Slides
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Investor Presentation – Q2 & H1 FY27 MARKETING AUTOMATION OPERATIONS AUTOMATION LOGISTICS AUTOMATION End-to-End Automation for Successful Modern Businesses
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Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Unicommerce eSolutions Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance. The statements in this Presentation are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. The information contained in this presentation is subject to change without any obligation on the Company to notify any person of such revisions or change. Past performance is not indicative of future results. This Presentation shall not be deemed as tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person.
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3 AI SaaS Platforms Enabling eCommerce Across the Value Chain Helping 8,500+ Businesses Sell More, Fulfill Better, and Be Efficient One-stop for All eCommerce Automation Needs for Brands and Retailers Courier aggregation & automationAttract and convert shoppers Orchestrate orders in real time ShipSense AICatalyst AI DNA & UniBot AI Marketing automation Operations automation Logistics automation
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4 ….and more Clients 8,500+1 Fashion, Footwear & Accessories Beauty, Personal Care & FMCG Pharma, Nutrition & Medical Home & Services Electronics Brand Aggregators & House of Brands International Note: (1) Count of clients and list of logos represent clients of Uniware, Shipway and Convertway as of Q2 FY27; Logos displayed are for representation purposes only and remain the property of their respective owners. Adopted by marquee D2C brands and traditional retailers across categories
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5 Executive Summary 02 Progress Across Our Growth Drivers 03 Q2 & H1 FY27 Financial Results 04 Appendix 01 Table of Contents
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6 Strong Growth With Sustained Profitability Amid Strategic Investments Revenue 14.7% YoY^ ₹110.4 Cr +14.1 Cr Note: Consolidated financials includes subsidiary (Shipway Technology Pvt. Ltd.) financials; ^YoY compares Q2 FY27 with Q2 FY26 and H1 FY27 with H1 FY26; (1) Adjusted EBITDA has been arrived at by adding share-based payment expenses (part of employee benefits expenses) to EBITDA. EBITDA refers to earning before interest, taxes, depreciation and amortisation which has been arrived at by adding total tax expense, finance cost, depreciation and amortisation expense and reducing other income to the PAT; (2) Cash balance includes Cash & Cash Equivalent, Bank balances other than cash and cash equivalent, Deposits and Investments Adjusted EBITDA1 13.2% YoY^ ₹18.1 Cr -2.7 Cr H1 FY27 PAT ₹11.1 Cr 1.4 Cr 14.4% YoY^ Revenue 15.0% YoY^ ₹59.1 Cr +7.7 Cr Q2 FY27 Adjusted EBITDA1 ₹10.0 Cr -1.4 Cr12.1% YoY^ Cash Balance2 ₹104.4 Cr +41.1 Cr 64.8% YoY^ Healthy cash position allowing us to enhance our AI product suite and invest in future growth PAT ₹6.4 Cr +0.6 Cr 10.6% YoY^
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7 Healthy Traction in Uniware and Shipway Across Growth Drivers Marquee client wins across categories, including UCB, Amul Macho, Furlenco, Pushp Masale, JK Maini by Raymond and Nish Hair Strong balance sheet: ₹104.4 Cr cash balance, up from ₹63.4 Cr during the same period last year; ₹23.9 Cr H1 operating cash flow International expansion: ~6% Uniware revenue contribution, growing faster than domestic and profitable Shipway growth: Crossed ₹100 Cr annualised revenue run-rate, with 20-25% volumes originating from Uniware clients Strong customer acquisition: 121 enterprise clients added for Uniware, up from 103 in Q2 FY26 Double-digit growth: Uniware +14.5% YoY (5th consecutive quarter of acceleration); Shipway +15.7% YoY Key Highlights Growing adoption of new modules: UniReco and UniCapture crossed 150 enterprise clients, contributing ~2.5% of Uniware revenue Continued progress across our three growth drivers: Expand Use Cases & Product Usage Upsell & Cross-sell New Client Acquisition Glimpse of Launches This Quarter: Click to Play Click to Play by Shipway
