NSE: UNIECOM · BSE: 544227
UNICOMMERCE ESOLUTIONS L
Provides software-as-a-service that runs e-commerce operations for brands selling online, through three platforms: Uniware for order, warehouse and inventory management, Shipway for shipping and logistics, and ConvertWay. The company describes itself as the "operating system for eCommerce operations" and the system of record for mission-critical workflows. In FY26 it onboarded 450+ enterprise clients — its highest ever — taking the total client base to 8,000+ across India, Southeast Asia and the Middle East, with peak throughput of 55 lakh units per day and 350+ platform integrations. Customers span footwear (Ajanta), menswear (The Bear House), solar manufacturing (Waaree Energies) and quick-commerce distribution (Swiggy Networks). The business is people-intensive — employee costs are 33.5% of revenue and other operating expenses 49.1%, while materials are nil and capex is just 0.3% of revenue, leaving an asset-light model. The international business turned profitable in FY26 and is growing faster than India, contributing roughly 6-7% of revenue. Uniware's stand-alone adjusted EBITDA margin expanded from 25% in FY25 to 37.5% in FY26, while group adjusted EBITDA margin for FY26 was 21.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Uniware, Shipway, ConvertWay. Asset-light, multi-platform eCommerce SaaS with people-heavy operating costs.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 135 | 204 |
| EBITDA (ex other income) | 26 | 35 |
| margin % | 19.6 | 17.3 |
| Owners' profit | 18 | 20 |
| EPS, as reported (₹) | 1.60 | 1.79 |
| ROE % · ROCE % | 25.1 · 28.3 | 10.6 · 14.2 |
| Debt / equity (x) | 0.01 | 0.00 |
| Cash from operations | 28 | 47 |
| Capex | (0) | (1) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 33 | 45 | 45 | 51 | 56 | 52 | 51 |
| Profit before tax | 9 | 5 | 5 | 8 | 10 | 6 | 5 |
| Net profit | 6 | 3 | 4 | 6 | 8 | 3 | 5 |
| EPS (₹) | 0.56 | 0.30 | 0.35 | 0.51 | 0.63 | 0.29 | 0.49 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.4 | 17.5 | 63 of 76 | 17% |
| P/B | 4.9 | 2.2 | 58 of 70 | 17% |
| ROCE | 13.8 | 9.6 | 29 of 86 | 67% |
| ROE | 10.6 | 9.2 | 31 of 70 | 57% |
| Debt / Equity | 0.0 | 0.0 | 1 of 70 | 74% |
| EBITDA margin | 13.4 | 13.0 | 32 of 69 | 54% |
| Revenue growth | 14.3 | 20.8 | 44 of 67 | 35% |
| Profit growth | 20.2 | 14.6 | 30 of 64 | 54% |
| Market cap | 937 | 296 | 27 of 87 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 and H1 FY27 analyst call audio link available | investor communications | low | — | — |
| 24 Oct 2026 · Newspaper publication of audited results for September 2026 quarter | compliance | minimal | — | — |
| 23 Oct 2026 · Audited half-year revenue rises 31%; profit and cash flow moderate | results | high | — | — |
| 23 Oct 2026 · Audited September 2026 results approved; new Company Secretary appointed | compliance | minimal | — | — |
| 23 Oct 2026 · Audited September results show lower profit and cash flow | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 revenue rises 15%; management guides H2 margin recovery | investor communications | medium | — | — |
| 23 Oct 2026 · Q2 FY27 revenue rises 15%; profit increases 10.6% | compliance | low | — | — |
| 23 Oct 2026 · Sept 2026 results approved; Prankur Chaturvedi named Company Secretary | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Kenstar partners with Unicommerce for e-commerce technology | business updates | medium | — | — |
| 19 Oct 2026 · Earnings call for Q2 and H1 FY27 scheduled on 26 October 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.