Unicommerce Esolutions Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Unicommerce Esolutions Ltd filed with BSE on 04 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Unicommerce reported FY26 revenue of Rs 204.3 crore, up 51.6% year-on-year, and adjusted EBITDA of Rs 43.9 crore, up 54.5%. Q4 FY26 revenue grew 14% year-on-year to Rs 51.6 crore, with Uniware growing 11.7% and Shipway growing 17.7% in the quarter. Management said it is stepping up investments in sales, marketing and AI-led product development starting Q4 FY26, which will reduce adjusted EBITDA and PAT over the following two quarters before full-year profitability improves in FY27.
Numbers mentioned
Revenue: INR204.3 crores (FY26)
p. 4
“Revenue grew 51.6% to INR204.3 crores.”
Kapil Makhija, page 4 of the filed PDF · View the filing
Adjusted EBITDA: INR43.9 crores (FY26)
p. 4
“Adjusted EBITDA grew 54.5% to INR43.9 crores.”
Kapil Makhija, page 4 of the filed PDF · View the filing
Cash and bank balance: INR81.3 crores (FY26 (as of 31st March 2026))
p. 4
“Cash more than doubled from INR35.3 crores to INR81.3 crores, driven by INR47 crores of cash flow from operations.”
Kapil Makhija, page 4 of the filed PDF · View the filing
Revenue: INR204.3 crores (FY26)
p. 5
“Starting with FY '26, our revenue for the year stood at INR204.3 crores compared to INR134.8 crores in FY '25, a year-on-year growth of 51.6%.”
Anurag Mittal, page 5 of the filed PDF · View the filing
Adjusted EBITDA margin: 21.5% (FY26)
p. 5
“Adjusted EBITDA margin stood at 21.5%, holding steady versus FY '25 despite the full year consolidation of Shipway, which operates at different margin structure.”
Anurag Mittal, page 5 of the filed PDF · View the filing
Uniware stand-alone adjusted EBITDA margin: 37.5% (FY26)
p. 5
“the underlying Uniware business actually expanded its stand-alone adjusted EBITDA margin from 25% in FY’25 to 37.5% in FY '26”
Anurag Mittal, page 5 of the filed PDF · View the filing
Profit after tax: INR20.5 crores (FY26)
p. 5
“Profit after tax for the year stood at INR20.5 crores, up from INR17.6 crores in FY '25, a growth of 16.1% Y-o-Y.”
Anurag Mittal, page 5 of the filed PDF · View the filing
EPS: INR1.78 (FY26)
p. 5
“Our EPS increased from INR1.58 in FY '25 to INR1.78 in FY '26.”
Anurag Mittal, page 5 of the filed PDF · View the filing
Revenue: INR51.6 crores (Q4 FY26)
p. 5
“Moving to the quarterly performance for quarter 4 FY '26, our revenue stood at INR51.6 crores compared to INR45.3 crores in quarter 4 FY '25, a year-on-year growth of 14%.”
Anurag Mittal, page 5 of the filed PDF · View the filing
Adjusted EBITDA: INR9.6 crores (Q4 FY26)
p. 6
“Our adjusted EBITDA for quarter 4 FY '26 stood at INR9.6 crores compared to INR8.9 crores in quarter 4 FY '25, a year-on-year growth of 7.8%.”
Anurag Mittal, page 6 of the filed PDF · View the filing
Profit after tax: INR3.4 crores (Q4 FY26)
p. 6
“Profit after tax for the quarter stood at INR3.4 crores compared to INR3.3 crores in quarter 4 FY '25, a year-on-year growth of 1.6%.”
Anurag Mittal, page 6 of the filed PDF · View the filing
Uniware growth: 11.7% (Q4 FY26)
p. 4
“Uniware delivered 11.7% growth in Q4, in line with our guidance during our last earnings call and is on track to deliver double-digit growth in subsequent quarters as well.”
Kapil Makhija, page 4 of the filed PDF · View the filing
Shipway growth: 17.7% (Q4 FY26 year-on-year)
p. 4
“Shipway grew faster at 17.7% year-on-year growth in Q4.”