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8 Kapil Makhija MD & CEO “We continued to build on our growth momentum in Q2 FY27, with revenue increasing 15.0% YoY to ₹59.1 crore. For H1 FY27, revenue stood at ₹110.4 crore, reflecting sustained double-digit year-on-year growth across Uniware and Shipway. Adjusted EBITDA stood at ₹10.0 crore in Q2 FY27 and ₹18.1 crore in H1 FY27, as we continued to invest in strengthening our capabilities for long-term growth. Our progress reflects the execution of three growth drivers: acquiring new clients, expanding relationships through upsell and cross-sell, and increasing product usage and use cases through AI-led product innovation. We are making progress across all three, laying the foundation for long-term growth. Uniware's growth trajectory continued to improve, supported by new enterprise additions and increasing adoption of newer modules. Shipway crossed the ₹100 crore annualised revenue run-rate milestone, supported by independent customer acquisition and growing cross-sell synergies with Uniware. Our international business also continues to expand profitably. We are strengthening both the breadth and depth of our solutions through AI-led innovation. The launch of DNA represents an important step in our evolution from a system of record towards a system of action, enabling clients to make faster decisions and automate operational responses. Our investments during H1 FY27 were funded through a portion of our operating cash flows, while maintaining a strong balance sheet. With incremental investments expected to moderate in H2 FY27, we anticipate improving profitability and operating leverage. We remain confident of achieving 15%+ revenue growth in Uniware and 20%+ in Shipway from Q4 FY27 onwards. Our focus remains on disciplined execution, expanding our growth opportunities and building a larger, more profitable Unicommerce. ” Anurag Mittal CFO Quarterly Perspective: Building for the Long Term With Focused Investments
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9 Uniware's growth is driven by three key levers: acquiring new enterprise clients, increasing adoption of additional products and modules through upselling and cross-selling, and driving higher usage through expanding use cases and deeper product capabilities. In Q2 FY27, we added 121 enterprise clients, compared with 103 in Q2 FY26. Increasing adoption of newer modules (with UniReco and UniCapture crossing 150 enterprise clients) and continued product innovation are supporting this momentum. Shipway's growth is driven by continued customer additions and increasing shipment volumes. With an estimated market share of less than 5% in the courier aggregation market, Shipway has significant headroom to acquire new customers and expand its market presence. We remain confident of achieving 15%+ YoY revenue growth in Uniware and 20%+ in Shipway from Q4 FY27 onwards. Uniware grew 14.5% YoY in Q2 FY27, marking its fifth consecutive quarter of growth acceleration, supported by strong enterprise additions and increasing adoption of newer products. Shipway grew 15.7% YoY, crossing ₹100 crore in annualised revenue run-rate. We expect continued customer acquisition, higher shipment volumes and increasing cross-sell contribution to support further acceleration. Note: (1) Refers to Shipway Technology Private Limited which consists of Shipway and Convertway businesses Q. What are the key drivers of revenue growth for Uniware and Shipway? Q. Are Uniware and Shipway on track to achieve their targeted growth rates from Q4 FY27? Frequently Asked Questions (1/3)
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10 We see upsell and cross-sell becoming increasingly meaningful contributors to organic growth. UniReco and UniCapture's combined revenue contribution increased from 0.5% of Uniware revenue in Q2 FY26 to ~2.5% in Q2 FY27. We see potential for this contribution to exceed 10% over the next 2–3 years as adoption expands. In Shipway, approximately 20-25% of shipment volumes already originate from Uniware clients, despite only ~10% client overlap. This provides a substantial opportunity to expand cross-selling across our existing customer base. Our AI strategy focuses on deepening existing product capabilities and expanding into new products and use cases. Enhancements such as ShipWise AI, Pack Smart and advanced automation help clients improve efficiency while driving higher product usage and retention. New capabilities such as DNA, AI voice bots and other solutions expand the problems we can solve and create additional monetisation opportunities. Over time, we expect these innovations to support higher revenue per client, stronger retention and operating leverage as adoption scales. Q. How significant can upselling and cross-selling become as growth drivers over the next 2–3 years? Q. How will AI-led product innovation contribute to revenue growth, retention and profitability? Frequently Asked Questions (2/3)
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11 The moderation in profitability reflects planned investments in sales and marketing, AI-led product development and senior talent, which were front-loaded during H1 FY27. Despite these investments, we remained Adjusted EBITDA positive and generated positive operating cash flows. With incremental investments expected to moderate in H2, we anticipate improving operating leverage and profitability as revenue continues to grow. Importantly, Shipway is expected to turn Adjusted EBITDA profitable in Q3 FY27 and PAT profitable in Q4 FY27. This improvement, alongside moderating investments and continued revenue growth across both businesses, is expected to drive stronger consolidated profitability in H2 FY27 compared with H1 FY27. Q. Why have profitability and margins declined despite revenue growth? What is the outlook for Shipway's break-even? Frequently Asked Questions (3/3)
