Unicommerce eSolutions Ltd (NSE: UNIECOM) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Unidentified Speaker
Kapil Makhija — Chief Executive Officer
Anurag Mittal — Chief Financial Officer
Analysts:
Anaya — Analyst
Vansh Gupta — Analyst
Shiva — Analyst
Vinod Krishna — Analyst
Pratik — Analyst
Sumit Jain — Analyst
Krathi — Analyst
Chinmaynema — Analyst
Arvind Arora — Analyst
Presentation:
operator
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operator
Ladies and gentlemen, good day and welcome to Unicommerce Esolution Limited Q3 and 9 months FY26 earnings conference call. This conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involves risk and uncertainties that are difficult to predict. As a reminder all participants line will be listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then on your touchtone phone.
Please note that this conference is being recorded. I now hand over the conference to Mr. Kapil Makhija, Managing Director and CEO of Unicommerce eSolutions Limited. Thank you. And over to you Sir.
Kapil Makhija — Chief Executive Officer
Thanks Pareek Good morning everyone and thank you for joining US for the quarter 3 and 9 months FY26 earnings call. I am joined today by Anurag Mittal, our Chief Financial Officer along with our investor relations advisors Strategic Growth Advisors. We are pleased to announce another quarter of strong growth in revenues and profits in Q3. FY26 our revenue stood at INR 56.4 crore, growing 72.2% year on year and translating into an annualized revenue run rate exceeding INR 225 crores. This growth was driven by continued enterprise additions, structured revenue expansion initiatives within Uniware and growing scale of ship payment.
Adjusted EBITDA for the quarter stood at INR 13.4 crores growing 51% year on year. This corresponds to an annualized adjusted EBITDA run rate of more than INR 53 crores marking another milestone for the company. This improvement reflects operating leverage inherent in our SaaS model as revenue scale combined with disciplined cost management. Before discussing platform specific updates, I’d like to share our progress on integrating AI in our business. Since the last few quarters our AI journey has progressed in phases. We begin by integrating AI into our internal day to day operations, then introduced AI enabled features across platforms and are now becoming AI first where core platform functionalities are delivered through AI.
Given that our platforms function as the system of record for our clients e commerce operations, AI in general is a boon for solution like ours. It allows operational data to become actionable, strengthens decision making and further deepens our integration within our client technology stack and daily operation. We have launched three core AI capabilities in the last two quarters Catalyst AI Voice Agent for Convertway in quarter three, Unibot AI Assistant for Univer also in quarter three and shipsense AI Courier allocation in quarter two. Catalyst AI Voice Agent enables automated human like outbound calls in multiple languages.
For example, it can proactively engage customers who abandon transactions at checkout by calling them and resolving queries in real time, helping close sales without any human intervention. This expands conversational commerce in a scalable manner. We will play a brief audio demonstration at the end of our remarks. Unibot AI Assistant is a gen AI solution. It acts as an E commerce operations copilot that allows uniware clients to execute warehouse actions through simple multilingual text prompts. Tasks such as order processing, shipping, label generation, inventory checks and operational queries can now be completed through conversational inputs. This increases ease of use of our platform, reduces training time and and simplifies daily workflows for our users.
Shipsense AI enables intelligent courier allocation within Shipway. It optimizes courier selection by balancing cost delivery timelines and the probability of pre delivery returns due to delays. This improves both logistics efficiency and end customer experience. These initiatives strengthen our product differentiation while expanding monetization avenues across our platforms. Now coming to key updates for our platforms, Uniware resumed growth momentum in quarter three FY26, delivering 8.1% year on year revenue growth for on a standalone basis while consumer demand showed partial improvement during the quarter. The primary drivers for this growth were internal initiatives executed over the past few quarters.
These include continued enterprise acquisitions and structured revenue expansion programs through launch of new products, positioning the business for stronger double digit growth beginning quarter four FY26 onwards. We added more than 110 enterprise clients across traditional and digital first brands during the quarter including the likes of Action Tesa, Lehr Footwear, Interior by Godrej Shein. Marketplace and Underneath. Revenue expansion initiatives continue to gain traction supported by rising adoption of our newer offerings. Quick commerce and B2B modules are now used by 35 to 40% of our enterprise clients and Unireco adoption is 4 to 5% among enterprise clients within the first six months of the launch of the product.
Unicapture launched last quarter has seen strong interest driven by evolving marketplace requirements for mandatory video based proof in return claims. Some marketplaces have already made this a mandate while others are considering doing the same. We would also like to share an important Update about our top 10 clients during the quarter, one of our top 10 clients made a strategic decision to to change its business model and discontinue its multichannel operations. As a result, we saw a revenue impact from this account. While such transitions are a part of the dynamic E commerce ecosystem, our endeavor has been to continue to diversify our revenue by adding new enterprise clients as a result of which our kanth our concentration of revenue from top 10 clients is nearly 12% in Q3FY26 and has been continuously coming down from 19% in FY25 and nearly 27% in FY24.
The impact of this change has been fully offset to growth from other existing clients as well as new enterprise additions. The 8.1% year on year growth reported for the quarter is after absorbing this revenue loss. Excluding this impact, growth would have been higher. We expect the growth momentum to continue in the coming quarters and should result in double digit growth in revenues from quarter 4 FY26 onwards. Additionally, over the past few quarters we have received several queries regarding Uniware transaction rate which is calculated as revenue divided by transactions processed. As our product mix has diversified with increasing contributions from B2B, quick commerce and Value Added modules, the aggregated transaction rate metric has become less representative of underlying performance compared to earlier periods when the mix was more homogeneous.