Kapil Makhija, page 4 of the filed PDF · View the filing
Enterprise client onboarding: 450-plus (FY26)
p. 4
“We onboarded 450-plus enterprise clients, our strongest year ever.”
Kapil Makhija, page 4 of the filed PDF · View the filing
Uniware enterprise customers using quick commerce and B2B modules: 40% to 45%
p. 4
“40% to 45% of our Uniware enterprise customers are now using quick commerce and B2B modules.”
Kapil Makhija, page 4 of the filed PDF · View the filing
UniReco adoption: 5% to 6% (within 3 quarters of launch)
p. 4
“5% to 6% have adopted UniReco within 3 quarters of launch and 1% to 2% have taken up UniCapture within a quarter of its launch.”
Kapil Makhija, page 4 of the filed PDF · View the filing
Cross-sell rate: 10% plus
p. 14
“We are already at a 10% plus cross-sell rate.”
Kapil Makhija, page 14 of the filed PDF · View the filing
International business contribution: 6% to 7% (FY26)
p. 13
“It used to be 4% to 5%. It has improved to about 6% to 7% in this year.”
Kapil Makhija, page 13 of the filed PDF · View the filing
New client acquisitions: 149 in the quarter, 450 plus in the year (Q4 FY26 and FY26)
p. 9
“So like we've had the highest quarter -- highest number of client acquisition in the last quarter, 149 and highest ever in the year, 450 plus.”
Kapil Makhija, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Uniware growth — double-digit growth · FY27
stated firmly by Kapil Makhija
p. 7
“we are confident of delivering a double-digit growth in Uniware, which is coming at the back of strong client acquisition.”
Kapil Makhija, page 7 of the filed PDF · View the filing
Shipway growth — double digit growth at a faster pace than Uniware · FY27
stated as an aspiration by Kapil Makhija
p. 5
“Shipway should also grow double digits year-on-year at a faster pace, given its lower penetration and a larger addressable market”
Kapil Makhija, page 5 of the filed PDF · View the filing
Full year operational profitability — higher full year operational profitability than FY26 · FY27
stated firmly by Kapil Makhija
p. 5
“we remain confident of delivering higher full year operational profitability in FY '27 compared to FY '26”
Kapil Makhija, page 5 of the filed PDF · View the filing
Adjusted EBITDA and PAT — next 2 quarters
stated firmly by Kapil Makhija
p. 5
“You will see the near-term financial impact of these investments in the form of lower adjusted EBITDA and PAT over the next 2 quarters.”
Kapil Makhija, page 5 of the filed PDF · View the filing
Second half profitability versus first half — FY27 second half
stated firmly by Kapil Makhija
p. 7
“We anticipate that the operating leverage will kick in from FY '27 when we start seeing higher -- from second half of FY '27 when we see the result of our initiatives and investments that we are putting in, in these 3 quarters.”
Kapil Makhija, page 7 of the filed PDF · View the filing
Gross margin profile — ~80% stand-alone, ~20% Shipway
stated firmly by Kapil Makhija
p. 10
“we will continue to be in the similar ballpark going forward as well. We have not seen any structural change in the nature of the business.”
Kapil Makhija, page 10 of the filed PDF · View the filing
5-year growth trajectory — replicate 5x growth achieved over the last 5 years · next 5 years
stated as an aspiration by Kapil Makhija
p. 12
“the ambition is to replicate the success we have demonstrated in the last 5 years to replicate that in a similar time frame in the coming years as well.”
Kapil Makhija, page 12 of the filed PDF · View the filing
AI data-insights product launch — complete update on new product · next earnings call
stated as an aspiration by Kapil Makhija
p. 17
“I think we're hopeful we should be able to share a more complete update in the next earnings call for you.”
Kapil Makhija, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said it is confident of continued double-digit growth without giving a specific number.
Answered by Kapil Makhija
Asked by Sumeet Jain: What is the outlook for Uniware stand-alone growth in FY27?
p. 7
“we are confident of delivering a double-digit growth in Uniware, which is coming at the back of strong client acquisition.”
Kapil Makhija, page 7 of the filed PDF · View the filing
Investments started in Q4 FY26 and will continue for two more quarters, pressuring near-term EBITDA and PAT, with full year profitability still expected to be higher than FY26.
