Unicommerce eSolutions (UNIECOM) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 consolidated revenue grew 75.3% year-over-year to INR 513.8 million, with annualized revenue run-rate surpassing INR 2.1 billion for the first time.

• Adjusted EBITDA increased 85.1% year-over-year to INR 114.2 million, with margins stable at 22.2%.

• PAT for Q2 FY26 was INR 57.8 million, up 29.2% year-over-year; excluding non-cash amortization from Shipway acquisition, PAT was INR 65.5 million, up 46.5%.

• Shipway's revenue run-rate rose 26% sequentially to INR 869 million, remaining PAT positive; Uniware crossed 1,000+ enterprise clients and processed over 1.1 billion order items annually.

• New product launches, including UniCapture VMS, ShipSense AI, and UniReco, enhanced platform capabilities and automation.

Financial highlights

• Q2 FY26 consolidated revenue: INR 513.8 million, up 75.3% year-over-year; Adjusted EBITDA: INR 114.2 million, up 85.1% year-over-year; PAT: INR 57.8 million, up 29.2% year-over-year.

• H1 FY26 consolidated revenue: INR 963.2 million, up 69.6% year-over-year; Adjusted EBITDA: INR 208.9 million, up 96.4%; PAT: INR 96.7 million, up 21.1%.

• Cash and bank balances as of September 30, 2025: INR 633.8 million.

• Net cash flow from operations in H1 FY26: INR 296.7 million, up 84.2% year-over-year.

• Gross margin for Q2 FY26 was 55.0%, down from 78.6% in Q2 FY25 due to business mix and cost structure.

Outlook and guidance

• Management expects improvement in Q3 results, driven by festive season demand and GST 2.0 rollout.

• Focus remains on disciplined execution, expanding client base, and enhancing platform capabilities.

• Price escalation clauses in new contracts expected to support realization per transaction in H2.

• Integration of Shipway Technology and launch of new payment reconciliation module (UniReco) expected to enhance product offerings and support future growth.

• Shipway expected to continue as a growth driver, with Uniware as the main profitability contributor.