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12 01 Executive Summary 02 Progress Across Our Growth Drivers 03 Q2 & H1 FY27 Financial Results 04 Appendix Table of Contents
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13 Client Acquisition, Product Adoption and Usage Drive Our Organic Growth Acquire More Clients Onboard new enterprise customers across industries and markets Expand More Solutions per Client Upsell and cross-sell additional solutions to existing clients Scale More Usage per Client Expand use cases and drive higher usage through AI-led innovation
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14 We Continue to Add Marquee Clients Across Categories to Our Client Base ExpandAcquire Scale Our Client Acquisition Approach 121 enterprise clients added in Uniware in Q2 FY27, up from 103 in Q2 FY26, across traditional enterprises & D2C brands Fashion Food & Beverage ●Leverage industry relationships and referrals to generate new leads ●Run targeted marketing campaigns across industries ●Engage decision-makers through industry events and forums ●Dedicated sales teams to acquire large enterprise clients ●Adopt consultative selling to address client needs ●Offer a comprehensive product portfolio across marketing, operations and logistics ●Build strategic partnerships to expand domestic and international reach International Home & Kitchen Industrial & Engineering Beauty & Personal Care
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15 Upsell: Increasing Adoption and Revenue From New Products Q2 FY26 Q2 FY27 ~2.5% 0.5% >10% Adoption Progress % of enterprise clients using each product Revenue Contribution UniReco & UniCapture1 as a % of Uniware Revenue 7-8% 5-6% Next 2-3 years ExpandAcquire Scale Note: (1) Revenue contribution from UniReco & UniCapture, which are billed separately. B2B & Quick Commerce modules are included in Uniware and not billed separately. Growing revenue contribution as newer SaaS products mature over 2–3 years Newer products gaining traction, with significant headroom for adoption B2B & Quick Commerce 40-45% Solves real and critical problems1 2 Delivers strong ROI 3 Seamless ecosystem integration Factors Driving Growth Grow adoption across existing clients1 2 Bundle with New Client Wins 3 Launch New Products & Modules Focus Going Forward
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16 Cross-Sell: Shipway Crosses ₹100 Cr Annual Run-Rate With Further Potential ExpandAcquire Scale Note: (1) Revenue of Shipway Technology Pvt. Ltd. for the quarter multiplied by 4. A. Cross-Sell Opportunity Low client overlap with meaningful volume potential Shipway clients also using Uniware ~10% Gradual adoption to drive incremental growth Shipway volumes from Uniware clients 20-25% B. Broader Market Opportunity Large addressable market beyond Uniware, with significant headroom to scale <5% Shipway’s share of the courier aggregation market Significant opportunity to gain market share Q2 FY26 Q2 FY27 86.9 100.6 +15.7% YoY Crossed ₹100 Cr annualised run-rate in Q2 FY27 Annualized Revenue Run Rate¹, ₹ Cr Growth Progress
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17 Advanced Segmentation Enable smart targeting based on buyer behaviour Detailed Triggers Automate campaigns based on a variety of events Catalyst AI Voice Agent New use cases unlocked across the order journey AI Chatbots Automate customer assistance across channels AI-led Product Innovation Expands Use Cases and Supports Higher Usage ExpandAcquire Scale Expand Product Breadth New products and modules that add revenue potential Expand Product Depth New capabilities in core products that drive greater adoption and stickiness DNA Enable proactive AI-led decisions and corrective actions UniCapture Integration Integrated photo/video access for faster claim submissions UniReco Pack Smart with Ship AI Improve weight accuracy and reduce discrepancies ShipWise AI Optimise courier allocation now with buyer-level intelligence Shipway Protect Protect sellers against high-value shipment losses Delivery Assure Reduce RTOs through proactive buyer communication Claims Management End-to-end claims automation and tracking
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18 Uniware: DNA Adds AI-Based Decision and Actions Support to Operations Product Depth AI prevents problems before they happen by recommending decisions to the user What DNA does ExpandAcquire Scale Identifies anomalies early so teams can act before buyers are impacted Recommends the next best action so teams know how to resolve issues Prioritises actions by impact so teams focus on what matters most Click to Play
