India's largest e-commerce enablement SaaS platform: multi-channel order & warehouse management (Uniware), logistics automation (Shipway) and AI marketing automation (Convertway) for online brands and retailers.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 59.1 | +15.0% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 14.5 | −3.3 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 6.4 | +10.6% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 10.51 | −9.8 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 22.07 | +6.2 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 25.33 | +21.3 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
6 of 8 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Product Launch | commercial launch by the end of quarter 1 FY '26 | Q4 FY25 | UniReco attach rate reported at 7% among new customers. Promise remains achieved and is showing good post-launch traction. | Achieved |
| Adjusted EBITDA | Operate at breakeven | Q4 FY25 | Management confirms Shipway is not yet at breakeven, reiterating the miss. New guidance issued for breakeven in Q3 FY27. | Missed |
| Uniware standalone business growth | deliver double-digit growth trajectory for the stand-alone business in FY27 | Q4 FY26 | Uniware grew 12.8% YoY in Q1 FY27, meeting the double-digit growth target. Underlying growth was >15%. | On Track |
2 of Unicommerce's 16 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 13 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹131.42 on 24 Oct 2025 → ₹81.78. High ₹136.99 (12 Nov 2025), low ₹76.11 (23 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Unicommerce eSolutions is a multi-platform e-commerce enablement SaaS company that helps brands, retailers and D2C sellers run their online operations. Uniware is its order and warehouse management system used across the transaction-processing layer (order routing, inventory sync, multi-channel selling); Shipway automates shipping, tracking, returns and courier allocation after a sale; Convertway is an AI-enabled marketing-automation tool that drives pre-purchase conversion via WhatsApp, SMS and RCS. The company earns SaaS subscription/usage income and shipping service income by integrating with marketplaces, web-stores, couriers, ERPs and POS systems on its clients' behalf.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
6 of 8 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Product Launch | commercial launch by the end of quarter 1 FY '26 | Q4 FY25 | UniReco attach rate reported at 7% among new customers. Promise remains achieved and is showing good post-launch traction. | Achieved |
| Adjusted EBITDA | Operate at breakeven | Q4 FY25 | Management confirms Shipway is not yet at breakeven, reiterating the miss. New guidance issued for breakeven in Q3 FY27. | Missed |
| Uniware standalone business growth | deliver double-digit growth trajectory for the stand-alone business in FY27 | Q4 FY26 | Uniware grew 12.8% YoY in Q1 FY27, meeting the double-digit growth target. Underlying growth was >15%. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 16 tracked commitments, with each call’s wording and source.
Call summaries
Unicommerce Q1 FY27
Unicommerce reported a strong Q1 FY27 with revenue growth of 14.3% to INR51.4 crores, driven by both Uniware and Shipway. While adjusted EBITDA saw a planned decline due to front-loaded investments in AI, talent, and go-to-market expansion, Uniware's standalone EBITDA increased. The company is confident in improved profitability and accelerated growth in H2 FY27, with cash balances growing 72.1% YoY to INR92.6 crores.
Read the full callUnicommerce Q4 FY26
Unicommerce eSolutions reported robust financial results for Q4 and FY26, with significant revenue and Adjusted EBITDA growth for the full year. The company achieved record client acquisitions and saw strong margin expansion in its standalone Uniware business. Strategic investments in AI, sales, and marketing are expected to impact near-term profitability, but management guides for higher full-year FY27 profitability. The company is also evaluating a merger with Shipway Technology Private Limited to enhance operational efficiency.
Read the full callUnicommerce Q3 FY26
Unicommerce eSolutions reported strong Q3 FY26 results with revenue growing 72.2% YoY to INR56.4 crores and adjusted EBITDA increasing 51% YoY to INR13.4 crores. This growth was driven by new enterprise client additions, structured revenue expansion, and the scaling of Shipway, which reached an annualized run rate of INR100 crores. The company is making strategic investments in AI capabilities and expanding its market footprint, while managing a revenue impact from a top client's business model change.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 3 fiscal years held (Mar 2024 to Mar 2026).
Financials
Net profit, year on year: +11% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 33 | 45 | 45 | 51 | 56 | 52 | 51 | 59 |
| Expenses | 24 | 37 | 37 | 42 | 45 | 45 | 46 | 50 |
| Operating profit | 8 | 8 | 8 | 9 | 11 | 7 | 5 | 9 |
| Operating margin | 25.4% | 18.2% | 18.7% | 17.8% | 19.4% | 13.4% | 10.6% | 14.5% |
| Other income | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 4 | 4 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 9 | 5 | 5 | 8 | 10 | 6 | 5 | 8 |
| Tax rate | 26.5% | 30.2% | 24.7% | 25.7% | 25.6% | 42.5% | −2.4% | 18.5% |
| Net profit | 6 | 3 | 4 | 6 | 7 | 3 | 5 | 6 |
| EPS (₹ per share) | 0.62 | 0.33 | 0.38 | 0.52 | 0.66 | 0.30 | 0.42 | 0.57 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 104 | 135 | 204 |
| Expenses | 89 | 108 | 169 |
| Operating profit | 14 | 26 | 35 |
| Other income | 6 | 5 | 4 |
| Interest | 0 | 1 | 1 |
| Depreciation | 2 | 7 | 10 |
| Profit before tax | 17 | 24 | 29 |
| Net profit | 13 | 18 | 20 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 0 | 6 | 10 | 11 | 11 | 11 |
| Reserves | 52 | 63 | 60 | 166 | 182 | 197 |
| Borrowings | 0 | 8 | 8 | 10 | 9 | 9 |
| Other liabilities | 30 | 33 | 150 | 65 | 68 | 78 |
| Total liabilities | 82 | 109 | 228 | 253 | 271 | 294 |
| Fixed assets | 1 | 8 | 161 | 168 | 164 | 162 |
| Capital work in progress | 0 | 0 | 6 | 0 | 0 | 0 |
| Investments | 6 | 6 | 4 | 24 | 31 | 40 |
| Other assets | 75 | 95 | 57 | 61 | 75 | 93 |
| Total assets | 82 | 109 | 228 | 253 | 271 | 294 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Debtor days | 47 | 37 | 20 |
| Cash conversion cycle | 47 | 37 | 20 |
| Working capital days | 191 | -247 | -44 |
| Return on capital employed | — | 31.0% | 21.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
To justify its price of ₹82, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹68 — downside of 17%.
Ownership
Public hold 60.76% as of Sept 2026; institutions added 0.83 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Unicommerce above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 25.90% | unchanged | |
| 14.39% | unchanged | |
| 9.80% | unchanged | |
| 3.04% | unchanged | |
| 2.18% | −0.40 pp | |
| 1.80% | −0.79 pp | |
| 1.48% | unchanged | |
| AIF | 1.38% | newly disclosed |
| 1.22% | unchanged | |
| Mutual fund | 1.15% | unchanged |
| 0.23% | unchanged | |
| 0.04% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Aggressive Hybrid Fund Nippon India Mutual Fund | ₹11 Cr | held | Aug '24 |
| HDFC Technology Fund HDFC Mutual Fund | ₹6 Cr | held | Aug '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
Shares held by these funds −50%
Aug '24 20.09 L shares Sep '26
Your own record
Free account: one company. Everything above stays public.
Write why you follow Unicommerce and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
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Guides on how to read this kind of business and the numbers that matter.
