Unicommerce

Unicommerce eSolutions reported robust financial results for Q2 FY26, with consolidated revenue growing 75.3% year-on-year to INR51.4 crores, pushing its annualized revenue run rate past INR200 crores for the first time. Adjusted EBITDA increased by 85.1% year-on-year to INR11.4 crores, with margins expanding to 22.2% from 21% in Q2 FY25. For H1 FY26, consolidated revenue grew 69.6% to INR96.3 crores, and adjusted EBITDA rose 96.4% to INR20.9 crores, with margins improving to 21.7% from 18.7% in H1 FY25. Profit after tax for Q2 FY26 was INR5.8 crores, up 29.2% YoY, and INR9.7 crores for H1 FY26, up 21.1% YoY.

Shipway, the company's courier aggregation platform, maintained its PAT profitable status and demonstrated strong growth. Its revenue run rate increased from INR70 crores in Q1 FY26 to approximately INR90 crores in Q2 FY26, representing a 28.6% quarter-on-quarter rise and nearly 50% higher than its run rate at the time of acquisition. Management emphasized a strategic decision to reinvest profits back into the business for sales, brand building, and product enhancements, aiming to operate at a breakeven EBITDA level while remaining PAT positive.

The Uniware platform continued to scale, achieving an annual transaction run rate of over 1.1 billion order items. It added over 100 enterprise clients, bringing the total client base to over 1,000. Quick commerce throughput on Uniware showed remarkable growth, reaching an annualized run rate of 72 million order items, a 50% increase from 48 million order items in Q1 FY26. The company also launched UniCapture, a video management system extension for Uniware, to improve transparency and reduce return-related losses.

Unicommerce is focused on strengthening its platforms through innovation, aligning with its vision of being a one-stop shop for e-commerce enablement. Key initiatives include the launch of UniCapture for shipment footage recording and ShipSense AI module for optimizing courier allocation. For Convertway, improvements were made to the COD to prepaid journey to reduce RTO returns. The company continues to build products and features that help clients scale efficiently and improve customer experience, with new product launches and enhancements driving greater stickiness.

The realization per transaction weakened by approximately 15% to 1.076 in Q2 FY26. This was attributed to a strategic decision to lower minimum guarantees for early-stage brands and an increasing share of quick commerce and B2B volumes, which typically have lower realization rates. To counter this, Unicommerce introduced price escalation clauses in new contracts for new customers, with the impact expected to be visible in H2 FY26. Client attrition in the enterprise segment, with about 60 clients leaving, was primarily among long-tail customers due to business closures, cessation of online sales, or shifts from drop-ship models, with minimal revenue impact.

The company demonstrated strong cash generation, with cash and bank balances standing at INR63.4 crores as of September 30, 2025, up from INR35.3 crores on March 31, 2025. Net cash flow from operations significantly improved to INR29.7 crores in H1 FY26, compared to INR16.1 crores in the corresponding period last year. Depreciation and amortization expenses saw a notable reduction from INR33 million to INR10 million, following the successful integration of Shipway's acquired technology and an extension of its useful life from 3 years to 8 years.