Accordingly, we do not believe that this is a high quality metric to track our performance. Instead, we internally evaluate Uniware’s business using three primary levers net revenue retention, which we disclose annually to track expansion within the existing client base Enterprise client additions, which we disclose quarterly to measure incremental growth through new customer acquisitions and our profitability metrics which we disclose quarterly to track our efficiency and operating leverage. With that context, we will discontinue reporting transaction related metrics going forward. This approach is intended to ensure that the data shared is meaningful, comparable and aligned with how we internally evaluate the business.
Similarly, blended gross margin at the consolidated level is influenced by revenue amalgamation across businesses post Shipway acquisition and does not fully reflect our operating profile. We will continue to assess the relevance of this disclosure in light of our evolving business mix and determine the appropriate reporting approach going forward. Now coming to Shipway, Shipway continues to strengthen our SaaS portfolio and scale steadily post acquisition. In quarter three FY26, Shipway Technology Private Limited, which includes both Shipway and Convertway, achieved an annualized revenue run rate of approximately INR 100 crores compared to INR 71 crores in in quarter one FY25 its first full quarter post acquisition.
We expect Shipway to also grow at a double digit rate on a year on year basis, but at a pace faster than Univer. Given the size of the addressable market and its low penetration relative to the market, Shipway’s SaaS logistics automation platform delivers value to clients beyond aggregation through optimization, automation and analytics across the logistics life cycle for our brand and its customers. During the quarter we launched a new mobile application to support operational workflows on the move and shipware Cargo for bulky B2B shipment, warehouse transfers and delivery to quick commerce mother hub facilities from brand warehouses enabling incremental revenue opportunities for convertway we have already discussed the key update for the AI voice bot this quarter.
Given the large and underpenetrated addressable market and Shipway and Convertway’s strong structural foundation of running profitably for the last few quarters, we are inclined towards making calibrated investments going forward. Given our healthy cash generation and balance sheet strength. We plan to invest in AI product and technology and to expand sales and marketing capacity along with brand building in these businesses. While this may result in slightly below break even adjusted EBITDA in the short term in Chipweight Technologies PVT Ltd, we believe these will be high ROI investments supporting faster platform scaling and long term value creation.
On the leadership front, we are pleased to welcome Gaurav Juneja as Chief Revenue Officer for unicommerce to further strengthen our business development, marketing and customer success functions for driving growth. Gaurav brings an operator led approach with deep experience in B2B SaaS, technology and retail businesses. Prior to joining Unicommerce, he served as Chief Revenue Officer at Capture, Head of Digitization at Google India and founded and scaled the StarQuick business under the Tata Group. He also has experience with the Reliance Retail Investment Banking at Lehman Brothers. Gaurav is an alumnus of the Indian Institute of Management Lucknow.
He further strengthens the leadership depth at unicommerce and adds to our management bandwidth for go to market execution. Looking ahead, we expect to continue benefiting from structural tailwinds in India’s E commerce market which remains significantly underpenetrated across Uniware, shippay and Convertway. We addressed a total market opportunity of over US$1 billion with particularly strong opportunities in courier aggregation through Shipway over the coming quarters. Management will remain focused on scaling uniware revenues as growth momentum increases, accelerating Shipways penetration in courier aggregation and Convertways growth in marketing automation along with disciplined investment in AI capabilities and improving our platforms that expand use cases and drive cross sell.
Improving profitability and cash generation provides flexibility to reinvest in organic growth while selectively evaluating inorganic opportunities in adjacent areas guided by strategic fit, customer value and financial sustainability. As we enter the next phase of growth, our focus remains on consistent execution, prudent capital allocation and strengthening our platform. I will now hand over to Anurag to walk you through the financials in detail.
Anurag Mittal — Chief Financial Officer
Thank you Kapil Good morning everyone. We delivered a strong performance in quarter three and the nine months of FY26 with robust top line momentum and continued improvement in operating profitability. For quarter three FY26 consolidated revenue stood at 56.4 crore representing year on year growth of 72.2%. This performance was supported by growth across both uniware and shipwreck. Adjusted EBITDA which reflects our operational Profitability grew by 51% year over year to 13.4 crore. The growth in adjusted EBITDA was driven by disciplined cost management AI led operational efficiencies, strong operating leverage from uniware and shipware’s continued PAD positive performance.
Profit after tax for the quarter was 7.4 crore compared to 6.3 crore in quarter 3 FY25 excluding the non cash amortization expense related to the shipyards acquisition, PAT would have been approximately 8.2 crore representing year on year growth of 24.9%. Earning per share also increased 12.5% year on year to 0.63 from 0.56 in quarter three. FY25. On a ninth monthly basis the company delivered strong financial performance. Our Consolidated revenue for nine months FY26 grew 70.6% year over year to 152.7 crore compared to 89.5 crore in nine months. FY25 adjusted EBITDA increased 75.8% year on year to 34.3 crore surpassing FY25 full year adjusted EBITDA of 28.4 crore in just nine months.
