Ladies and gentlemen, good day, and welcome to Unicommerce eSolutions Limited's Q1 FY 2026 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 of the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant names will be in the 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, zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kapil Makhija, Managing Director and CEO of Unicommerce eSolutions Limited. Thank you, and over to you, sir. Thank you. Hello and good morning, everyone. Thank you for joining us. Before we begin, I am pleased to share an important milestone: today marks the fourth anniversary of Unicommerce as a publicly listed company. This past year has been a learning journey for our team, with disciplined execution driving consistent growth in revenue and profits as we embrace the opportunities and the responsibilities of being a listed entity. We are pleased to welcome everyone to the Q1 FY 2026 earnings call of Unicommerce eSolutions Limited. Joining me today is Anurag Mittal, our CFO, along with Strategic Growth Advisor, our Investor Relations Advisor. Q1 FY 2026 marks a strong start to the financial year, reflecting strong execution across revenue growth, profitability, and key strategic initiatives. The core demand fitness, our ability to scale sustainably while continuing to enhance our product offerings across all our platforms. For the benefit of new participants on the call, let me briefly outline our comprehensive product offerings across three platforms that make us a one-stop shop for all e-commerce enablement needs. First, Convertway. It is an AI-enabled marketing automation platform designed to improve conversion rates and sales performance on client websites. Second, Uniware. It is our fastest post-purchase supply chain management platform, widely trusted by e-commerce businesses to manage inventory, orders, warehouse, and omnichannel operations. Third, Shipway. It is our logistics technology platform offering two core solutions: courier aggregation for clients seeking to manage deliveries through multiple logistics providers via a unified interface, along with shipping automation for clients using their own courier relationships but requiring advanced tools to optimize journey logistics execution. Together, these platforms create a comprehensive solution covering the full e-commerce lifecycle, from driving demand to managing operations to handling delivery and return. Talking about our financial performance, our consolidated revenue reached INR 449.3 million in Q1 FY 2026, a 63.6% year-over-year increase. Adjusted EBITDA, which reflects our operating profitability, grew 112% year-over-year to INR 94.7 million, driven by consistent cost discipline and strong operating leverage. Adjusted EBITDA margins improved from 16.3% in Q1 FY 2025 to 21.1% in Q1 FY 2026. These results reflect the resilience of our business model, supported by disciplined cost management and improved operational efficiency. Let me now highlight some of the strategic milestones we achieved during the quarter. First, our international business, spanning six countries outside of India, turned operationally profitable in Q1 FY 2026, marking a key milestone in our global expansion journey. This was driven by a cost-effective delivery model, leveraging our established onboarding and support teams in India, which has enabled us to maintain a lean cost structure, along with a consistent addition of overseas clients, contributing to steady revenue growth. Over the past year, we have worked closely with a large retail conglomerate in the Middle East to support several of their retail businesses. In Q1 FY 2026, we secured a sizable contract in Southeast Asia, further strengthening our presence in the region. Second, we also commercially launched our payment reconciliation module, UniReco, which enables sellers to streamline their receivables from e-commerce platforms and identify potential financial leakages. Third, Uniware, our platform, achieved an annual transaction run rate of over 1 billion order items during the quarter, as far as the first season quarter of FY 2025, indicating consistent growth in volume managed through our platform. Fourth, Shipway became tax-positive during the quarter. Now coming to industry performance, while sector-wide growth remains subdued in Q1 FY 2026, we remain focused on executing multiple initiatives within our control to drive consistent growth in revenues and profitability, independent of broader market conditions. First, we introduced several product enhancements on Uniware, including Blink Mode for faster processing of high-volume workflows, multilingual support for invoices and labels, and feature upgrades for B2B and post-format order management. In Q1 FY 2026, we reached an annualized run rate of 48 million items for quick format channels compared to 20 million items in FY 2025. Second, as highlighted earlier, we commercially launched our payment reconciliation module in UniReco, whose initial feedback by early adoption clients has been positive. Third, we continue to focus on adding new clients, with 88 new clients acquired in Q1 FY 2026, as we continue to see strong sales momentum. Select additions this quarter include traditional as well as digital-first brands, such as Ajanta Shoes, Himalaya Wellness, Rupa, Lacoste, Richlook, SuperYou, Beyond Snack, and Eat Better Company. Turning to Shipway, it's a testament to see a strong adoption from new and existing customers. In line with our profitability focus, we also reviewed and restructured select low-margin accounts, which resulted in a marginal decline in revenue, but contributed to Shipway becoming tax-positive during the quarter. However, the constant growth in the