Eternal and Nykaa post Q3 FY26 gains as India retail market targets Rs 215 trillion by 2035
Financial Express flags retail-tech players Eternal, Nykaa, Delhivery and IndiaMART as India’s retail market is projected to reach Rs 210–215 trillion by 2035. Eternal reported ₹16,315 crore in Q3 FY26 revenue, while Nykaa posted 27% revenue growth and expanded to 276 stores.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. The report highlights Eternal, Nykaa, Delhivery and IndiaMART, citing
Key facts
- India retail market projected at Rs 210-215 trillion by 2035
- India retail market estimated at Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue: Rs 16,315 crore, up 201.9% YoY
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9% YoY
- Eternal added more than 200 net stores
- Eternal contribution margin expanded about 90 basis points sequentially
- Eternal EBITDA margin improved about 130 basis points sequentially
- Eternal share price rose 13.5% in the past year
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27% YoY
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156% YoY
- Nykaa gross margin: 45.2%
- Nykaa EBITDA margin: 8.0%
- Nykaa added 11 stores, reaching 276 stores
- Nykaa operates across 94 cities
- Nykaa B2B platform serves more than 4.8 lakh retailers across 1,100 cities
Why this matters
The accelerating convergence of online platforms, logistics and store networks makes partnerships or acquisitions in omnichannel capabilities, fulfilment and niche consumer categories increasingly strategic.