Eternal and Nykaa's Q3 gains resurface as India's retail-tech growth story broadens
Resurfacing a report from late December, Eternal posted Q3 FY26 revenue of Rs 16,315 crore, up 201.9% year on year, alongside quick-commerce breakeven and 200-plus net store additions. Nykaa's revenue rose 27% to Rs 2,873 crore as it expanded to 276 stores across 94 cities. Delhivery also reported services-revenue growth and profitability.
What happened
Eternal (formerly Zomato) · India retail-tech companies Eternal, Nykaa, Delhivery and IndiaMART are highlighted as retail growth enablers. Eternal reached
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 total stores: 276 across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18% YoY
- Delhivery net profit: about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
India’s projected retail-market expansion to Rs 210–215 trillion by 2035 increases the strategic value of acquisitions or partnerships in quick commerce, fulfillment, B2B enablement and omnichannel retail infrastructure.
What to watch
- Sustained quick-commerce contribution-margin improvement after accounting for new-store and delivery-rider costs.
- Net additions, maturity curves and same-store sales for Eternal’s and Nykaa’s physical or fulfillment networks.
- Retail-media revenue growth and ad-load trends, which indicate whether platforms can monetize traffic beyond transaction margins.
- Order-frequency growth outside major metros and changes in average order value by category.
- Delhivery shipment growth, realized revenue per shipment and EBITDA progression.
- Competitive discounting, delivery-fee changes, dark-store openings and consolidation among quick-commerce rivals.
- Consumer discretionary demand, urban employment trends and inflation in food, beauty and logistics inputs.
- Eternal is likely to prioritize dark-store density, assortment expansion and higher-margin advertising, private-label and B2B revenue after reaching quick-commerce breakeven.
- Nykaa is likely to deepen its 94-city footprint selectively, use stores as omnichannel fulfillment and experiential hubs, and push premium beauty, owned brands and brand-partnership monetization.
- Delhivery and peers are likely to pursue larger enterprise contracts, faster fulfillment products and network-utilization gains as retail platforms raise shipment volumes.
- Consumer brands will increasingly split inventory across marketplaces, quick-commerce platforms and direct channels, increasing demand for real-time inventory, retail-media and fulfillment software.
- Traditional retailers may accelerate partnerships, acquisitions or proprietary rapid-delivery offerings to defend high-frequency categories.