Eternal and Nykaa’s Q3 growth puts retail-tech expansion in focus
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 as it added 11 stores, expanded rapid delivery and widened B2B reach. 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 and Delhivery reported strong Q3 FY26 growth, with
Key facts
- India retail market projected at Rs 210-215 trillion by 2035, from 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; share price up 13.5% over one year
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%
- Nykaa gross margin 45.2%; EBITDA margin 8.0%; added 11 stores to 276 across 94 cities
- Nykaa B2B serves over 4.8 lakh retailers across 1,100 cities; Nykaa Now delivery in 30 minutes to 2 hours
- Nykaa share price up 31.7% over one year
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%
Why this matters
Nykaa’s 276-store network and 4.8 lakh B2B retailer base highlight attractive partnership and acquisition opportunities across last-mile logistics, beauty distribution and retail enablement.
What to watch
- Eternal's quarterly quick-commerce contribution margin, adjusted EBITDA and dark-store expansion pace.
- Evidence of price cuts, free-delivery offers or higher customer-acquisition spending from quick-commerce rivals.
- Nykaa's same-store sales growth, store payback periods, inventory days and beauty segment margin trend.
- Growth in Nykaa's B2B retailer base and repeat ordering outside top metros.
- Regulatory changes affecting gig-worker costs, dark-store operations, discounting or rapid-delivery zoning.
- Eternal is likely to deepen quick-commerce penetration in existing cities before selectively entering new tier-2 and tier-3 markets.
- Nykaa is likely to add stores in underserved cities, expand same-day delivery catchments and recruit more regional B2B retailers.
- Both companies are likely to prioritize private-label, advertising and marketplace-services revenue to offset delivery and store operating costs.
- Consumer brands may shift incremental launch budgets toward quick-commerce and omnichannel retail partners with measurable local demand data.