Eternal and Nykaa's Q3 FY26 gains resurface as India retail targets ₹215 trillion
Resurfacing a late-January 2026 report, Eternal posted Q3 FY26 revenue of ₹16,315 crore, up 201.9% year on year, while Nykaa's revenue rose 27% to ₹2,873 crore. Nykaa added 11 stores to reach 276 across 94 cities as India's retail market is projected to reach ₹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 added 11 stores, reaching 276 stores across 94 cities
- Nykaa B2B platform serves more than 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 service revenue: about Rs 2,798 crore, up 18% YoY
- Delhivery net profit: about Rs 110 crore
Why this matters
Nykaa’s expansion to 276 stores in 94 cities and Eternal’s growth highlight attractive partnership, acquisition and capability-building opportunities in India’s fast-consolidating retail-tech ecosystem.
What to watch
- Nykaa same-store sales growth, store-level payback periods and online-versus-offline margin trends.
- Eternal's adjusted EBITDA, contribution margin and any increase in customer or delivery-partner incentives.
- Growth in repeat customers, average order value and advertising revenue versus discount-led order growth.
- Competitive moves by quick-commerce firms, large marketplaces and global beauty brands in rapid delivery and exclusive assortments.
- Consumer discretionary spending trends, urban demand resilience and inflation in logistics, rents and labor.
- Evidence that expansion beyond top metros produces comparable sales density and lower fulfillment costs.
- Nykaa is likely to continue selective store additions in tier-2 and tier-3 cities, prioritizing formats that combine brand discovery, fulfillment and omnichannel returns.
- Eternal is likely to expand merchant, logistics and consumer-data capabilities, using scale to cross-sell adjacent retail and commerce services.
- Both companies are likely to increase private-label, exclusive-brand and advertising/marketplace monetization efforts to protect gross margins.
- Retail peers may accelerate quick-delivery partnerships, digital loyalty programs and smaller-format store rollouts in response to the growth signal.