Eternal and Nykaa post Q3 growth as India retail heads toward ₹215 trillion
Eternal reported Q3 FY26 revenue of ₹16,315 crore, up 201.9% year on year, while Nykaa’s revenue rose 27% to ₹2,873 crore. Both expanded physical reach, with Eternal adding more than 200 net stores and Nykaa reaching 276 stores across 94 cities.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210–215 trillion by 2035. Eternal, Nykaa and Delhivery reported Q3 FY26 growth, while Eternal
Key facts
- India retail market projected at Rs 210–215 trillion by 2035, versus 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%
- Eternal added over 200 net stores
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 net profit Rs 68 crore, up 156%
- Nykaa gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores, reaching 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%
- Delhivery profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
The companies’ accelerating store footprints across a retail market projected toward ₹215 trillion highlight opportunities for acquisitions, partnerships, and logistics or technology alliances that strengthen omnichannel reach.
What to watch
- Eternal’s quarterly contribution-margin trend, dark-store/store additions and order-frequency growth
- Nykaa same-store sales, online versus offline growth, EBITDA margin and inventory turns
- Discount intensity and delivery-fee changes across quick-commerce platforms
- Beauty-category growth in tier-2/tier-3 cities and pace of premium-brand launches
- Commercial-rent escalation and availability of urban fulfillment locations
- Eternal is likely to keep adding quick-commerce and food-delivery touchpoints while expanding private-label, advertising and merchant-services revenue.
- Nykaa is likely to prioritize selective store openings, exclusive brand partnerships, premium beauty formats and omnichannel loyalty programs.
- Competitors including Reliance Retail, Tata, Amazon, Flipkart and Swiggy are likely to increase investment in rapid delivery, retail media and offline-to-online customer acquisition.
- Retail landlords and high-street operators may gain pricing power in dense urban catchments as chains compete for fulfillment-capable sites.