Eternal and Nykaa report Q3 FY26 growth as quick commerce and omnichannel retail scale

Eternal reported Q3 FY26 revenue of Rs 16,315 crore, up 201.9% year on year, alongside margin gains in quick commerce. Nykaa’s revenue rose 27% to Rs 2,873 crore as it expanded stores, rapid delivery and its B2B platform.

— FiledSun, 26 Jul, 2026, 03:46 IST·First seen Sun, 26 Jul, 2026, 03:45 IST·Source Financial Express · BrandWagon

What happened

Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal’s quick-commerce-led Q3 FY26 growth and Nykaa’s store,

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
  • Eternal quick-commerce contribution margin expanded about 90 bps; EBITDA margin improved about 130 bps sequentially
  • Eternal going-out business targets breakeven in 4-6 quarters
  • 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%; EBITDA margin: 8.0%
  • Nykaa added 11 stores, reaching 276 stores in 94 cities
  • Nykaa B2B platform serves more than 4.8 lakh retailers across 1,100 cities

Why this matters

The results make logistics, rapid-fulfilment, retail-tech and B2B beauty capabilities increasingly attractive partnership or acquisition targets for companies seeking omnichannel scale.

What to watch

  • Sequential improvement in quick-commerce contribution margin, adjusted EBITDA and cash burn at Eternal.
  • Dark-store additions, order density, average order value, delivery times and advertising revenue mix.
  • Evidence of renewed discounting or delivery-fee competition from quick-commerce and marketplace rivals.
  • Nykaa store productivity, same-store sales growth, fulfilment costs and online-versus-offline margin trends.
  • Growth and profitability of Nykaa’s B2B platform, premium beauty mix and rapid-delivery adoption.
  • Consumer demand resilience in discretionary beauty and non-grocery quick-commerce categories.
  • Eternal is likely to expand quick-commerce assortment beyond grocery into higher-margin general merchandise, beauty, pharmacy-adjacent and private-label categories.
  • Eternal may prioritize dark-store density, supply-chain automation and membership or loyalty mechanics to defend customer frequency while improving contribution margins.
  • Nykaa is likely to selectively add experiential stores and rapid-delivery coverage in major cities while using its B2B platform to deepen brand and retailer relationships.
  • Both companies are likely to emphasize margin quality, repeat rates and order economics over headline GMV growth as investors scrutinize the sustainability of expansion.