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19 Uniware: UniReco Integrates Claims Management With UniCapture Evidence Product Breadth ExpandAcquire Scale End-to-end claims management across marketplaces with seamless evidence capture Claims Management and Tracking Panel Centralised Claims Tracking & Recovery Urgency-Based Claims Management Integrated UniCapture Evidence Upload End-to-end Claims Automation and Tracking Manage claims across marketplaces in one place, so no claims are lost Raise Eligible Claims Track Status End-to-end Never Miss a Response UniCapture Integration for Evidence Upload evidence directly from UniCapture, while raising a claim. One-click Photo and Video Upload Evidence Linked to The Claim Faster and More Complete Claims Note: Images for representation purposes only
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20 Uniware: Enhancements Address Shipping Costs and Seller Efficiency Product Depth ExpandAcquire Scale Problems Faced By Clients Enhanced Solutions By Shipway Outcomes for Clients Product enhancements that solve real seller challenges and make the platform stickier Higher courier charges due to weight discrepancies › Pack Smart With Ship AI Lower leakage from overweight charges› Lack of customer intelligence to allocate right courier for every order › ShipWise AI Higher delivery rates, reduced RTOs and lower costs› 1. Take a photo of the package KG 2. Volumetric weight calculated instantly Past customer data P2P pincode intelligence Uses customer and delivery intelligence 3. Smart weight freeze avoids repetitive manual entries Best courier recommendation Courier A Courier B Courier C Stressed pincodes flagged Heavy rains PIN: 123456 ★ Industry First Delivery & RTO performance + +
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21 Uniware: Added Shipment Protection and Deliver Assurance Products Product Breadth Value-added services on top of every shipment driving better outcomes for sellers ExpandAcquire Scale Shipway Protect Protects sellers against lost or damaged high-value shipments Shipment dispatched Auto-covered if high-value shipment Loss or damage Claim via Shipway Delivery Assure Shipway manages customer contact for failed deliveries; Clients pay additional fee for successful deliveries Delivery attempt fails Buyer contacted automatically Re-attempt, if positive response Fee only if delivered Click to Play
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22 Uniware: Improved Campaign Targeting and ROI Measurement Product Depth ExpandAcquire Scale 40+ events and properties to reach the right customers, at the right time, and see what drives results Who To Reach Advanced Segmentation Build precise audiences using buyer and order behaviour. Detailed Triggers Trigger campaigns around key customer actions and events. Customer Lifecycle e.g. new, returning, high value (VIP) Pre-Purchase e.g. product viewed, cart abandoned Journey Stage & Channel e.g. exclude WhatsApp-messaged customers Engagement Signals e.g. inactive users, price drop, back in stock Configurable Attribution Choose how conversion is tagged, so ROI matches business goals. Measure by Campaign and Channel See which offers and journeys drive conversions True ROI View revenue and orders attributed to campaigns Create audience Ordered in last 7 days Order value > ₹2,000 Returning customer Exclude: WhatsApp Select trigger Order placed Order delivered NDR (failed delivery) Set conditions Category is Skin Care Order value is > ₹2,000 Save trigger Campaign performance Illustrative ₹12.4L Revenue from campaign 4.8x ROI 18,420 Orders attributed Channel Revenue Orders ROI WhatsApp ₹6.8L 9,430 5.1x Email ₹3.1L 5,210 4.2x When To Reach Them How to Measure Order Behaviour Post-Purchase e.g. order delivered, NDR, request review Flexible Attribution Models e.g. message delivered, read, link clickede.g. ordered in last 7 days, order value range
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23 Uniware: Expanded AI Voice Use Cases and Chat Support Product Breadth AI agents now handle more conversations across the customer journey Catalyst AI Voice Agent AI Chatbots Web Chat Website support with voice input and customisable banners. NEXT Instagram and More Extending AI support to Instagram and other channels. ExpandAcquire Scale New use cases unlocked across the order journey Before Purchase Abandoned Cart Recovery Order Placed COD Verification Before Dispatch COD-to-Prepaid Conversion At Delivery NDR Follow-up, Rescheduling and Feedback After Delivery Inbound Support Assistant Automated assistance across channels. WhatsApp Product discovery, offers, order tracking and returns. New New New New