Reflecting disciplined cost management and scale efficiencies, profit after tax for nine months period was 17.1 crore compared to 14.3 crore in nine months FY25 excluding non cash amortization related to the ship pay acquisition, PAD would have been approximately 21.1 crore representing year on year growth of 45.2%. Earnings per share also increased 18.1% year on year to 1.50 in nine months FY26 from 1.27 in nine months. FY25 Shipway has continued to deliver strong performance achieving an annualized revenue run rate of approximately 100 crore in Q3FY26 up from 71 crore in quarter four FY25, its first full quarter post acquisition.
As Kapil mentioned earlier, we plan to increase investments in AI products and technology capabilities and sales and marketing capacity along with brand building to drive further growth. We expect these investments to help increase the platform scale and broaden our market footprint over time. At the consolidated level, annualized revenue run rate now exceeds 225 crore with adjusted EBITDA run rate above 53 crore. A large part of our adjusted EBITDA converts into operating cash flows for us due to the asset light nature of our SaaS model and enables us to reinvest this into growth. Looking ahead, we remain focused on maintaining cost discipline while delivering sustainable and profitable growth.
As mentioned earlier, we expect uniware to deliver double digit growth from quarter four FY26 onwards as revenue expansion initiatives gain traction while Shipway, given its large addressable market and early stage of penetration, has the potential to scale at a relatively faster pace. We will now play a short audio clip to demonstrate Convertways AI Voice Bot capability for context in this recording, Tanvi is the customer and the other voice you will hear is our AI system engaging with her in real time.
Anurag Mittal — Chief Financial Officer
Hello, Am I talking to Sanvi? Yes. Hi Tanvi, this is Pooja from Hair Restore. I noticed that you added anti dandruff shampoo in the cart but couldn’t complete the payment. Just wanted to check if you’d like any help with the same. I actually couldn’t figure out how do I use the product. Oh I see. Let me help you with that. Here’s how you can use the anti dandruff shampoo spray from about 8 to 10 inches away focusing on the root. After that, spray generously on the crown area for volume and bump. Next, massage the product into your roots for about 30 seconds and then use a brush to get rid of any leftover white particles.
Finally, style your hair as you like and you’re all set. Final price Checkout Link yes, you can send me the checkout link.
Anurag Mittal — Chief Financial Officer
Great.
Anurag Mittal — Chief Financial Officer
So I’m sending the checkout link to your number right now. You’ll be able to complete everything in just a few taps from there. Thanks for talking to me.
Anurag Mittal — Chief Financial Officer
As you heard, the interaction is designed to feel natural, contextual and outcome oriented. Since launch, the voice bot has scaled quickly to approximately 1 lakh cost per month reflecting encouraging client interest. We hope you found the demonstration insightful. With that, we will open the floor for questions. Thank you.
Questions and Answers:
operator
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Anaya from Thinkwise Wealth Managers. Please proceed.
Anaya
Good morning sir. So my first question is on account of pricing. Actually I wanted to check if like maybe this is the bottoming out of like a low pricing environment and also if you’re able to share what percentage of the current clients are newly added clients and like if they are on the minimum guarantee plan. Yeah, that’s my first question.
Unidentified Speaker
I couldn’t hear the questions completely. I just rephrase on what I understood. One, you want to understand the trajectory of rate per transaction. Second, you mentioned that how many of them are newly added clients.
Anaya
Yes.
Unidentified Speaker
Is that correct? Okay, so as we. As we mentioned during our speech that that the transaction rate is a function of is calculated as revenue per transaction and our transaction mix has become a lot more heterogeneous with addition of capabilities of B2B, quick commerce and the new modules that we are launching. So it does not accurately represent the progress of the business because our rate per transaction is a function of the product mix as well as the client mix. So we don’t feel that it’s the most meaningful way to assess the business. Having said that, the rate per transaction has been consistent since last quarter and while the number appears to be stable, it does not truly reflect the true drivers of growth or expansion.
In terms of your question on the new acquisition, we have. We’ve been talking about our new client acquisition since post listing. So when we listed the first quarter we added about 85 odd enterprise clients in a quarter. Today we are on a trajectory of anywhere between 110 to 120 clients per quarter. So we have seen a consistent improvement in the new client being added and this from that you can get a sense of what the share of new clients as a percentage of the overall client base. Also I want to clarify to the entire all the listeners today that all the enterprise clients that we onboard are on a minimum guarantee plan.
Every enterprise client give us a subscription fees in which you bundle certain number of transactions in this cost and once they exhaust this quota of allotted transactions they pay us a usage based fees. Hope that clarifies.
Anaya
Sure sir, I just had one more bookkeeping question, sir. In Q2, the multiple account mentioned that about 7.81 crore of amortization for shipway was done for the half year. And I can see for Q3 notes also for the nine months a similar amount is done. So am I to understand that for Q3, nothing has been amortized? Could you just confirm that? Yeah.
Unidentified Speaker
Ananya. The amortization has been done. In fact, the amortization has been done this quarter as well. For the shipware technology, what we acquired. At the time of acquisition. It is similar and consistent to the previous quarters. In fact, the number is almost same to what we reported in quarter two of FY26.
Anaya
So can you just confirm how much has been amortized in Q3 and how much was done in Q2?