business has ensured that as of July, Shipway has already reached the highest ever annualized run rate of INR 80- INR85 crore compared to approximately INR 70 crore revenue in Q1 FY 2026. Product enhancements during the quarter included launch of an AI-powered chatbot, Loca, to help brands get instant resolutions for post-purchase issues like shipment tracking and delivery delays without human intervention, along with improving user experience and expanding system integration. Convertway progressed steadily, with feature additions aimed at enhancing WhatsApp message deliverability and enabling multi-agent functionality in the customer support module. In addition, we continue to embed AI across key operational functions, including code development, ticket resolution, and client support, helping drive productivity and improve service outcomes. In summary, disciplined execution in Q1 FY 2026 has enabled us to maintain operational performance while continuing to invest in long-term platform space. Looking ahead, we see multiple structural tailwinds supporting our growth trajectories. First, India's under-proliferated e-commerce market, which presents significant room for long-term expansion. Second, a large and growing total addressable market of over $1.15 billion, with notable opportunity in areas like courier aggregation through Shipway. Third, consistent new client acquisitions across all platforms, complemented by effective cross-selling to existing clients, introduction of new use cases, and platform enhancements that unlock additional revenue streams. Fourth, continued growth in our international business, which is further diversifying our revenue base and expanding our overseas footprint. As we progress through FY 2026, our priorities remain firmly centered on disciplined execution, deepening our client engagement, and continuously enhancing our platform capabilities. That's why a strong foundation comprising our integrated offerings across Convertway, Uniware, and Shipway and a large and growing client base of over 7,000 businesses. We are well placed to strengthen our leadership in the e-commerce enablement ecosystem and unlock the next phase of sustainable growth. Now, I'd like to invite Anurag Mittal, our CFO, to share our financial performance. Over to you, Anurag. Thank you, Kapil. Good morning, everyone. Q1 FY 2026 marks a strong start to the fiscal year, reflecting both top-line momentum and continued improvement in operating profitability. Our consolidated revenue today is INR 449.3 million, representing a 63.6% year-over-year increase. Revenue growth during the quarter was supported not only by the continued scale of Uniware but also the addition of Shipway's business. Adjusted EBITDA grew by 112% year-over-year to INR 94.7 million, with margins extending from 16.3% in Q1 FY 2025 to 21.1% in Q1 FY 2026, an increase of 482 basis points. The improvements in profitability reflect our continued focus on cost discipline, operating leverage from Uniware, and operating profitability of Shipway. Profit after tax grew to INR 38.9 million, reflecting a growth of 10.8% year-over-year. The barriers between tax and adjusted EBITDA growth are attributable to a non-cash amortization expense of INR 33.2 million related to intangible assets recognized from the acquisition of Shipway Technology Private Limited. Excluding this non-cash expense, tax for the quarter would have been INR 63.7 million, representing a year-over-year increase of 81.5%. EPS increased by 10.4% year-over-year to INR 0.34 in Q1 FY 2026 compared to INR 0.31 in Q1 FY 2025. ROE increased by 140 basis points year-over-year to 20.7% in Q1 FY 2026 compared to 19.3% in Quarter 1 FY 2025. ROCE increased by 550 basis points year-over-year to 23.9% in Q1 FY 2026 compared to 18.4% in Q1 FY 2025. Shipway Technology delivered consistent revenue performance during the quarter. As Kapil mentioned earlier, a planned review of low-margin accounts was undertaken to enhance profitability, resulting in a marginal and a temporary influx of revenue. Ancillary Shipway's ARR as of July has already exceeded around INR 800-850 million in July, up from approximately INR 700 million in Q1 FY 2026, demonstrating a rebound and strong underlying momentum. The synergy and cross-sell opportunity across our platform have materialized well in the short term, and we remain optimistic about continued progress. To summarize, our performance this quarter underscores the strength of our operating model and our ability to grow efficiently as we continue to strengthen relationships with existing clients, acquire new accounts, and invest in platform enhancements to unlock incremental revenue opportunities. Our focus remains on financial discipline and delivering sustainable, profitable growth. We are pleased to announce the successful implementation of Oracle as our financial ERP platform during the quarter. This strategic move significantly strengthens our internal system, processes, and controls, making it a robust foundation for enhanced financial management. Starting Q2 of FY 2026, all financial reporting will be transitioned to the ERP platform, allowing for greater efficiency, consistency, and compliance across our reporting framework. We believe this advancement marks a key milestone in our commitment to operational excellence and financial transparency. With that, I would now like to open the floor for Q&A. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touch-on telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Participants who wish to ask questions may press star and one at this time. The first question is from the line of Mridul Goenka from CLSA. Please go ahead. Yeah, hi. Thanks for the opportunity. Am I audible? I think you're audible. Yeah, hi. Yeah, thanks for the opportunity. Actually, different questions I had. Firstly, I think on the pricing in the standalone noise, I think the estimates remain subdued now till below INR 1.10 per day and around 50% YoY. Can you just briefly summarize that through the calculated YoY and what are the exact reasons why the pricing graphs? Mr. Mridul, may we request you use a headset to ask a question? Oh, sorry. Mr. Mridul, your line is not clear. Am I audible now? Please go ahead. Yeah, hi. Actually, first question is on pricing. Can you comment, like, what are the reasons for pricing to be soft in this quarter? Absolutely. As we mentioned in the last quarter's earnings calls as well, in FY 2025, we had made our deliberate investment to accelerate adoption by offering lower minimum guarantees to select clients. If you recall, in the initial periods, the effective rate from these new clients usually tended to be higher, and we were charging a higher minimum guarantee. Now, to accelerate adoption with newer brands, we have taken a tactical call to lower these minimum guarantees to make it more affordable for the newer brands. The second is that in this call, we've also mentioned that we've seen a rapid rise of quick format volume getting managed. Both the share of B2B quick format volumes in our transaction mix has also increased. These transactions, given their bulk nature, generally realize lower transaction rates. This is too early for us to say. The resulting mix of the B2B and quick format transactions will stabilize in due course of time. We will be able to comment on a steady state rate in subsequent quarters. As of now, I would say that it's been in the similar ballpark of INR1.1, as we had mentioned, INR1.1-INR 1.2. It's due to some of these initiatives that we've taken in FY 2025. A slight increase, a larger increase in our quick format and B2B volumes as immediate focus areas has resulted in a slight decline that we worked with. Got it. Thanks. To probe further on that line, can you briefly comment on your overall business, how much is the contribution from quick format? What is the differential between transferring for quick format clients versus your regular clients? It's relatively early days for us. I think with the adoption of quick format and B2B amongst our client base, it's too early days for us to comment on the steady state contribution of the share of quick format or overall volume. The rates for quick format dealing with B2C business are sensitive and had to be dismissed for maybe four grants. Okay, not an issue. I think the next question is about your top 10 clients. I mean, I think starting from here and the other way. Hello, am I audible now? Hello? Yes, you're audible now. Okay. I wanted to know your top 10 clients or revenue proportion that has been completely changing over the last several quarters. It was decent to see some growth on a YoY basis. Can you just comment, like, are you incrementally gaining more knowledge share within your top 10 clients, or is there a huge churn in the top 10 clients? Just wanted to get a sense as to how your top customers are going along with you. Sure. I'm assuming this is for the standalone business, as I'm seeing this call. Yes. Yeah. As you would recall, we had mentioned that as far as Uniware is concerned, we have 100% knowledge share because the brand uses a single OMS for their operations. There is no question of knowledge share as far as our standalone Uniware business is concerned. The overall share of top 10 clients has been consistently declining, which is a result of our focused effort in diversifying our client base. We have seen a steady growth in the number of clients using our platform. We have seen both traditional brands as well as distance-first brands using our platform steadily growing as the e-commerce market grows. The related share decline of top 10 clients is a result of our focused effort in accelerating our client base and diversifying it further. I think on an absolute basis, also, your top 10 clients' revenue has come down by almost 20% or 30% on a YoY basis. What are the reasons for the absolute revenue shrinkage? I think it's a function of other. Also, growing series, like I said, our client base has increased. It's the relative share that's come down because our broader base continues to increase, and we continue to see a strong acceleration of new clients getting added to our customer base. Right. I get that point. My point is your top 10 clients must be growing as given that e-commerce is still growing and coming to the core of the industry. In terms of your transaction volumes, will this also see a double-digit growth? I'm not sure about the quality, but that's what I wanted to cross further, like, how your top 10 clients perceive the business from an absolute basis. The top 10 clients, given that we manage 100% of their top 10 volume, have grown in line with the market growth. I can confirm on this call that there has been no local churn amongst the top 10 customers. Okay. Got it. Got it. Finally, on Shipway, I think you mentioned that there was some planned cooling of our non-profitable accounts. On a YoY basis, I guess your growth was close to 20%, if I'm not wrong. YoY basis, we do not have the Shipway numbers because we have started consolidating it from February to December when the first plan was completed. On a quarter-on-quarter basis, there has been a slight decline because of the reasons that we had mentioned, that we have resisted some of the select low-margin accounts to ensure that Shipway performs at corporate. However, the business continues to grow month on month and has some consistent growth because of which our desired