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24 Industry Insights and Training Help Brands Prepare for Peak Festive Demand Best practices, actionable insights, and industry sessions to prepare for peak demand Click icons to view Best practices Insights Webinars
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25 Executive Summary 02 Progress Across Our Growth Drivers 03 Q2 & H1 FY27 Financial Results 04 Appendix 01 Table of Contents
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26 Q2 FY27: Double-Digit Growth While Investing in Long-Term Capabilities Q2 FY26 Q2 FY27 10.0 11.4 Q2 FY26 Q2 FY27 51.4 59.115.0%^ Adjusted EBITDA (₹ Cr)1Revenue (₹ Cr) Notes: Consolidated financials includes subsidiary (Shipway Technology Pvt. Ltd.) financials; ^YoY compares Q2 FY27 with Q2 FY26; (1) Adjusted EBITDA has been arrived at by adding share-based payment expenses (part of employee benefits expenses) to EBITDA. EBITDA refers to earning before interest, taxes, depreciation and amortisation which has been arrived at by adding total tax expense, finance cost, depreciation and amortisation expense and reducing other income to the PAT (2) Refers to Shipway Technology Private Limited which consists of Shipway and Convertway businesses 22.2% 17.0% 11.3% 10.8% Margin as a % of RevenueXX% Profit After Tax (₹ Cr) (12.1%)^ Q2 FY26 Q2 FY27 6.4 5.8 10.6%^ ● Adj. EBITDA up 23.9% QoQ in Q2 FY27 ● Standalone Adj. EBITDA margin improved marginally (Q2 FY26 vs. Q2 FY27): 35.8% → 36.0% ● YoY decline reflects planned investments in H1 FY27; Expected to improve in H2 FY27 ● PAT up 36.7% QoQ in Q2 FY27 ● Uniware +14.5% YoY (5th consecutive quarter of acceleration); Shipway² +15.7% YoY and crossed ₹100 Cr annualised run-rate
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27 H1 FY27: Sustained Growth With Higher Profitability Expected in H2 H1 FY26 H1 FY27 18.1 20.9 H1 FY26 H1 FY27 96.3 110.414.7%^ Adjusted EBITDA (₹ Cr)1Revenue (₹ Cr) Notes: Consolidated financials includes subsidiary (Shipway Technology Pvt. Ltd.) financials; ^YoY compares H1 FY27 with H1 FY26; (1) Adjusted EBITDA has been arrived at by adding share-based payment expenses (part of employee benefits expenses) to EBITDA. EBITDA refers to earning before interest, taxes, depreciation and amortisation which has been arrived at by adding total tax expense, finance cost, depreciation and amortisation expense and reducing other income to the PAT (2) Refers to Shipway Technology Private Limited which consists of Shipway and Convertway businesses 21.7% 16.4% 10.0% 10.0% Margin as a % of RevenueXX% Profit After Tax (₹ Cr) (13.2%)^ ● Standalone Adj. EBITDA margin improved (H1 FY26 vs. H1 FY27): 34.4% → 35.7% ● YoY decline in Ajd. EBITDA reflects planned investments in H1 FY27; Expected to improve in H2 FY27 ● PAT grew 14.4% YoY despite lower Adj. EBITDA, supported by lower amortisation and tax H1 FY26 H1 FY27 11.1 9.7 14.4%^ ● Consolidated growth improved from 14.3% YoY in Q1 FY27 to 15.0% YoY in Q2 FY27 ● Uniware +13.7% YoY and Shipway² +16.2% YoY in H1 FY27
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28 Balance Sheet Continues to Strengthen With Adjusted EBITDA Translating Into Cash Resources Note: Consolidated financials includes subsidiary (Shipway Technology Pvt. Ltd.) financials; ^YoY compares Q2 FY27 with Q2 FY26; (1) Cash & Bank Balance includes Cash & Cash Equivalent, Bank balances other than cash and cash equivalent, Deposits and Investments Cash Balance (₹ Cr)1 Sep-25 Sep-26 104.4 63.4 64.8%^ Cash Flow From Operations (₹ Cr) Q2 FY26 Q2 FY27 11.6 9.6 20.6%^
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29 Unicommerce: A Scalable Business Built for Enduring, Profitable Growth Extensive suite of AI-first eCommerce solutions spanning the order lifecycle Use of AI at scale to drive client outcomes Multiple growth drivers: new clients, higher usage and broader product adoption Asset-light model with a low fixed-cost base and strong operating leverage Recurring, usage-linked revenue model that grows with clients Consistent growth, profitability and cash generation
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30 02 Progress Across Our Growth Drivers 03 Q2 & H1 FY27 Financial Results 04 Appendix Executive Summary01 Table of Contents