Unidentified Speaker
So quarter two it was 13 million. And quarter three it is 12.8 million. Almost similar.
Anaya
So for the full year, 13 crores is what we have to amortize.
Anaya
Right. So shouldn’t it be at the run rate of about more than 3 crores per quarter?
Unidentified Speaker
So the overall capitalization we did around 39 crore at a time of acquisition. And it has to be amortized over a period of eight years. So near about 12 or 13 million of amortization spend will come every quarter.
Anaya
It’s over eight years. Sir, just to confirm.
Unidentified Speaker
Yeah, that’s correct. Yeah.
Anaya
Okay.
Unidentified Speaker
Just to give you a context, we.
Unidentified Speaker
Yeah.
Unidentified Speaker
Just to give you a context. While we integrated our internally generated technology, which is more advanced technology based on.
Unidentified Speaker
AI with the shipwrecked acquired technology, the. Estimated useful life of the asset based on the technical assessments have increased from. Three years to eight years. So that is the reason that the estimated useful life of the asset is now eight years. And the deposition expense for quarter would. Be around 13 million every quarter.
Anaya
Okay, sir. That clears it up. Thank you so much.
operator
Thank you. Ladies and gentlemen, to ask a question, please press Star and one. Now, I repeat. Participants who wish to ask question may please press Star and one at this time. The next question is from the line of Vansh Gupta from Prescient Capital. Please proceed.
Vansh Gupta
Hi, sir. Thank you for the opportunity. Am I audible?
Unidentified Speaker
Yeah, you are audible.
Vansh Gupta
Yeah. Hello, sir. So I just wanted to get some understanding on the pricing power of the company. So, as you mentioned, you’re saying that because of a change in product mix, the metric that we calculate using the revenue by transaction process, you’re saying that’s not entirely reflective or comparable to last year. Just to get a sense of understanding on the pricing power of the company. How is it that we now get A sense of how is it that the customers are really giving you revenue. So in my understanding, the revenue of the company has always been that.
And as you just mentioned, there’s a minimum slab of transactions that companies process and after that they have to pay an incremental amount of revenue on a step up basis. So then how do we get a sense of how the pricing is changing for these customers?
Unidentified Speaker
Sure. First of all, I want to clarify that we continue to operate at a premium compared to other players. We continue to build strong announcements in the the product and as you heard in our speech earlier, that we are leveraging AI to continue to justify this premium. We have been not only launching enhancements to the product, we are also launching core functionalities using AI. Being AI first has ensured that we can continue to add meaningful value to the ecosystem, because of which we can justify the premium. The various products continue to have a very different pricing profile.
And because of that, an aggregate rate per transaction does not fully justify meaningfully the nature of our business and the growth trajectory of our business.
Vansh Gupta
So just to clarify, these new facilities that we are adding, these new products that we are selling to the clients, we’re not selling them on a revenue per transaction basis.
Unidentified Speaker
Yes, the pricing for all our products is a function of the transaction. The transactions can be different for different products. So for, let’s say Unireco, it is in terms of the number of items that are being reconciled. For unicapture, it is the number of videos or images being processed. In case of uniware, it is the number of items going out of the warehouse. So for different products, the underlying metric is the transaction. The definition of the transaction can vary according to the product.
Vansh Gupta
Fine. Thank you for the answer. Just one more question from my end. So I see that the revenue share of the top 10 clients has decreased from 20.1% since last year to 12.1% now and our revenues have grown by about 8%. So is it that we are losing some revenue share from the existing customers to our competition or is it because of largely because of the sign that we have lost this quarter and that’s what’s causing the dent?
Unidentified Speaker
Yeah. So see, given the nature of our product, 100% of dropship E Commerce volumes for any brand flow through us. A brand never uses multiple solutions for managing their E Commerce operations. So we will. That will never be the case that we lose part of the volume to some other player. The relative share of top 10 customers has been consistently declining because we continue to add enterprise clients on a consistent basis and as the overall enterprise base increases and we continue to see growth in the business, the relative share of top 10 customers continues to decline.
And this has been a consistent trend over the last many years where in FY24 the concentration was 27% and it has now come down to nearly 12% in quarter three. FY26 it is a concerted effort to ensure that our revenue continues to be diversified and it has a fairly healthy mix of multiple enterprise clients.
Vansh Gupta
Got it sir, just one last follow up from my end. Could you share the if you have a sense of what is the total revenue percentage share that the company manages for its clients. So my question really is I want to get a sense of what is the D2C business of all of your clients on average that you are managing. So is it like 20% of the revenue? 30% of the revenue? Any sense of that number if you.
Vansh Gupta
Can destroy
Unidentified Speaker
so we will not be able to share channel specific information. But As I mentioned, 100% of a client’s E Commerce dropship business gets managed through univer. So it’s not a part of the business that we are managing.
Vansh Gupta
Got it? Fine. That’s all from mine.
Vansh Gupta
Thank you,
Unidentified Speaker
thank you.
operator
Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touchstone telephone. The next question is from the line of Shiva from I thought pms. Please proceed.
Shiva
Hi sir, thank you for the opportunity. So you had mentioned that we had acquired 110 roughly clients this quarter. So if I compare our enterprise client count with previous quarter, there seems to be a net addition of only 16 clients. Right? So does it mean we are having a higher churn? And if so, could you explain why we are facing this high churn?
