Eternal and Nykaa post strong Q3 FY26 gains as India retail eyes a ₹210–215 trillion market by 2035
Eternal reported ₹16,315 crore in Q3 FY26 revenue, up 201.9% year-on-year, while Nykaa’s revenue rose 27% to ₹2,873 crore and profit climbed 156%. Nykaa added 11 stores, taking its network to 276 across 94 cities; Delhivery’s services revenue grew about 18%.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210–215 trillion by 2035. Q3 FY26 results highlighted Eternal’s quick-commerce-led revenue
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 over 200 net stores
- Eternal contribution margin expanded about 90 basis points
- Eternal EBITDA margin improved about 130 basis points sequentially
- Eternal going-out business breakeven expected in 4–6 quarters
- Eternal share price up 13.5% over 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, taking network to 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Nykaa share price up 31.7% over the past year
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18% YoY
Why this matters
The projected expansion of India retail creates a compelling case for acquisitions and partnerships in beauty, last-mile logistics, omnichannel infrastructure, and regional store networks.