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31 Key Performance Indicators – Q2 FY27 KPIs Q2 FY27 Q1 FY27 Q2 FY26 QoQ Growth YoY Growth FY26 Revenue from contract with customers1 59.1 51.4 51.4 15.0% 15.0% 204.3 Total Income 60.7 52.8 52.2 14.9% 16.1% 208.4 Total Expense 52.8 48.2 44.4 9.6% 18.9% 179.6 Gross Margin2 51.4% 51.9% 55.0% (43 bps) (357 bps) 53.3% Adj. EBITDA3 10.0 8.1 11.4 23.9% (12.1%) 43.9 Adj EBITDA Margin%4 17.0% 15.8% 22.2% 122 bps (523 bps) 21.5% EBITDA5 8.6 5.5 9.1 57.0% (6.0%) 35.4 EBITDA Margin%6 14.5% 10.6% 17.8% 389 bps (324 bps) 17.3% PBT 7.8 4.6 7.8 71.7% 0.6% 28.8 PBT Margin%7 13.3% 8.9% 15.2% 438 bps (189 bps) 14.1% PAT 6.4 4.7 5.8 36.7% 10.6% 20.5 PAT Margin%8 10.8% 9.1% 11.3% 172 bps (43 bps) 10.0% Annual Recurring Revenue9 236.3 205.5 205.5 15.0% 15.0% 206.5 Total Enterprise Clients (in Nos.)#^ 1,233 1,228 1,023 0.4% 20.5% 1,126 Revenue per Employee10#^ 0.5 0.5 0.5 – – 0.4 Share of Revenue from Top 10 Clients (%)#^ 10.5% 11.9% 15.1% (136 bps) (460 bps) 12.1% Notes: ^Unaudited & basis management of accounts (1) Revenue from contract with customers is total revenue generated by our Company from SaaS income and shipping service income, excluding other income sources. (2) Gross margin percentage represents the margin generated by the business after deducting the direct costs incurred to serve the clients, divided by revenue from contract with customers during the respective period / year. Direct costs include server hosting expense, software services and support cost attributable to business operation. (3) Adjusted EBITDA represents adjusted earnings before interest, taxes, depreciation and amortisation which has been arrived at by adding share-based payment expenses (part of employee benefits expenses) to EBITDA. EBITDA refers to earning before interest, taxes, depreciation and amortisation which has been arrived at by adding total tax expense, finance cost, depreciation and amortisation expense and reducing other income to the profit for the period / year. (4) Adjusted EBITDA Margin % represents Adjusted EBITDA as a % of revenue from contract with customers for the respective period / year. (5) EBITDA refers to earning before interest, taxes, depreciation and amortisation which has been arrived at by adding total tax expense, finance cost, depreciation and amortisation expense and reducing other income to the profit for the period / year. (6) EBITDA Margin % represents EBITDA as a % of revenue from contract with customers for the respective period / year. (7) Profit Before Tax Margin % represents Profit Before Tax as a % of revenue from contract with customers for the respective period / year. (8) Profit After Tax Margin % represents Profit After Tax as a % of revenue from contract with customers for the respective period / year. (9) Annual Recurring Revenue (“ARR”) is defined as revenue from contract with customers in the most recent quarter of the respective periods multiplied by 4. (10) Revenue from contract with customers / employee represents revenue from contract with customers divided by the average number of employees for the respective periods. For quarter periods, the ratio has been calculated on the basis of annualised revenue from contract with customers for the given period / year; (#) KPIs relate to Uniware platform only Financial numbers in ₹ Cr ● Uniware grew 14.5% YoY; Shipway grew 15.7% YoY ● Gross margin moderated YoY due to change in revenue mix between Uniware and Shipway, which operate with different margin structures ● Adjusted EBITDA rose 23.9% QoQ, with margins up 122 bps; YoY margins reflect strategic investments in H1 FY27, with profitability expected to improve in H2 FY27 ● PAT improved YoY due to tax benefits recognised during the quarter ● Top-10 client revenue share declined to 10.5% from 15.1%, reflecting a broader base
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32 KPIs H1 FY27 H1 FY26 FY26 YoY Growth Revenue from contract with customers1 110.4 96.3 204.3 14.7% Total Income 113.4 98.0 208.4 15.8% Total Expense 101.0 85.1 179.6 18.8% Gross Margin2 51.6% 54.6% 53.3% (300 bps) Adj. EBITDA3 18.1 20.9 43.9 (13.2%) Adj EBITDA Margin%4 16.4% 21.7% 21.5% (526 bps) EBITDA5 14.1 17.5 35.4 (19.8%) EBITDA Margin%6 12.7% 18.2% 17.3% (548 bps) PBT 12.4 12.9 28.8 (4.2%) PBT Margin%7 11.2% 13.4% 14.1% (221 bps) PAT 11.1 9.7 20.5 14.4% PAT Margin%8 10.0% 10.0% 10.0% – Annual Recurring Revenue9 236.3 205.5 206.5 15.0% Total Enterprise Clients (in Nos.)#^ 1,233 1,023 1,126 20.5% Revenue per Employee10#^ 0.5 0.5 0.4 - Share of Revenue from Top 10 Clients (%)#^ 10.6% 13.9% 12.1% (323 bps) Key Performance Indicators – H1 FY27 Notes: ^Unaudited & basis management of accounts (1) Revenue from contract with customers is total revenue generated by our Company from SaaS income and shipping service income, excluding other income sources. (2) Gross margin percentage represents the margin generated by the business after deducting the direct costs incurred to serve the clients, divided by revenue from contract with customers during the respective period / year. Direct costs include server hosting expense, software services and support cost attributable to business operation. (3) Adjusted EBITDA represents adjusted earnings before interest, taxes, depreciation and amortisation which has been arrived at by adding share-based payment expenses (part of employee benefits