Unidentified Speaker
Sure. So E Commerce is a dynamic industry seva. So we continue to see churn in the long tail segment primarily among clients with low volumes or those winding down operations due to tough market conditions. So while you may see that the net additions are lower than the gross additions that we’re doing, but bulk of this churn happens through long tail customers. That is why in spite of these customers churning and more majority of them like the three key reasons of churn for our platform continue to be a customer shutting down customer deciding to move away from E Commerce or customer deciding to move from dropship to an outright or a fulfilled by model as we have demonstrated in the earlier calls as well.
So bulk of the reasons of churn are that and thus in spite of this churn we continue to demonstrate a healthy growth for this quarter the growth was 8.1% and we are hopeful of delivering a double digit growth from quarter four onwards in the standalone uniwear business.
Shiva
Understood. So would it be possible for you to maybe, you know, quantify how much of those churn is from those three reasons that you mentioned?
Unidentified Speaker
That’s majority of the churn. 80 plus of our churn is actually because of these three reasons.
Shiva
Yeah, that helps. And my second question is regarding Quick Commerce volume. So how much should they contribute? This and again, with regards to Shipway, how much cross sell did we achieve?
Unidentified Speaker
Sure. So we continue to see Quick Commerce as a strong growth opportunity and we have integrated with all leading Quick Commerce platforms. When we launched it full scale in quarter four of FY25, we had seen about 20 million order items being processed. We have seen that number jump to about 70 million plus order items being processed in quarter three FY26. So just in a nine month time frame we have seen a strong growth in the Quick Commerce volumes. While we have seen a strong growth, they are still a small fraction in the overall transaction mix.
So hope that gives you a perspective on the related contribution of Quick Commerce in terms of the Shipway cross sell. When we acquired shipway, less than 5% of our base was using Shipway services. And last quarter we had mentioned that this number has already crossed 10% and continues to be in a similar trajectory even in this quarter as well. And we continue to see a strong adoption of Shipway amongst Univer base. But I also want to clarify that beyond the Uniware customer base, Shipway also has a larger market opportunity in terms of social media sellers, people selling on just their own website who may not need the services of Uniware.
Because Uniware becomes relevant for anybody who’s selling on multiple channels. But anybody who’s selling on social media, Instagram etc. Will still need to ship the goods to the end customer and will need Shippay services. So the market opportunity for Shippay is much larger. And while our focus is to continue to have a strong cross sell motion on the Univer base, our focus is to aggressively expand our sales and marketing to ensure that we are able to tap into customers which are outside of Univer base as well.
Shiva
Understood sir. One last question. So with regards to our international market present, have we seen any significant client wins or house attraction there?
Unidentified Speaker
Yes. So we continue to see a strong growth in our international business. It is growing faster than our domestic business. We continue to add clients in the regions, we continue to operate in the same geographies in Middle east and Southeast Asia. And while we have seen strong growth in the business, we continue to the international business continues to be profitable. And in the recent times we had also announced a partnership with Nakheel Express which is Saudi Arabia’s largest logistics and express delivery partner to deepen our presence in the KSA E commerce market.
Shiva
Yeah, got it sir. Thank you. That’s all from my point.
operator
Thank you. The next question is from the line of Vinod Krishna from Avenders Wealth. Please proceed.
Vinod Krishna
I’m audible sir.
operator
Yes.
Vinod Krishna
So what do you what is your opinion on long term trajectory of drop. Ship versus for model in India? That is my first question any category.
Vinod Krishna
Concentration with our uniware product and my third question is why do we have such Because E commerce is having such a huge growth rate but our universe is not getting similar growth rate. So maybe I’m wrong in understanding comparing.
Vinod Krishna
With the overall uniware thing. So if you can answer this three.
Vinod Krishna
Question like what will be the I. Think I am clear, right?
Unidentified Speaker
Sure. So dropship model continues to grow faster than the other models primarily on the back of custom brands wanting to have greater control on the customer experience platforms also preferring it because it is less capital intensive and now the ecosystem system is available for brands to deliver a consistent customer experience on the dropship model compared to five years ago when the ecosystem wasn’t available. So we have seen dropship model continue to grow faster. Today it is contributing to nearly half the E commerce market but is expected to contribute about 65% in the next few years.
The second question was about the growth of Uniwear versus the market. Univer is processing a large portion of the E commerce market. We are processing about 25 to 30% of e commerce dropship volumes which means that we have effectively become an index to E commerce market. We continue to grow faster than the market over many years. So while there are certain pockets within E commerce that continue to grow fast but there are also large pockets which have small seen sluggish growth because of its overall growth is not at the same level as it used to be during the pandemic years but our growth continues to be market plus plus because as our existing clients grow, the growth of our existing clients is reflective of the market growth.
But on top of that we’ve added new initiatives of launching new products, adding new customers because of which we continue to develop demonstrate a market plus plus growth. I’m sorry I forgot the third question that you had category concentration. So see we are a fairly well diversified Player where we serve 45 plus product categories across fashion, lifestyle, beauty and personal care, health and pharma, eyewear, fmcg, Agritech and many other players. So as you have seen, the revenue is not not concentrated on a handful of customers. Similarly, our revenue is not concentrated on any particular category.
