Unicommerce

Unicommerce eSolutions reported robust financial results for FY26, with revenue growing 51.6% year-on-year to INR 204.3 crores, up from INR 134.8 crores in FY25. Adjusted EBITDA also saw significant growth of 54.5% to INR 43.9 crores, resulting in an Adjusted EBITDA margin of 21.5%. This performance reflects a 5x growth in revenue over the last five years, from INR 40 crores in FY21, consistently meeting the 'Rule of 40' benchmark for SaaS companies.

The company has initiated stepped-up investments starting Q4 FY26, focusing on sales and marketing expansion, AI-led product development, and strengthening leadership across both Uniware and Shipway platforms. These investments led to Q4 FY26 Adjusted EBITDA growing only 7.8% YoY to INR 9.6 crores and PAT growing 1.6% to INR 3.4 crores. Management anticipates lower Adjusted EBITDA and PAT over the next two quarters (Q1 and Q2 FY27) due to these investments, but expects higher full-year FY27 operational profitability compared to FY26, with operating leverage kicking in from H2 FY27.

Uniware delivered 11.7% growth in Q4 FY26 and is expected to maintain double-digit growth in subsequent quarters. Shipway grew faster at 17.7% year-on-year in Q4. The company onboarded over 450 enterprise clients in FY26, marking its strongest year ever for client acquisition, with 149 clients acquired in Q4 alone. The standalone Uniware business also saw its adjusted EBITDA margin expand significantly from 25% in FY25 to 37.5% in FY26.

Unicommerce has adopted an 'AI-first' strategy, embedding AI across go-to-market functions and launching AI-native products like Catalyst (ConvertWay), UniBot (Uniware), and ShipSense (Shipway). Newer modules are gaining traction, with 40-45% of Uniware enterprise customers now using quick commerce and B2B modules. UniReco, a new reconciliation product, achieved 5-6% adoption within three quarters of launch, demonstrating early success in driving new product adoption.

The international Uniware business turned profitable in FY26 and is growing faster than the domestic business, now contributing 6-7% of total revenue, up from 4-5% previously. The company operates in 7 geographies, with a focus on Dubai, Philippines, and Malaysia for deeper penetration. Additionally, Unicommerce is evaluating a merger process with Shipway Technology Private Limited to improve operational efficiency, simplify corporate structure, and enhance go-to-market alignment, aiming for better cross-selling and joint offerings.

The company demonstrated strong cash generation, with cash flow from operations reaching INR 47 crores in FY26, up from INR 28 crores in FY25. This led to a doubling of cash and bank balances from INR 35.3 crores at the end of FY25 to INR 81.3 crores by March 31, 2026. Unicommerce remains debt-free, providing financial flexibility for future growth and strategic initiatives, including selective acquisitions in adjacent white spaces.

While the company achieved record client acquisitions, ARPA (Average Revenue Per Account) saw an 11% decline in FY26, attributed to new clients being in early stages of their journey and expected to grow subsequently. Top 10 customer revenue grew by approximately 3.5% in FY26, primarily driven by transaction volume rather than price escalation, as existing contracts for large customers have not yet incorporated the new price escalation strategy. One large customer churned due to a change in their business model, making multi-channel no longer a use case for them.