UNIECOM - Unicommerce

📊 NSE: UNIECOM 🏢 Computers - Software - Medium / Small 📅 Last Updated: 12/14/2025 14:42

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 75.3% YoY to INR 51.4 Cr in Q2 FY26. Shipway delivered 26% sequential growth with its revenue run rate increasing from INR 70 Cr in Q1 FY26 to over INR 90 Cr in Q2 FY26. Uniware remains the key contributor to profitability.

Geographic Revenue Split

Not disclosed in available documents, though the company notes steady growth in its international business which is diversifying the revenue base.

Profitability Margins

Gross Margin stood at 54.6% in H1 FY26, down from 78.5% in H1 FY25 due to the inclusion of Shipway freight costs. PAT Margin was 10.0% in H1 FY26 compared to 14.1% in H1 FY25, impacted by non-cash amortization of INR 4.35 Cr related to the Shipway acquisition.

EBITDA Margin

Adjusted EBITDA Margin stood at 22.2% in Q2 FY26, up from 21% in Q2 FY25. Adjusted EBITDA grew 85.1% YoY to INR 11.4 Cr, driven by AI-enabled efficiencies and operating leverage.

Capital Expenditure

The company expenses incremental platform enhancements but capitalizes new product development. No specific future INR Cr figure is disclosed, but management stated no further capitalization is planned for current products in the near term.

Credit Rating & Borrowing

Borrowings were reduced from INR 4.54 million in March 2025 to nil by September 2025. Finance costs were INR 5.77 million in FY25, primarily related to Ind AS 116 lease liabilities.

⚙️ Operational Drivers

Raw Materials

As a SaaS provider, direct costs include Server hosting expenses (2.6% of Q2 FY26 revenue), software services, and support costs. Freight and shipping expenses for the Shipway business totaled INR 14.29 Cr in FY25.

Capacity Expansion

Items processed on the Uniware platform grew 19.1% YoY to 530.5 million in H1 FY26. The company is scaling its platform to support an annualized revenue run rate of over INR 200 Cr.

Raw Material Costs

Server hosting expenses were INR 1.35 Cr in Q2 FY26. Direct costs are managed through AI-enabled operational efficiencies to enhance operating leverage.

Manufacturing Efficiency

Revenue per employee increased 25.8% YoY to INR 4.2 million in H1 FY26, reflecting improved operational efficiency.

Logistics & Distribution

Not disclosed as a separate percentage of revenue, but freight costs are a primary driver of the gross margin shift following the Shipway acquisition.

📈 Strategic Growth

Expected Growth Rate

75.30%

Growth Strategy

Growth will be achieved by reinvesting Shipway profits into sales and brand building, expanding the international footprint, and launching new products like Convertway. The company aims to leverage its 7,500+ client base and scale Uniware as a high-margin profitability engine.

Products & Services

SaaS solutions for e-commerce including multichannel order management, inventory management, shipping automation, and marketing automation.

Brand Portfolio

Uniware, Shipway, Convertway.

New Products/Services

Convertway (marketing automation) and new use cases for existing segments are expected to drive consistent new client additions.

Market Expansion

Expansion into international markets to diversify the revenue base and increase overseas footprint.

Strategic Alliances

Strategic Growth Advisors (Investor Relations Advisors).

🌍 External Factors

Industry Trends

The e-commerce SaaS industry is growing rapidly, with a shift toward integrated multi-channel management and automated shipping. UNIECOM is positioned as a comprehensive suite provider (Uniware + Shipway + Convertway) to capture this demand.

Competitive Landscape

Shipway is noted as a relatively new entrant in a large market opportunity, requiring investment in brand building against established competitors.

Competitive Moat

Competitive advantage is derived from strong operating leverage (EBITDA growth of 85.1% outpaced revenue growth of 75.3%) and a large, diversifying client base of 7,500+ businesses which creates high switching costs.