Given that we process large volumes of India’s E commerce transactions. Our category mix is reflective of the market mix where we’ve seen lifestyle, beauty and personal care being electronic being some of the largest categories. That is also reflective in our category mix as well. But our category mix is fairly well diversified.
Vinod Krishna
Thank you.
Vinod Krishna
Thanks.
operator
Thank you. The next question is from the line of Pratik from Fermi 325 Investment Advisors. Please proceed.
Pratik
Yeah, hi, am I audible?
operator
Yes, are you audible?
Pratik
Yeah. Hi. I just have wanted some clarification. I just wanted to ask, when a client, you know, subscribes for Univer, does he or she, does the client get access to all the modules or is it, does it depend on the client what they want?
Unidentified Speaker
Yes. So when we started our journey, OMS and WMS within Univer were the first two modules that we launched. So whenever an enterprise client signs for, signs up for Univer, they get the OMS and wms. That’s the most selling module for us. But as you launch newer offerings like Omni Channel, Unireco, Unicapture, those are separate subscriptions that the brand has to take up depending on their need.
Pratik
Yeah, just to follow up on that. So would it be possible, you know, to give a cohort basically as and when a client starts your journey and they start with a WMS and OMS platform, how do they scale up their relationship over the following period? How many modules they start to subscribe? Any sort of cohort that you could give?
Unidentified Speaker
Yeah. So most of our additions, product additions are relatively recent. So we will not have any long term cohorts for you to be able to do any analysis on that. Having said that, we’ve just disclosed in our call today that we have seen a strong adoption of B2B and Quick Commerce modules where 35 to 40% of our enterprise clients use the B2B and Quick Commerce modules and about 4 to 5% attach rate on the Unireco module. That has happened just within the first six months of the product launch. Typically when a brand starts their journey, as I said, they start with the OMS and as they scale up their volumes, they start implementing WMS within their warehouse.
As they expand their retail footprint, omnichannel becomes an important use case. And as their scale increases, they would need unireco to reconcile their payments because there are many leakages that happens, particularly on the returns workflow. And similarly, Unicapture is a good complement to unireco because Unicapture helps capture the proofs of the items that are going out and helps in the return validation as well. And similarly, as these brands scale up, they would also want to expand to retail and wholesale and hence they would also need or even Quick Commerce. They would need our B2B quick commerce suite as well.
Pratik
Okay, sorry, last question on best this cohort before I get back into. So according to you, when would you be able to start giving a vote? Is it one year down the line? Two years down the line? When do you think it will be meaningful enough for us to start reading into the cohort data?
Unidentified Speaker
See, in any B2B SaaS solution it takes time and it is a function of the product. There is a gestation period for any SaaS, but in our experience at least 12 to 18 months is something that we feel for any product before the product the cohorts mature. For some products it may take longer as well, but bare minimum is 12 to 18 months.
Pratik
Okay, thank you so much. Thank you.
operator
Thank you. The next question is from the line of Sumit Jain from clsa. Please proceed.
Sumit Jain
Yeah, hi. Thanks for the opportunity. Am I audible?
Unidentified Speaker
Yeah, Sumit, you’re audible?
Sumit Jain
Yeah. Firstly congrats for a slight turnaround.
operator
Sorry to interrupt, sir. Sir, can I request you to speak loudly or come closer to your device and speak?
Sumit Jain
Yeah, sure, sure, sure. Am I audible now? Hello, Am I audible now?
operator
Yes.
operator
You’re not audible. Please proceed.
Sumit Jain
Okay. Yeah, so wanted to check the double digit growth guidance that you gave for the next quarter. How sustainable you see that going forward and what is leading to that? Is it like the more traction in your new products being launched or is it the revival in the overall e commerce market or are you guys gaining market share? Can you give us on that double digit growth guidance?
Unidentified Speaker
Yeah Sumit. So the double digit growth, we strongly believe that it’s sustainable because it is a result of the efforts that we have been implementing over the last few quarters which includes acceleration in our new enterprise acquisition and revenue expansion initiatives which are now beginning to reflect in the growth outcomes. We have consistently added 100/plus clients over the past several quarters and 125/plus specifically in quarter four, FY25. These new acquisitions take time to fully mature and have now started to give us incremental revenues leading to year on year growth in Q3FY26 and which gives us the confidence of delivering double digit growth in quarter four.
And along with this adoption of our new products where we are seeing strong adoption across both B2B QuickOver Suite as well as UnireCo in the first six months of the launch. A combination of both these factors give us the confidence that we will continue to sustain double digit growth in Univer from quarter four FI onwards.
Sumit Jain
Got it. That’s very helpful. And a follow up to that is can you give us a sense as to how many number of enterprise clients can you still tap into the market out there? I remember at the time of IPO we used to talk about some 10,000 enterprise clients can potentially be there for unicommerce to address. Can you just give us a sense as to how you look at the overall enterprise client customer base?
Unidentified Speaker
Yeah, sure. I think in terms of the enterprise client base, one is we continue to see a strong launches of various Digital first brands because in India, because the Indian market is so large, a small niche within the Indian e commerce market also becomes a meaningful opportunity for any brand. So we continue to see brand launches across various sectors, various niches because of which we are confident that there’s a large pool of enterprise customers that are available. At the same time, we have seen many legacy brands still haven’t adopted the dropship model and as more and more brands start adopting the dropship model, we will continue to see a pool of enterprise acquisitions widening.