expenses) to EBITDA. EBITDA refers to earning before interest, taxes, depreciation and amortisation which has been arrived at by adding total tax expense, finance cost, depreciation and amortisation expense and reducing other income to the profit for the period / year. (4) Adjusted EBITDA Margin % represents Adjusted EBITDA as a % of revenue from contract with customers for the respective period / year. (5) EBITDA refers to earning before interest, taxes, depreciation and amortisation which has been arrived at by adding total tax expense, finance cost, depreciation and amortisation expense and reducing other income to the profit for the period / year. (6) EBITDA Margin % represents EBITDA as a % of revenue from contract with customers for the respective period / year. (7) Profit Before Tax Margin % represents Profit Before Tax as a % of revenue from contract with customers for the respective period / year. (8) Profit After Tax Margin % represents Profit After Tax as a % of revenue from contract with customers for the respective period / year. (9) Annual Recurring Revenue (“ARR”) is defined as revenue from contract with customers in the most recent quarter of the respective periods multiplied by 4. (10) Revenue from contract with customers / employee represents revenue from contract with customers divided by the average number of employees for the respective periods. For quarter periods, the ratio has been calculated on the basis of annualised revenue from contract with customers for the given period / year; (#) KPIs relate to Uniware platform only ● Uniware grew 13.7% YoY; Shipway grew 16.2% YoY ● Gross margin moderated YoY due to a change in revenue mix between Uniware and Shipway, which operate with different margin structures ● Adjusted EBITDA margin moderated to 16.4% YoY; Margins reflect strategic investments in H1 FY27, with profitability expected to improve in H2 FY27 ● PAT grew 14.4% YoY despite lower Adjusted EBITDA due to tax benefits recognised during the period ● Top-10 client revenue share declined to 10.6% from 13.9%, reflecting a broader base Financial numbers in ₹ Cr
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33 P&L – Q2 FY27 Particulars For the quarter ended September 30, 2026 (Audited) For the quarter ended June 30, 2026 (Audited) For the quarter ended September 30, 2025 (Audited) For the year ended March 31, 2026 (Audited) Income Revenue from contract with customers 59.08 51.37 51.38 204.34 Other income 1.59 1.42 0.85 4.08 Total income (I) 60.67 52.79 52.23 208.42 Expenses Employee benefits expense 20.90 20.61 16.94 68.55 Server hosting expense 1.91 1.78 1.35 5.97 Finance costs 0.19 0.21 0.20 0.78 Depreciation and amortisation expense 2.15 2.11 2.00 9.95 Other expenses 27.67 23.51 23.96 94.39 Total expense (II) 52.83 48.22 44.45 179.64 Profit before tax (III = I-II) 7.84 4.56 7.79 28.78 Current tax 2.80 2.41 2.09 8.95 Adjustment of tax relating to earlier periods – – – 0.37 Deferred tax charge/(credit) (1.35) (2.52) (0.09) (1.00) Income tax expense (IV) 1.45 (0.11) 2.01 8.32 Profit for the quarter/year (V= III-IV) 6.39 4.67 5.78 20.46 Note: The figures in the table have been converted from millions to crores. Totals may not add up due to rounding off. Financial numbers in ₹ Cr
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34 P&L – H1 FY27 Particulars For the half year ended September 30, 2026 (Audited) For the half year ended September 30, 2025 (Audited) For the year ended March 31, 2026 (Audited) Income Revenue from contract with customers 110.45 96.32 204.34 Other income 3.00 1.68 4.08 Total income (I) 113.45 98.00 208.42 Expenses Employee benefits expense 41.52 31.50 68.55 Server hosting expense 3.69 2.59 5.97 Finance costs 0.40 0.35 0.78 Depreciation and amortisation expense 4.26 5.93 9.95 Other expenses 51.18 44.68 94.39 Total expense (II) 101.05 85.05 179.64 Profit before tax (III = I-II) 12.40 12.95 28.78 Current tax 5.21 3.91 8.95 Adjustment of tax relating to earlier periods – – 0.37 Deferred tax charge/(credit) (3.88) (0.64) (1.00) Income tax expense (IV) 1.34 3.27 8.32 Profit for the quarter/year (V= III-IV) 11.07 9.67 20.46 Note: The figures in the table have been converted from millions to crores. Totals may not add up due to rounding off. Financial numbers in ₹ Cr
