Unicommerce Q1 FY27 Results (NSE: UNIECOM)
Signal: Steady quarter
The read
The trajectory has inflected from the prior high-growth phase to slower Q1FY27 revenue growth of 14.3% YoY, while EBITDA fell 25.4% and margin contracted to 13.4%; the 20.6% PAT increase is low-quality because other income was 31.1% of PBT and the subsidiary remained loss-making.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹51.37 Cr | 14.3% | -0.5% |
| EBIT | ₹4.78 Cr | -10.0% | |
| Net profit | ₹4.68 Cr | 20.6% | |
| EPS | ₹0.49 | 40.0% | |
| EBIT margin | 9.3% |
P&L walk
Consolidated revenue increased to ₹513.70 million, +14.3% YoY and -0.5% QoQ, while EBITDA declined 25.4% YoY to ₹68.90 million and EBITDA margin contracted to 13.4%; PAT rose 20.6% to ₹46.75 million because other income of ₹14.15 million represented 31.1% of PBT.
Segments
The subsidiary Shipway Technology contributed ₹200.87 million of revenue but reported a ₹15.70 million net loss, creating a material gap between standalone PAT of ₹69.67 million and consolidated PAT of ₹46.75 million.
Key positives
- Standalone revenue reached ₹312.83 million, up 12.8% YoY and 2.0% QoQ, while standalone EBITDA grew 11.2% YoY to ₹100.60 million at a 32.2% margin.
- Consolidated EPS rose 40.0% YoY to ₹0.49, ahead of 20.6% PAT growth to ₹46.75 million, with no PAT-to-EPS dilution flag.
- The company added supply-chain platform relationships with Ajanta and Swiggy Networks during the recent period, broadening disclosed ecosystem integrations.
Key concerns
- Consolidated EBITDA declined 25.4% YoY to ₹68.90 million and EBITDA margin contracted 530bps YoY to 13.4%, reversing the margin expansion seen through Q1FY26.
- Consolidated PAT of ₹46.75 million was supported by ₹14.15 million of other income, equal to 31.1% of PBT, rather than by operating profit growth.
- Shipway Technology reported ₹200.87 million of revenue but a ₹15.70 million net loss, dragging consolidated PAT ₹22.92 million below standalone PAT.
- Q1FY27 consolidated revenue growth of 14.3% was materially below the 72.2% YoY growth reported in Q3FY26 and 14.1% in Q4FY26, confirming a sharp deceleration.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.