For us, the third reason is that there are still many categories which have still not become or have not adopted the dropship model and that should add to the enterprise pool. I think the journey of the dropship model and for Univer in particular have just started. We have a large pool of enterprise customers and we still feel confident that in the long term it should open up a market to the tune of 10,000 enterprise customers. So we should have significant headroom for growth in terms of the new customer acquisition, in terms of new Digital first brands, legacy brands coming to dropship model and new categories opening up on the dropship model.
And at the same time we also want to continue to focus on the quality of acquisition. And that’s why we’ve got Gaurav on board who has significant experience in driving enterprise acquisition. And our focus will now to be able to set up some high value looking at high value deals in the enterprise segment with Gaurav’s professional experience which would help Uniware tap into a large pool of enterprise customers as well.
Sumit Jain
I got it. That’s Very helpful. And secondly, I wanted to check, I think you guided for a breakeven EBITDA in your shipway business in the few coming quarters. So can you give us a sense for how long that will stay? What are the nature of investments you are doing and by when can we see the EBITDA improving into the profitable trajectory for shipwrecked?
Unidentified Speaker
Sure. So the investment area sumit are in the fields of AI product and technology enhancements. We want to enhance the sales and marketing capacity along with brand building initiatives. Shitway is a challenger in the market. It’s a relatively late entrant in the large courier aggregation space. So we want to make sure that we are investing rightly into sales and marketing, building a strong brand out of it at the same time building a very strong and scalable product which is AI first so that we continue to add value to the courier aggregation business. And hence we feel that for the next few quarters it will operate at slightly below break even from adjusted ebitda.
But having said that, the only way we know how to operate business is to run them profitably. We just want to make, we are making a very calibrated investment approach to make sure that we are able to put it on a strong foundation for fast growth in this and we are hopeful that in the next next few quarters we should be able to see a turn. We should be able to see them like the ship pay business, both ship and convert way becoming profitable.
Sumit Jain
Okay, got it. That’s very helpful. Thanks and all the best.
operator
Thank you. The next question is from the line of Krathi from Suyesh Advisors. Please proceed.
Krathi
Yeah, Good morning Kapil. I hope I am audible.
Kapil Makhija
Yeah, that you’re audible.
Krathi
Yeah, thanks. So just wanted to understand one thing. You indicated that your profitability in the universe side is 40% plus on an adjusted basis. So the adjustment would be only for ESOP expenses or would there be anything else? Part two to that question is is there any more juice left for profitability improvement there?
Kapil Makhija
Karthi? That’s correct. We have done the adjustments only to the extent of ease of expense.
Kapil Makhija
And for the second part, Karthi? Yes, the business has an inherent operating leverage as the revenue expands. We will continue to see an improvement in profitability in univer and you will continue to see a consistent growth in revenues and profits in the uniware and the overall unicommerce business.
Krathi
Got it. Good. Thanks for the answers. Thank you.
operator
Thank you ladies and gentlemen. In ensure to ensure that the management is able to address questions from the participant in this conference, please restrict your question to both participants. Should you have a follow up question, please rejoin the queue. The next question is from the line of Chinmaynema from Prescient Capital. Please proceed.
Chinmaynema
Hi sir, just wanted to follow up on one of the questions about Wallet Shares. So, with respect to some of the largest digital first brands on your roster, like Lenskard or Mamahol, do they typically operate 100% through Uniware or do they split volumes in conjunction with some other platforms as well? If you could give some color around that. And secondly, if you could talk about how customizable the software is, to what extent are you able to customize it to the SKUs and inventory systems of the clients? Some sense around that?
Kapil Makhija
Sure. As I mentioned before, given the nature of the product, it is difficult for a brand to operate multiple system. See, effectively what we are doing, we are ensuring that the same inventory pool is getting exposed to multiple marketplaces at the same time. If they were using two systems, it is impossible for them to have a consistent inventory outlook across different marketplaces and if they were not using the single system, it would make it very suboptimal for them because a part of the inventory will be visible somewhere else and part of the inventory will be somewhere else.
So given the nature of the product, a brand does not use multiple systems to manage their orders and inventory. And that’s why by design we have 100% of the E Commerce volumes for any brand that is using Univer. The Univer system, as I mentioned before, operates like a system of record, just like how an ERP operates. You don’t hear a brand operating with multiple ERPs, right? Very. Similarly you don’t see a brand operating with multiple order and inventory management systems. Sorry, I missed the second part of the question that you had.
Chinmaynema
Sir, if you could talk about how customizable the product is with respect to the needs of the businesses.
Kapil Makhija
Yes, we’ve been building this platform for more than a decade now and have built this in a fairly configurable way where different use cases can be easily configured depending on the category, the product mix, the scale, the complexity of the operations. In majority of the situations the the plain vanilla configurations that we offer are available if there is a specific need of a customer. What we end up doing is that we understand that requirement and build it in a very generic way so that it not only serves the needs of a particular customer but for a particular industry.
And through over the last decade while we were building this platform, we have got many requirements from various customers so but we have not implemented it in a bespoke manner. We have instead incorporated it as a general feature in the product so that it can be available to a wider customer base. So just as an example, if you are able to serve a fashion customer, they need unique serialization so they want to track each and every item. BPC customer, they’re selling cosmetics. So lipsticks are very small in size as an example. So they need to print labels which are very small in size can be pasted on the product itself.
