Eternal and Nykaa post strong Q3 FY26 growth as India retail-tech outlook expands
Eternal reported Q3 FY26 revenue of Rs 16,315 crore, up 201.9% year on year, while Nykaa’s revenue rose 27% to Rs 2,873 crore. The results come as India’s retail market is projected to reach Rs 210-215 trillion by 2035, underscoring the role of quick commerce, digital discovery and logistics platforms.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART illustrate growing roles for
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% year on year
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9%
- Eternal added more than 200 net stores
- Eternal contribution margin expanded about 90 basis points sequentially; EBITDA margin improved about 130 basis points
- Eternal going-out business breakeven expected in 4-6 quarters
- Eternal share price rose 13.5% in the past year
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27% year on year
- 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 more than 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 services revenue rose 18% year on year
Why this matters
The expanding India retail market creates partnership and acquisition opportunities around last-mile logistics, beauty-brand distribution, omnichannel store technology and customer-discovery platforms.
What to watch
- Eternal’s quick-commerce order growth, gross order value, dark-store additions, take rate and contribution-margin trajectory.
- Nykaa’s GMV growth versus revenue growth, EBITDA margin, same-store productivity, inventory days and pace of store rollout.
- Changes in quick-commerce discount intensity, delivery fees, platform commissions and customer-acquisition costs.
- Rider labor rules, dark-store zoning restrictions, food and product compliance actions, and data/privacy regulation.
- Consumer demand trends in discretionary beauty, premiumization and tier-2/tier-3 city digital adoption.
- Eternal is likely to expand quick-commerce coverage, deepen private-label and high-frequency categories, and invest further in logistics density.
- Nykaa is likely to add selective physical stores in underpenetrated cities, increase brand exclusives, and connect store inventory more tightly to online fulfillment.
- Competing platforms may increase discounting, free-delivery thresholds, loyalty benefits and seller incentives to protect customer frequency.
- Beauty and lifestyle brands may allocate more marketing budgets to retail-media placements and marketplace-exclusive product launches.