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35 Particulars For the half year ended September 30, 2026 (Audited) For the half year ended September 30, 2025 (Audited) Cash flow from operating activities Profit before tax for the period 12.40 12.95 Adjustment to reconcile profit before tax for the period to net cash flows: Depreciation of property, plant and equipment 0.55 0.31 Amortisation of Intangible assets 2.51 4.64 Depreciation of right of use of assets 1.20 0.97 (Gain)/loss on sale of property, plant and equipment (0.01) (0.00) Share-based payment expense 4.08 3.35 Loss allowance on financials assets 1.92 – Finance Costs - Interest on lease liability 0.37 0.35 Finance Costs - Interest on bank overdraft 0.03 0.01 Income on financial instruments at fair value through fair value profit and loss (1.03) (0.49) Unwinding of discount on financial assets at amortised cost (0.03) (0.01) Interest income on bank deposits (1.89) (1.00) Loss on modification of lease liability – 0.18 Gain on sale of investments (0.05) (0.05) Operating profits before working capital changes 20.06 21.20 Working capital adjustments: Increase/(decrease) in trade payables and other payables 5.64 6.87 Increase/(decrease) in provisions 0.93 (1.16) Increase/(decrease) in other liabilities and other financial liabilities 3.14 3.60 Decrease/(increase) in trade receivables (4.52) 3.80 Decrease/(increase) in other assets and other financial assets 1.62 (0.78) Cash generated from operations 26.86 33.52 Income taxes paid (net of refund) (2.98) (3.86) Cash flow from operating activities (A) 23.88 29.67 Cash Flow Statement (1/2) Note: The figures in the table have been converted from millions to crores. Totals may not add up due to rounding off. Financial numbers in ₹ Cr
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36 Particulars For the half year ended September 30, 2026 (Audited) For the half year ended September 30, 2025 (Audited) Cash flow from investing activities Purchase of property, plant and equipment (2.24) (0.47) Proceeds from sale of property, plant and equipment 0.02 – Capital work in progress – (1.50) Investment in bank deposits (17.73) (3.89) Redemption of bank deposits 2.00 1.50 Investment in mutual fund (8.00) (22.00) Redemption of mutual fund 0.75 2.00 Interest received on bank deposits 0.35 0.35 Cash used in investing activities (B) (24.86) (24.01) Cash flow from financing activities Proceeds from issue of equity shares – 0.00 Interest paid on bank overdraft (0.03) (0.01) Payment of principal portion of lease liabilities (1.05) (0.82) Payment of interest portion of lease liabilities (0.37) (0.35) Cash used in financing activities (C) (1.45) (1.17) Net increase/(decrease) in cash and cash equivalents (A+B+C) (2.43) 4.49 Cash and cash equivalents at the beginning of the period 3.60 1.97 Cash and cash equivalents at the end of the period 1.17 6.46 Cash Flow Statement (2/2) Note: The figures in the table have been converted from millions to crores. Totals may not add up due to rounding off. Financial numbers in ₹ Cr
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37 Particulars As at September 30, 2026 (Audited) As at September 30, 2025 (Audited) ASSETS Non-current assets Property, plant and equipment 2.59 1.52 Right-of-use assets 7.94 9.14 Goodwill 117.21 117.21 Intangible assets 33.85 36.36 Financial assets Other financial assets 7.76 31.62 Deferred tax assets 1.98 2.03 Total non-current assets 171.32 197.89 Current assets Financial assets Investments 39.51 31.19 Trade receivables 13.60 10.99 Cash and cash equivalents 1.47 3.60 Bank balances other than cash and cash equivalents 3.15 3.15 Other financial assets 59.21 19.86 Other current assets 6.11 5.92 Total current assets 123.04 74.70 Total assets 294.37 272.59 Balance Sheet (1/2) Note: The figures in the table have been converted from millions to crores. Totals may not add up due to rounding off. Financial numbers in ₹ Cr
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38 Particulars As at September 30, 2026 (Audited) As at September 30, 2025 (Audited) EQUITY AND LIABILITIES Equity Equity share capital 11.24 11.24 Other Equity 196.65 181.73 Total equity 207.89 192.97 Liabilities Non-current liabilities Financial Liabilities Lease liabilities 6.45 7.57 Provisions 3.59 3.01 Deferred tax liabilities 3.37 7.37 Total non-current liabilities 13.41 17.95 Current liabilities Financial Liabilities Borrowings 0.30 – Lease liabilities 1.98 1.90 Trade and other payables total outstanding dues of micro and small enterprises 0.07 0.06 total outstanding dues other than micro and small enterprises 30.60 24.98 Other financial liabilities 10.71 12.74 Provisions 2.32 1.68 Current tax liabilities (net) 5.42 3.18 Other current liabilities 21.67 17.13 Total current liabilities 73.07 61.67 Total liabilities 86.48 79.62 Total equity and liabilities 294.37 272.59 Balance Sheet (2/2) Note: The figures in the table have been converted from millions to crores. Totals may not add up due to rounding off. Financial numbers in ₹ Cr
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39 For further information, please contact Company: Investor Relations Advisors: CIN: L74140DL2012PLC230932 Investor Relations investor.relations@unicommerce.com www.unicommerce.com CIN: U74140MH2010PTC204285 Mr. Rahul Agarwal / Mr. Karan Thakker rahul.agarwal@sgapl.net / karan.thakker@sgapl.net +91 98214 38864 / +91 81699 62562 www.sgapl.net