There are these small nuances that over time we have built in the product because of which it’s available to a wide variety of customer base depending on the product category that they are in.
Chinmaynema
Understood sir, that’s very helpful. Thank you.
operator
Thank you. The next question is from the line of Arvind Arora from A Square Capital. Please proceed.
Arvind Arora
Hello. Hi, good morning Kapil. So my question is on since if I see like trailing twelve months basis, our data is all like data process is almost 1.1 billion. So any plan on data monetization like using data analytics or something like that.
Kapil Makhija
So our focus is to keep adding new capabilities in our products. I think we are evaluating internally on how we can look at data. We have amassed data over the last more than a decade having served thousands of customers and have a rich view on the information. But we are also cognizant of the new DPDP act. So we are evaluating internally on what we can launch which is within the regulatory ambit but at the same time add meaningful value to our customer base.
Arvind Arora
Understood. Okay, so and the second question is on since you mentioned that and even if I compare quarter on quarter standalone numbers, so our revenue is all increased 8% but our pay t’s increase drastically. So same will happen like going forward. Even your transfer you are guiding. Sorry, you are guiding double digit growth. So our paid would be at higher level due to operating leverage. Is my understanding correct?
Kapil Makhija
See in the definitely. Yes. So our we have an inherent, strong, inherent operating leverage because of which our profits typically tend to grow faster than our revenue growth. But at the same time we want to invest in the business in terms of AI investments for product and technology as we mentioned in the beginning. For example, we have launched Unibot in Univer which is a gen AI solution enables faster decision making simplification of experience for our customer base. And we anticipate more investments in the AI field for Univer. So it may not the kind of growth in profit may not be visible every quarter but in the long term Definitely a large portion of our revenue growth flows to our bottom line.
So our profits will continue to grow faster than the revenues.
Unidentified Speaker
And.
Unidentified Speaker
Just to add on Arvind here.
Unidentified Speaker
That during quarter three year on year as you rightly mentioned that our revenue has increased 8% which has contributed to an increase in adjusted EBITDA, PBD and PAT as well. And Univer operates with high gross margin profile. The Univer’s gross margin is around near about 80% and incremental volumes have a direct positive effect on the bottom line as well. And as Kapil also mentioned that as our revenue growth momentum increases to the double digit trajectory in quarter four FY26 and onwards, this operating leverage should further expand our profit pools and operations also help us to generate more and more cash.
Arvind Arora
And just last one, as you mentioned we are investing in AI product and everything. So these will open up a new stream of revenue, correct? In going forward?
Kapil Makhija
Yes, that’s correct. It will add meaningful revenue mean add meaningful value to our existing customers plus it will open new monetization opportunities for us.
Arvind Arora
Just last last request a couple so going forward is it possible for you to disclose the numbers at a like different product level and even like like you said for Univer also you are getting revenue from two streams like one is existing business and second would be the growth growth business. So if you can disclose that from Uniware and then for Sipware and convert way also if you can disclose the numbers separately is it possible?
Kapil Makhija
Yeah. So we disclose the net growth of our existing customers annually in the form of a metric called nrr. NRR is Net revenue Retention which means that If NRR is 103%, if a customer gave me 100 rupees last year it gives me 103 rupees this year. So we disclose this metric annually. Along with that we disclose about our new enterprise acquisitions every quarter. So that gives a good perspective about the various levers impacting the growth. The new products that we are adding contribute to our nrr. So as the new products start maturing, we should see improvement in our NRR going forward in the current year.
Given these products are just recently launched, they may not contribute meaningfully to the current year financials. But as I mentioned we are investing for future growth as a result of which in the subsequent years you should see a strong contribution coming from these new launches that we are investing in the current year.
Arvind Arora
Understood. But is it possible to disclose the number, revenue numbers and transition process at a quarterly level so that for us is also easy to understand where we are going.
Kapil Makhija
You mean for the new products, right?
Arvind Arora
For new product, yes. And yeah.
Kapil Makhija
So.
Arvind Arora
Yeah.
Kapil Makhija
So as they become meaningful, we will. We will definitely evaluate this internally. We also want to make sure as a management team that it’s easier to model the business and like better predict, have better predictability on our financial path. But like I said today, the products are very nascent. It may not. It may not give a full picture as the revenue matures of some of these new products, we will definitely evaluate the possibility of disclosing this so that it becomes more accurate to model the business.
Arvind Arora
Okay, thank you. Thank you, Kapil. Not. Not only to answer my question, it’s all the efforts you and your team is putting, which is I think will clearly right now also clearly visible and in future also will see the growth moment. Thank you. Thank you all.
Kapil Makhija
Thanks, Arvind, for your kind words.
operator
Thank you. Ladies and gentlemen, due to time constraints, that was the last question for today. I now hand over the conference to Mr. Kapil Makhija. Sir, for closing comments. Over to you, sir.
Kapil Makhija
Thank you everyone for joining the call today. We hope we have been able to address your queries. Should you have any further queries or clarifications, please feel free to reach out to us, our strategic growth advisors, our investor relations advisors. Thank you and have a good day.
operator
Thank you. On behalf of Unicommerce Esolution Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.