1. At a Glance
Unicommerce is India’s largest eCommerce enablement SaaS platform for transaction processing. With clients like Duroflex, Blinkit, and Ethos, and a 30% annual revenue growth, it’s helping retailers sell like it’s Diwali every day. But at 72x PE and 18x book, is it priced like Shopify, but still selling like ShopClues?
2. Introduction with Hook
Imagine running an e-commerce store during a festive sale—10,000 orders, 5 warehouses, 3 courier partners, 7 angry customers, and 1 broken keyboard.
Now imagine Unicommerce saying: “Hold my API.”
- FY25 Revenue: ₹135 Cr (Up 30%)
- EBITDA Margin: 20%
- ROCE: 32%
This isn’t your average SaaS story—it’s a logistics-fueled tech ride that’s literally powering India’s e-retail dreams from behind the scenes.
3. Business Model (WTF Do They Even Do?)
Unicommerce runs a full-stack SaaS engine that manages:
- Warehouse Management Systems (WMS)
- Order Management across marketplaces, websites, and offline stores
- Returns, refunds, and reconciliations automation
- Multi-channel integration (Flipkart, Amazon, Nykaa, you name it)
- Clients: 11,860 facilities, 8,900 warehouses, and 2,900 omnichannel stores.
They’re basically Zapier + Shopify + ERP-lite, custom-built for India’s chaos.
4. Financials Overview
| Particulars | FY24 | FY25 |
|---|---|---|
| Revenue (Cr) | 104 | 135 |
| EBITDA (Cr) | 14 | 26 |
| EBITDA Margin (%) | 14% | 20% |
| Net Profit (Cr) | 13 | 18 |
| EPS (₹) | 2.23 | 1.71 |
| ROE (%) | — | 25.3% |
| ROCE (%) | — | 32.0% |
YoY revenue up 30%.
Margins are scaling faster than their servers.
5. Valuation
Let’s decode the PE circus:
- PE Basis (Fair multiple: 40x on ₹1.71 EPS)
FV = ₹68 - EV/EBITDA (~25x on FY25 EBITDA ₹26 Cr)
EV = ₹650 Cr ⇒ FV = ₹102–110/share - Reverse DCF (@15% growth, 12% discount)
FV = ₹100–120/share
Current Price: ₹122
Verdict: Slightly stretched, justified only if growth sustains 25%+ CAGR.
6. What’s Cooking – News, Triggers, Drama
- Acquired Shipway in FY25: Brings last-mile visibility and post-order automation.
- Client wins: Duroflex, Blinkit, Ethos—big brands, bigger pipelines.
- Leadership churn: CTO Bhupinder Garg resigned.
- 120+ new clients onboarded in Q4 FY25 alone.
- Crossed 1 billion annual order items processed. (yes, with a ‘b’)
This ain’t just a spreadsheet startup anymore.
7. Balance Sheet
| Item | FY24 | FY25 |
|---|---|---|
| Equity Capital | 6 | 10 |
| Reserves | 63 | 60 |
| Borrowings | 8 | 8 |
| Other Liabilities | 33 | 150 |
| Total Liabilities | 109 | 228 |
| Fixed Assets | 8 | 168 |
| Investments | 6 | 4 |
| Other Assets | 95 | 57 |
- Fixed Assets surged due to Shipway consolidation.
- Cash-light SaaS DNA still visible, but infra investments are heating up.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net CF |
|---|---|---|---|---|
| FY24 | 6 | -30 | -2 | -25 |
| FY25 | 28 | -22 | -5 | +1 |
- FY25 saw strong ops cash, but Shipway capex pulled down FCF.
- Still positive net cash, and no funding drama yet.
9. Ratios – Sexy or Stressy?
| Ratio | FY24 | FY25 |
|---|---|---|
| ROCE | — | 32% |
| ROE | — | 25% |
| OPM | 14% | 20% |
| PE | 55x | 71.8x |
| PB | ~15x | 18x |
| Debtor Days | 47 | 37 |
| Working Capital | 222 | -229 |
That negative working capital? SaaS gold.
Vendors fund ops, and clients pay upfront. Clap. Clap. Clap.
10. P&L Breakdown – Show Me the Money
| Year | Revenue (Cr) | EBITDA (Cr) | PAT (Cr) | EPS (₹) |
|---|---|---|---|---|
| FY24 | 104 | 14 | 13 | 2.23 |
| FY25 | 135 | 26 | 18 | 1.71 |
- EPS fell YoY due to dilution from equity issue (Shipway acquisition).
- But EBITDA almost doubled. More clients, more margin power.
11. Peer Comparison
| Company | CMP (₹) | PE | ROCE (%) | OPM (%) | PAT (Cr) | Sales (Cr) |
|---|---|---|---|---|---|---|
| Unicommerce | 122 | 71.8 | 32.0 | 20.0 | 18 | 135 |
| CE Info Systems | 1,795 | 76.4 | 24.1 | 38.0 | 128 | 463 |
| Nucleus Software | 1,159 | 23.2 | 22.6 | 20.2 | 64 | 228 |
| Tanla Platforms | 632 | 16.8 | 29.2 | 17.2 | 117 | 1,024 |
Takeaway:
Unicommerce is tiny but rich on margins and growing like it’s 2010 Flipkart.
12. Miscellaneous – Shareholding, Promoters
| Category | Sep ’24 | Mar ’25 |
|---|---|---|
| Promoters | 39.42% | 39.19% |
| FIIs | 2.30% | 0.42% |
| DIIs | 10.28% | 7.51% |
| Public | 47.99% | 52.88% |
| Shareholders | 1.11 L | 1.11 L |
- Public shareholding is exploding → post-IPO retail hype intact.
- FII stake dropped. Maybe waiting for better valuation?
13. EduInvesting Verdict™
Unicommerce is a classic “back-end boss” of the eCommerce party. No one knows them, but they run the show. The SaaS model is sticky, profitable, and scalable. Their ability to process over a billion orders a year with 20% margin is rare in Indian SaaS.
But… the 72x PE screams perfection. One missed quarter, one slowdown, and this stock could drop faster than abandoned Flipkart carts.
Long-term story? Strong.
Short-term? Overpriced.
Tech-stack? Fire.
Public perception? Still building.
Metadata
– Written by EduInvesting Team | July 13, 2025
– Tags: SaaS, ecommerce, logistics-tech, Unicommerce, IPO-stock, warehouse-management, backend-ops, Shipway
