Unicommerce eSolutions Ltd(UNIECOM)

NSE: UNIECOMBSE: 544227

₹ 77.36+1.67%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 869 crWebsite: www.unicommerce.comUpdated: 27 Oct 2026

About

Unicommerce eSolutions sells e-commerce enablement SaaS. It describes itself as India's largest e-commerce enablement SaaS platform in the transaction processing layer. It runs Uniware for order, inventory, warehouse and omni-channel retail management, Shipway for courier aggregation and Convertway for AI-enabled marketing automation. FY26 revenue was Rs 204.34 Cr, and ARR was ₹236.3 Cr in Q2 FY27 across 1,233 enterprise clients.^[1][2][3]

Business platforms

Uniware grew 14.5% YoY in Q2 FY27, its fifth straight quarter of faster growth. Shipway grew 15.7% YoY in the same quarter.^[3]
Shipway's annualised revenue run-rate was ₹100.6 Cr in Q2 FY27, up 15.7% YoY.^[3]
Standalone adjusted EBITDA margin was 36.0% in Q2 FY27, compared with 35.8%.^[3]
Revenue comes from subscription fees with set transaction quotas, plus charges linked to usage. Courier aggregation is charged on usage alone (FY25).^[1]
Shipway reached adjusted EBITDA breakeven in Q4 FY25.^[1]

Products and modules

Uniware includes a WMS, an OMS, Omni-RMS, a seller management panel for marketplaces and UniReco for payment reconciliation (FY25).^[1]
UniReco and UniCapture were used by more than 150 enterprise clients in Q2 FY27. Their share of Uniware revenue was about 2.5%, up from 0.5% in Q2 FY26.^[3]
UniCapture, a video management system that records shipment footage for dispute resolution, was launched in Q2 FY26.^[4]
40-45% of Uniware enterprise customers were using the quick commerce and B2B modules as of Q1 FY27.^[5]
AI features launched: ShipSense AI courier allocation (Shipway, Q2 FY26), UniBot AI assistant (Uniware, Q3 FY26) and Catalyst AI voice agent (ConvertWay, Q3 FY26).^[6]
Agentic AI capabilities were in beta testing with select clients as of Q1 FY27.^[5]
The platforms comply with ISO 27001:2013, ISO 27701:2019 and SA 402 (FY25).^[1]

Key operating numbers

Annual recurring revenue was ₹236.3 Cr in Q2 FY27, up 15.0% YoY.^[3]
Gross margin was 51.4% in Q2 FY27, down 357 bps YoY because Shipway made up a larger part of the revenue mix.^[3]
Net revenue retention was 100%+ in FY26.^[5]
Uniware processed 294.8 Mn items in Q3 FY26, up 13.8% YoY. It had an annual transaction run-rate above 1.1 billion order items in Q2 FY26.^[6]
Quick commerce order items processed on Uniware rose from about 20 Mn in Q4 FY25 to 70 Mn+ in Q3 FY26.^[6]
Annualised revenue per employee was ₹0.5 Cr in Q1 FY27, up 20.4% YoY. Average revenue per Uniware enterprise account was about ₹1 lakh per month.^[5]

Customers and concentration

The company had 1,233 enterprise clients in Q2 FY27, up 20.5% YoY. Uniware added 121 in the quarter, compared with 103 in Q2 FY26.^[3]
New Uniware clients in Q2 FY27 included UCB, Amul Macho and Furlenco.^[3]
Uniware onboarded 450+ enterprise clients in FY26, its highest ever in a year. They included Onida, Himalaya Wellness, Rupa and Lacoste.^[7]
The top 10 clients' share of revenue was 10.5% in Q2 FY27, down 460 bps YoY.^[3]
20-25% of Shipway's shipment volumes came from Uniware clients in Q2 FY27, even though only about 10% of clients overlap.^[3]
Clients come from many sectors, including fashion, electronics, home and kitchen, FMCG, beauty, sports, nutrition, healthcare and pharmaceuticals, and logistics (FY25).^[1]

Geography

Uniware is available in seven countries outside India, across South East Asia and the Middle East (FY25).^[1]
International business made up about 6% of Uniware revenue in Q2 FY27. It was profitable and growing faster than the domestic business.^[3]

Investments and plans

Management targets Uniware growth of 15%+ YoY and Shipway growth of 20%+ YoY from Q4 FY27.^[3]
Management targets Shipway adjusted EBITDA profitability in Q3 FY27 and PAT profitability in Q4 FY27.^[3]
Management expects investments to moderate in H2 FY27. Adjusted EBITDA margin was 17.0% in Q2 FY27, compared with 22.2% a year earlier.^[3]
Management targets UniReco and UniCapture reaching more than 10% of Uniware revenue over the next 2-3 years (as of Q2 FY27).^[3]
The company is evaluating start-ups in adjacent e-commerce areas, including checkout, at an exploratory stage as of Q1 FY27. Management said no equity raise is planned.^[5]
Price escalation, applied only to new Uniware contracts since FY25, is to be extended to existing contracts.^[7]

Recent developments

Cash balance was ₹104.4 Cr in Q2 FY27, compared with ₹63.4 Cr a year earlier.^[3]
22 Sep 2026: The Sleep Company began using Uniware for its order and warehouse management.^[8]
Q4 FY26: The company said it was evaluating a merger between Unicommerce eSolutions and its subsidiary Shipway Technology to simplify its corporate structure.^[7]
Q3 FY26: Gaurav Juneja was appointed Chief Revenue Officer.^[6]
FY25: The company acquired Shipway and Convertway. It listed on BSE and NSE with effect from August 13, 2024.^[1]

Market Cap

₹869 Cr

High / Low

₹139 / 75

Stock P/E

40.4

Price / Book

4.5

Book Value

₹17

EPS

₹1.8

No. of Shares

11.24 Cr

ROCE

21.3%

ROE

15.6%

OPM

14.2%

Debt / Equity

0.00

Sales

₹204 Cr

Net Profit

₹20 Cr

Promoter holding

36.0%

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