revenue is INR 80- INR 85 crore, which is our highest ever for Shipway compared to INR 70 crore revenue in Q1 FY 2026. Got it. Got it. What is the organic potential for Shipway to develop to move forward? Shipway operates in a large stack of early-post-on-current clients, so I think there's significant headroom for growth. I think the journey has just started. Shipway can continue to tap into this large customer base of social media sellers, clients selling on their own website. While there is a large pool of Uniware customers, there is a large market even outside of Uniware's customer base where Shipway can continue to target. I think the journey has just started, and we've seen that this can continue to grow aggressively. In fact, we've consistently maintained that all our new products are our engines for growth, including Shipway, Convertway, and Uniware. Amongst that, Shipway is expected to lead to a larger number of growth for us from these new products. This is indirectly in addition to what Kapil mentioned. I also mentioned in my speech that our growth momentum continued in July as well. It really demonstrated what we are seeing. In fact, you'll see Shipway's ERR increasing to the highest ever ERR of INR 80-INR85 crore compared to INR 70 crore in Q1 FY 2026 as well. There is definitely a significant potential for Shipway in the logistics market. We are quite positive about the future potential of Shipway. Got it. Got it. Would it. Would it be fair to assume that the growth in Shipway would be higher than your standalone business, given the potential work you mentioned? Yes. Uniware is a stable platform. It's been matured, built over more than a decade. The standalone business will continue its journey and market share will grow, especially given the large stack it operates in. It's a related to Uniware entrant in this space. We see that her growth potential is much higher than the standalone business. Got it. Got it. That's all the questions I had, thanks for the opportunity every day. Thank you. The next question is from the line of Arvind Arora from A Square Capital. Please go ahead. Hello. Am I audible? Yes. Yeah. Good morning, Kapil and team, and congrats on a good set of numbers. Kapil, my first question on profitability level at Uniware products. Despite the revenue split, our split has grown. Could you please throw some light where we watch a walkdown to improve the operational efficiency and how it looks like? Will this sustain or like there would be a dip or something like that? As I mentioned earlier as well, that Uniware platform is fairly stable. We've built it over a decade now. We have realigned our investments in the platform to align with the requirements of the other platform. Because of it, we see strong operating leverage in the business. We have realigned our investments essentially related to people cost because now with the help of AI, they are able to do things a lot faster than what they could do a year ago. Because of it, we've been able to build a lot of people-related efficiencies, and you will see a material decline in our people cost on the standalone business. The business in the company hasn't had an operating leverage year-over-year over the last few quarters already. We've been able to take it even further by building internal efficiency thanks to AI for not only product development but even other areas like client support, customer success, etc. Because of it, we are seeing a significant improvement in the cost base, resulting in improvement of our product. Kapil, split margins, sorry. Yeah. In addition to what Kapil also mentioned, I also wanted to comment that our practice in the platform is very mature now and a stable product requiring minimum incremental investments now. As a result, we have further improved our profitability through discipline cost management and our use of AI anyways, right? This has enabled us to realign our manpower cost to the level of appropriate investment. Definitely, Uniware continues to drive expanding profitability for us. Understood. Is it like this split margin may improve further from year as well? Definitely. Okay. If I look at Uniware, our volume growth is year-on-year 19%, correct? If I look at customer addition side, last year, our customer was 855, and it increased to 979. There's a net-net 14% growth in the customer addition. Is this growth coming from customer addition or how it is? How should we look at these operational metrics? Yeah. Our growth is a function of multiple factors. One is the market growth. Our existing clients, because we charge for transactions, as our existing clients grow in line with the market growth, we start to gain from that. The second lever of growth for us is new client additions. The third lever is a new product or, like we already did the efficiency, commercially launched UniReco. We enter to excellent cost with our existing customer base on these new products. The fourth is international expansion. We continue to add new logos in the international markets as well. Our growth is driven by a combination of these four factors. Hope that answers your questions. Yeah, at the customer level, our rate or charges will not increase. Is it like that? Yeah. First of all, I wanted to, one, clarify on the transactional growth. A lot of our transactional growth is driven by new customers getting added. We charge a minimum guarantee from these enterprise customers, in which we handle a certain number of transactions in this call. As the new customer starts using the platform, a lot of the transactional growth gets subsumed in the minimum guarantee that these new clients pay us. Because of it, the transactional growth doesn't calculate into the revenue growth