicate significant churn, primarily from longtail clients shutting down or moving away from drop-ship model.
medium · analyst_questionShipway investment delaying profitability
Planned investments in AI and sales/marketing for Shipway may keep it below break-even for several quarters, potentially delaying consolidated margin improvement.
medium · management_commentaryRevenue concentration risk from top clients
Despite declining concentration, loss of a top-10 client impacted Uniare growth; further losses could affect revenue stability.
low · data_observationData monetization regulatory uncertainty
Management is evaluating data monetization but is cautious due to the new DPDP act, which may limit revenue opportunities from data analytics.
low · analyst_questionNotable Quotes
Our platforms function as the system of record for our clients e-commerce operations, AI in general is a boon for solution like ours.
We expect shipwe to also grow at a double-digit rate on a year-on-year basis, but at a pace faster than uniare given the size of the addressable market and its low penetration relative to the market.
We plan to invest in AI product and technology and to expand sales and marketing capacity along with brand building in these businesses. While this may result in slightly below break even adjusted EITA in the short term in Shipe Technologies Private Limited, we believe these will be high ROI investments.