Eternal and Nykaa's Q3 FY26 gains resurface as India retail-tech outlook strengthens
Resurfacing a January 2026 Financial Express report highlighting Eternal, Nykaa, Delhivery and IndiaMART as retail-tech plays tied to India's projected Rs 210–215 trillion retail market by 2035. Eternal reported Rs 16,315 crore in Q3 FY26 revenue, while Nykaa's revenue rose 27% to Rs 2,873 crore and its store network reached 276.
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; net profit Rs 102 crore, up 102.9%
- Eternal added more than 200 net stores; contribution margin expanded about 90 bps and EBITDA margin about 130 bps sequentially
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%; gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores to reach 276 stores across 94 cities; B2B platform serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%; net profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
Nykaa’s expanding 276-store network and broader omni-channel and B2B reach make retail-tech infrastructure, customer acquisition and fulfillment capabilities attractive partnership or acquisition targets.
What to watch
- Nykaa's revenue growth relative to its store-count growth and same-store sales trajectory.
- Nykaa's EBITDA margin, marketing spend, inventory days and working-capital movement during expansion.
- Eternal's quick-commerce order growth, contribution margin, dark-store additions and cash burn.
- Evidence of rising discounting or customer-acquisition costs across beauty, fashion, food delivery and quick commerce.
- India retail consumption growth, urban discretionary-demand trends and any slowdown in premiumization.
- Follow-on results and guidance from Delhivery, IndiaMART and other retail-enablement platforms.
- Nykaa is likely to continue selective physical-store expansion in high-productivity cities while increasing omnichannel fulfillment and private-label penetration.
- Nykaa may deepen B2B distribution and beauty-brand partnerships to diversify growth beyond direct-to-consumer sales.
- Eternal is likely to prioritize quick-commerce assortment, fulfillment density and cross-platform user monetization as it seeks to convert scale into stronger contribution margins.
- Peers may increase investments in logistics automation, seller tools and merchant acquisition as the projected retail-market expansion attracts capital and competitive intensity.