all this. Secondly, I think, Kapil, before you had asked a question on the rates, our rates continue to be in a similar ballpark of 1.1. Hence, our revenue growth is a result of the four factors that I mentioned. The transactional growth in absolute cannot translate into revenue growth because a chunk of this transactional growth gets subsumed in the minimum guarantee that the new clients are paying us. Okay. Okay. Kapil, what is overlap as of now? Is there any headroom now? Sorry, what is? What is overlap as of now? I think last quarter we discussed, like, we can also get the clients from Shipway acquisition. There was an overlap of 13% if I'm correct. What is status there? Are we, whatever client that we are seeing that new acquisition is, is it coming through Shipway acquisition or how it is? Sure. I think just for clarifying, in the last quarter's earnings call, we had mentioned that the overlap across 10%. Our overlap continues to be in a similar ballpark of 10%, which we had reported in the last quarter. In terms of Uniware's client acquisition, the lever for client acquisition to Uniware is a mix of outbound sales engine where the team is reaching out to various prospects, qualifying the leads, and giving it to the sales team. Second is inbound. We have digital marketing channels as well as we participate in events, both third-party events as well as conduct our own events. We have conducted various e-commerce evangelizing initiatives such as ECOM, which is focused on smaller cities. We've conducted it in the cities of Surat, Lucknow, Ludhiana, Jaipur, etc. The third is partnerships. We continue to foster partnerships with ecosystem players, service providers, which helps us provide business opportunities. These three are our GTM levers. The cross-sell motion largely works for Shipway where we continue to showcase our new solutions, including Shipway, Convertway, and UniReco to our existing customer base of nearly 7,000 players. Okay. Is there any update, like are we changing or anything we are doing so that our overlap can increase from here? Or is this a mix where we can go like 10% overlap? I think the overlap will continue to grow as we continue to showcase these new products to our existing customer base. More and more customers will start adopting these solutions. You have to keep in mind that both businesses are growing in terms of client base. The overlap% will be a function of the common client base divided by the overall client base. Since both numbers are growing, we can't really comment on how much this overlap% will increase. The actual quantum of clients, common set of clients which are using both Uniware and Shipway, continues to increase. These 88 new clients that we have added during the quarter, is this like an organic growth for Uniware? Yeah. This is organic growth through the three GTM channels, as I mentioned, which is outbound, inbound, and packages. We have added 88 new clients in Q1 FY 2026. Last question, Kapil, any update on the acquisition part? As you are saying, we are focusing on one-stop solution from e-commerce, correct? Where do you feel we are? You also need to be there in the particular space? Yeah. As you rightly mentioned, our vision is to become a one-stop shop for e-commerce enablement. In line with that, we continue to explore opportunities and white spaces that can be relevant for the clients we are serving. There continue to be many white spaces that are present because e-commerce is a fast-evolving industry, so new white spaces keep getting created. In particular, in the pre-purchase segment where we've just gotten entry to a solution called Convertway, we feel that it's fairly wide open. There are many white spaces that continue to be there, and we will continue to explore both organic and inorganic expansion through either our product launches or strategic acquisitions to be able to show the e-commerce ecosystem being a one-stop shop for e-commerce enablement. Any update on the acquisition part or any negotiation that is going at the final stage or something like that, Kapil? I think we continue to explore various white spaces and continue to evaluate whether it makes sense to do it organically or inorganically. I think now those conversations are not mature enough for us to be shared with the wider forum today. Whenever we have something concrete, we'll be happy to share it with the wider forum. Okay. Thank you, everyone, and all the best for the future. Thank you. Thank you. Thank you. Participants who wish to ask questions may start and run now. The next question is from the line of Rajvi from Sohum Asset Managers. Please go ahead. Hello. Am I audible? Yeah, you are. Yeah. Hi, sir. Basically, I wanted to touch upon the organic growth part and the Shipway part. My first question on that would be, I want to know whether Shipway has some kind of a seasonality on a quarterly basis. Also, I want to take into account how do I manage the revenues over a quarter-on-quarter basis, considering the annual revenue of roughly around INR 85 crores. I just wanted some color on it. Sure. See, as e-commerce, as both Shipway and Uniware operate in the e-commerce ecosystem, e-commerce has got some inherent seasonality where the festive quarter can be slightly better. I just also want to highlight that Shipway is a relatively new entrant in the market space. There is a huge headroom for Shipway to grow. I think we will continue to see a consistent growth in Shipway. We may not see a backup seasonality as much in Shipway because it's a fast-growing business. In a mature business like Uniware, you will see a backup seasonality because we are serving a large customer base. We have virtually become an index to e-commerce, processing