Answered by Kapil Makhija
Asked by Sumeet Jain: How long will the elevated investments continue and how should it be modeled quarter to quarter?
p. 7
“we will invest in the next 2 quarters. The investments have started from quarter 4 FY '26 itself because of which we anticipate that the adjusted EBITDA and PAT will be lower compared to the previous quarters.”
Kapil Makhija, page 7 of the filed PDF · View the filing
Management attributed the ARPA trend to high volumes of new client additions diluting the average, with new products expected to drive faster growth as clients mature.
Answered by Kapil Makhija
Asked by Siva: Why has ARPA fallen despite price escalation clauses, and what will improve it?
p. 9
“So like we've had the highest quarter -- highest number of client acquisition in the last quarter, 149 and highest ever in the year, 450 plus. So as these clients mature, we will see a faster growth kicking in.”
Kapil Makhija, page 9 of the filed PDF · View the filing
Management said Shipway is not currently EBITDA positive due to ongoing growth investments, while stand-alone Uniware margin has improved.
Answered by Kapil Makhija
Asked by Siva: Is Shipway EBITDA positive, and what is the steady-state margin?
p. 10
“in this quarter, we are not EBITDA positive in Shipway because those are the investments we are doing in to drive growth.”
Kapil Makhija, page 10 of the filed PDF · View the filing
Management said NRR remains above 100% in FY26 excluding churn from a top-10 customer bucket previously discussed.
Answered by Kapil Makhija
Asked by Majid Ahamed: What is the current Net Revenue Retention (NRR)?
p. 12
“we have maintained that our NRR continues to be above 100%. We have -- in FY '26 as well, our NRR is above 100%, excluding the churn of this we saw in the top 10 bucket.”
Kapil Makhija, page 12 of the filed PDF · View the filing
Management said the growth in top-10 customers is largely from transaction/volume growth since price escalation clauses have only been applied to new contracts, not existing large customer contracts.
Answered by Kapil Makhija
Asked by Vansh Gupta: Is the growth in top 10 customers and Uniware driven by price or volume?
p. 15
“it's safe to assume that the growth that you're seeing in the top 10 customers is largely the transaction growth. There is no price escalation yet baked into the large customers because those are existing contracts”
Kapil Makhija, page 15 of the filed PDF · View the filing
Management said India business saw no disruption, and the Middle East business saw only a minor, temporary lengthening of sales cycles.
Answered by Kapil Makhija
Asked by Pratik Banthia: Has the company seen any slowdown in consumption due to the recent conflict since March?
p. 15
“We have seen small impact in the sales cycles, they become slightly longer in the last few weeks, but we are seeing that also coming back to normal as the overall situation normalizes in the region.”
Kapil Makhija, page 15 of the filed PDF · View the filing
Risks flagged
Seasonal demand normalization in Q4 versus the festive/winter peak in Q3
p. 6
“Quarter 4 in contrast is characterized by shorter event-driven spikes such as end-of-season sales and Republic Day sales, largely discount-led and inventory clearance in nature.”
Anurag Mittal, page 6 of the filed PDF · View the filing
Subdued NRR reflecting broader e-commerce market growth slowdown, outside company control
p. 12
“The NRR continues to be subdued, as I had mentioned, because it reflects the broader e-commerce ecosystem growth.”
Kapil Makhija, page 12 of the filed PDF · View the filing
Customer churn from a top-10 client due to change in business model
p. 15
“We've seen one of our large customers churn because of the change in the business model because of which multi-channel was no longer a use case for them.”
Kapil Makhija, page 15 of the filed PDF · View the filing
Near-term lengthening of sales cycles in Middle East business due to regional conflict
p. 15
“We have seen small impact in the sales cycles, they become slightly longer in the last few weeks”
Kapil Makhija, page 15 of the filed PDF · View the filing
Planned near-term margin compression from growth investments
p. 6
“The adjusted EBITDA and PAT for the quarter reflects the planned growth investment we have initiated for Shipway during the period, as Kapil outlined earlier.”
Anurag Mittal, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.