Eternal, Nykaa and Delhivery growth figures resurface from December 2025 as India retail eyes ₹215T by 2035
Retail-tech players' Q3 FY26 momentum is resurfacing from a December 2025 update: Eternal's revenue rose 201.9% year on year, Nykaa expanded to 276 stores across 94 cities, and Delhivery grew service revenue 18%. India's retail market is projected to reach ₹210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech leaders reported divergent Q3 FY26 performance as the domestic retail market is projected to reach Rs 210–215
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%
- 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%
- Nykaa gross margin: 45.2%; EBITDA margin: 8.0%
- Nykaa added 11 stores, reaching 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 service 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
The projected doubling of India’s retail market from ₹90–95 trillion in 2025 creates M&A and partnership opportunities in last-mile logistics, retail media, beauty distribution and omnichannel enablement.
What to watch
- Quarterly growth in order volumes, gross order value and contribution margins at Eternal.
- Nykaa store productivity, same-store sales, beauty versus fashion mix and online-to-offline customer repeat rates.
- Delhivery shipment growth, realized revenue per shipment, freight-margin trends and network utilization.
- Quick-commerce competitive intensity, including discounting, dark-store additions and delivery-fee changes.
- India consumption indicators: discretionary spending, urban wage growth, rural demand, inflation and credit availability.
- Retail-media and advertising revenue growth, which can materially improve platform profitability.
- Warehouse, last-mile labor and urban commercial-real-estate costs.
- Eternal is likely to prioritize high-frequency commerce, merchant monetization and logistics density over broad-based discounting.
- Nykaa is likely to keep adding selective physical stores while using stores for omnichannel fulfillment, premium-brand discovery and lower customer-acquisition costs.
- Delhivery is likely to pursue higher-margin service mix, network utilization gains and enterprise cross-selling as e-commerce shipment volumes rise.
- Retailers and brands will increase investment in first-party data, retail media, rapid fulfillment and inventory forecasting.
- Smaller D2C brands may seek marketplace, logistics or retail-partnership deals as acquisition costs and fulfillment expectations rise.