more than a billion transactions annually on our platform. Hence, you will see a more profound impact of seasonality on the more mature business, which is Uniware. Okay. Sir, considering no seasonality, if I do my numbers and if I exclude the Shipway revenue from it, can we say that the organic revenue had degrowth during the quarter on a year-on-year basis I'm talking about? As I mentioned, the growth of the standalone Uniware business is in line with the market growth. It has not degrown on a quarter-on-quarter or year-on-year basis. It continues to quote a moderate growth, which is broadly in line with the market growth. The seasonality has a lot more profound impact on a mature business like Uniware. Having said that, honestly, the market growth is something that we cannot control. What's in our control is behind our focus. We continue to add new clients. We've added 88 new clients across traditional and digital health businesses. We continue to launch new products and significantly upgrade the capabilities of our existing products so that we continue to serve the ecosystem. Got it, sir. On the capital allocation of employee expenses that was done even in this quarter, sir, just would like to know your views as in how much is this going to continue in quarters to come? The absolute number of employee costs is down. I understand that one of the adjustments in there was a transfer of a few of the employees to the parent company. I think the second one was this. Just want to understand how the employee costs going forward will pan out considering the adjustments done. Rajiv, we have done capitalization of about INR 1.5 crore in this quarter by FY 2026. The purpose of doing this capitalization is to bring that unit-shaped product to a terminal stage. We don't anticipate to do capitalizations in the subsequent quarters. In fact, no major capitalizations are anticipated in quarter two onward. Our endeavor is to make sure that we should be able to roll out these technologies within quarter two itself. Our product and technology teams are working unanimously to make sure that we should roll out these technologies as quick as possible in quarter two itself. Will the employee expenses normalize, right, in the next quarters to come? In fact, employee expenses are already normalized subject to this INR 1.5 crore of capital we have done. To be honest, the employee expenses are quite sustainable. Our underlying benefit expenses have changed due to two factors largely. The first, we have continued to improve our process efficiency, including substantial use of artificial intelligence in daily operations and technology development. This has actually allowed us to operate with a year and more expense. Okay. Sir, on the amortization cost, are we expecting it to remain as it is, or will it come down? Amortization is the expense. In fact, prior we spoke about this capitalization part in the Shipway. We believe that the group is in the process of integrating these seasonally developed solutions with the technology acquired through the business acquisition of Shipway Technology Private Limited. The integration is expected to enhance Shipway's existing product capabilities, facilitate deeper market penetration, extend the useful life of Shipway's brand, and strengthen customer relations. Upon successful completion of the integration, which is very scheduled and planned in quarter two itself, the company will evaluate the useful life of compliance developed and acquired technologies. Accordingly, the amortization spend will further reduce subsequently in quarter two and onwards. Okay. Sir, there were revisions made in the valuations of Shipway, as in the 57% which was acquired. Any reason or any color that you can give on that front? Kapil, please repeat your question last week because it wasn't very clear to us. Oh, yeah. Sir, I was talking about the revisions in valuation of Shipway made. The remaining 57% that was acquired, that was acquired at a higher valuation. I just wanted some color on why this revision had to happen. Rajiv, why we did transition class one, the valuation was around INR 160 crore. In the class two completion, the class one was our cash transition. Transition class two, we did the rest of the 17 lines a row. There is an upside of the valuation, reason being there was the engagement in the business side. By that time, we completed this class two. Hence, there was an upside in the valuation of our company. Thank you. The next question is from the line of Sahil Doshi. Please go ahead. Hi. Good morning, team, and thank you for the opportunity. I think my first question pertained to the standalone business. We've done an affordable job in terms of client service. The transaction growth has been relatively strong compared to the industry. The real point is actually the revenue is actually running in the same rate for the last four quarters, right? It's just more or less booked closure in there. We aren't really seeing this translating into real profitable revenue growth in that zone we would like to do. Could you just really quantify because you'll constantly be on a trend to have new plans? There's always a new sort of plan coming in. We always reach out there. Could you possibly tell us when do we really start seeing the revenue growth coming in the business? Thanks, Sahil Doshi. As we mentioned, the growth of Uniware's standalone business is a result of overall market growth. Like I mentioned, that's something we cannot control. We continue to add new clients. We've seen that there's a continuously large market out there where, as in the earlier discussions in the earnings call, we've mentioned that even today, we feel that about 80%- 85% of the