Eternal and Nykaa post strong Q3 FY26 growth as retail tech scales
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.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted as
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% YoY
- Eternal added more than 200 net stores
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27% YoY
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156% YoY
- Nykaa operates 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% YoY
- Delhivery Q3 FY26 net profit: about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
Eternal’s accelerating store rollout and Nykaa’s broad city coverage make both increasingly relevant targets or partners for logistics, payments, beauty, marketplace and retail-tech collaborations.
What to watch
- Same-store sales growth and revenue per store after the latest expansion
- Contribution margin, EBITDA trajectory and fulfillment-cost trends
- Frequency and basket-size growth in quick commerce and beauty purchases
- New-store pace versus closures, especially outside top metros
- Brand exclusives, private-label mix and retail-media monetization
- Competitive discount intensity from marketplaces, quick-commerce platforms and specialty chains
- Consumer discretionary demand, inflation and urban consumption indicators
- Eternal is likely to prioritize network density, merchant assortment and higher-frequency categories while adding stores or fulfillment capacity in proven micro-markets.
- Nykaa is likely to deepen its 94-city footprint through selective store additions, exclusive brand launches and online-to-offline services such as consultations, pickup and loyalty-led cross-selling.
- Both companies may increase first-party data, retail media and private-label efforts to lift gross margins and reduce dependence on promotional demand.
- Rivals are likely to respond with targeted discounting, faster delivery promises and partnerships with beauty, fashion and consumer brands.