market, of the total addressable market because it's fairly nascent, still uses Excel or manual automation to manage their e-commerce business. As a result, as the complexity of the e-commerce ecosystem increases and the overall scale of the ecosystem increases, we believe that a lot more businesses will look for software. Whereas, given that there's a larger share in the market, we continue to have a top-of-the-mind request for opting for a solution. I don't think that we will see any slowdown in terms of new client acquisitions. That will continue to grow strong. As we have demonstrated in our FY 2024 and FY 2025 results, the new client acquisition continues to contribute consistently in the growth. Our growth in the last couple of periods has been a bit subdued largely because of the overall market growth. It's hard for us to predict when this market growth is going to come back. Although we do see the initial signs of quarter two in terms of the same season of Raksha Bandhan and Prime Day sales, we've seen an hourly growth compared to the summer trend that we saw in Q1. It's hard for us to say whether that's because we did it for the full quarter. It seems the same season at least in quarter two has been a bit improving. I think once the quarter completes, we'll be able to comment further on whether the market growth is coming back, which should translate into high growth for Uniware standalone business as well. Kapil, as you illustrated, I understand the market outgrowth. We've been having consistently 20% of transaction growth. When you say market growth, what is the level you would want for that to give you the ability to take pricing growth as well for us to see at least a double-digit kind of revenue growth? Secondly, if you can possibly just to help us understand this and get more comfort, could you quantify how much of this transaction growth is today not below the minimum guarantee so that we know that there's no revenue contribution and possibly in the future what the team is trying to build will actually translate into revenue? Yes, Sahil. First of all, addressing the point about 19% transaction growth, as I mentioned, a lot of the transaction growth is a result of new client acquisition. Part of the transaction growth gets subsumed in the minimum guarantee that the new clients are paying us. The strong client acquisition that we've got in Q1 and hopefully will continue in subsequent quarters should help us in driving the growth in subsequent quarters. In addition, given that the market has been relatively subdued in the last two years, we have also built new products that will improve the capability that our existing products have to ensure that they become our future levers of growth in the standalone business. As I mentioned before as well, we continue to focus on initiatives which are in our control in driving sales acquisition and building new products and enhancing our product capabilities so that we continue to serve the ecosystem and are able to deliver growth. If the market is able to show high growth, as we've seen from the initial signs of that in quarter two sales, we should be able to see a higher growth in subsequent quarters. When you say growth, you mean actual revenue growth, right? I just wanted to understand that. Absolute revenue growth, I meant. Also, while the standalone business, we have seen we have anticipated that the growth is probably not going to be high given the market conditions. We've ensured that we continue to optimize the cost and focus on delivering high levels of profitability and high levels of operating leverage, even higher levels of operating leverage this year compared to previous few years. We've leveraged AI to optimize our internal processes, are able to build a lot more than we did in the last couple of years to ensure that we are able to go through the linear feed and just continue to deliver high levels of profitability. The way we are structuring the business is that the new products will continue to channel growth for us while the existing mature business, which is Uniware, will continue to drive or contribute large pools of profitability. With that, we continue to focus and drive initiatives which can drive growth in the standalone business as well. Sure. I don't think these questions were answered. Could you possibly quantify how much of this INR25 crore transaction per post this quarter was non-remunerative or something of that sort just to get clarity? A ballpark, I can present that in the businesses because that is more considerable for us. We do publish our NRR at an annual level. That becomes an indicator of the growth from the existing customers, which broadly has been in line with the market growth as we've published it in FY 2024 and FY 2025. I think as the numbers get to us over the year, by the end of the year, we should be able to publish NRR on them. Okay. Sure. Just lastly, on Shipway, just wanted to get a sense on the competitive dynamics. Have you seen pricing environment getting better or worse because of consolidation in the markets, which we are seeing actually from the courier and the e-commerce? Yeah. I think, as I mentioned, the fact that we are a relatively small player in the large market, we are not seeing that standard playout for us yet. I think there are enough and more logistics partners for which the need for aggregation will continue to be strong because of the diversity of the Indian landscape and the complexity of the e-commerce ecosystem, particularly when a brand is trying to sell on their website or on social media. We haven't seen any product decline in the demand for it, and the market continues to be large enough, which shows that there is a significant room for growth, particularly. Just on the pricing environment? Yeah. I think given one of the key synergies that Shipway was after acquisition by Unicommerce was because of our strong commercial arrangements with the courier partners at a group level. Because of this, Shipway has been able to leverage the benefits of that and pass on the benefits. One of the key levers of Shipway becoming more transformative and break-even was a result of the direct cost benefits that Shipway was able to derive due to group-level synergies. So far, we've not seen any impact on our pricing because we've already got enough benefits as to group-level synergies. Understood. All right. Thank you. That's it from my end. Best wishes to the team. Thank you. Thanks, Sahil. Thank you. The next question is from the line of Shreyans Gathani from SG Securities. Please go ahead. Hi. Good morning. I just wanted to follow up on one of the questions from the past participants. If I look at the top 10 customer revenue, right? Last year it has come to around INR 58 crores versus now it's INR 42 crore. When you say that they're growing in line with the markets and there's no loss or anything like that, I'm trying to understand if the minimum guarantee was offered to them or what am I missing? It's down by 28% or so. How do you look at this, if you can help me understand this revenue contribution from the top 10 customers? I think it's a bit difficult for us to comment on the specific business profile of the top 10 customers. What I can tell you is that 100% of the top 10 customers continue to be managed on us, and there has been no logo sale amongst the top 10 customers. The performance of the top 10 customers is an absolute reflection of their own business growth. The entire business still continues to be managed on Unicommerce. The second question is on the international business. You mentioned the Middle East, there's a large contract. Is the contract different in nature from a domestic business or is it a fixed revenue contract? How does that work? Is the model the same or different there? I want to clarify the last contract is from Southeast Asia. We do continue to work in the Middle East with the large European conglomerates where we are onboarding various of their retail businesses onto our platform. This last contract in Southeast Asia is similar to how we do it in the domestic market as well, where it is linked to the stack home of the business as we do it in the domestic market. The product deployment is also similar. It's a common stack that we are selective, like we always maintained as we build our technology stacks and our platform. It's a common platform that's deployed across various plans and it can configure depending on the usage of a particular plan. In the same way, for this last contract in Southeast Asia, we are configuring the platform to be able to suit their use case. Got it. Got it. At this point, what contribution would be coming from the international business? The international business is roughly 4%- 5% of the overall revenue. What kind of growth do we expect from the international business in terms of just trying to understand pricing differential versus domestic and revenue growth coming in from there, if that's going to be in line with the planned growth or is it priced higher? We continue to see a steady traction in our focused geographies in the Middle East and Southeast Asia. Our sales scaling is on a calibrated and cost-based capital-efficient level. In terms of our pricing in the international markets versus domestic markets, that's business principle. International business is still in these markets. We just carefully choose the lead markets in the Middle East and Southeast Asia because we see that these markets are, in terms of e-commerce evolution, a few years behind Indian e-commerce. The product and the platform that we've developed is definitely usable in these markets. The toxic model in terms of the scale and complexity had to seize the seat that Indian e-commerce has seen. The volume being managed of these businesses in these markets is relatively lower compared to India, both the scale and the complexity. The pricing continues to be slightly higher in these markets compared to India. It's early days. It's still only 4%- 5% of our overall revenue. As the e-commerce ecosystem in these markets evolves, the pricing as well as the new use cases in these markets will stabilize or mature over any course of time. Got it. Sir last question was on, in the last, I think last quarter or the quarter before that, you mentioned that you're starting to have certain price escalation clauses in the contract. When do those start kicking in? When did we start doing that? If you could give some color on that? As you would recall, I've mentioned that the price escalation has been introduced under new contracts since last year. The benefit of that will start accruing in the later part of this year as more and more contracts complete the year through this, through FY 2026. We are also carefully observing the impact of the price escalation in the new contracts. We hope to extend this to our existing contracts as well. If we are able to do this for initial contracts in this year, the benefit of that should accrue in the following year. Got it. Got it. That's helpful. Thank you. That's all from my end. Thank you. Now I'll hand the conference over to Mr. Kapil Mukhija for closing remarks. 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 our Strategy Growth Advisors or Investor Relations Advisors. Thank you and have a good day. Thank you. On behalf of Unicommerce eSolutions Limited, that concludes this conference. Thank you for joining us. We will now disconnect the line.