Eternal, Nykaa and Delhivery growth resurfaces as India retail heads toward ₹215 trillion
Resurfacing a January 2026 report: India’s retail market could reach ₹210–215 trillion by 2035, against ₹90–95 trillion in 2025. Q3 FY26 updates pointed to momentum across quick commerce, beauty omnichannel and logistics: Eternal reported 201.9% revenue growth, Nykaa grew revenue 27%, and Delhivery service revenue rose about 18%.
What happened
Eternal (formerly Zomato) · India’s retail market is projected to reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART illustrate the
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; quick commerce reached breakeven
- 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%; 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%; net profit: about Rs 110 crore before and Rs 40 crore after integration costs
Why this matters
The divergence in growth across quick commerce, beauty and logistics makes partnerships or acquisitions in last-mile delivery, omnichannel enablement and retail data capabilities strategically attractive.
What to watch
- Eternal's order-growth versus contribution-margin trend, dark-store additions and marketing-spend intensity.
- Quick-commerce average order values, discounting levels, delivery-fee changes and expansion beyond top metros.
- Nykaa's beauty gross-margin trajectory, repeat-customer metrics, premium-brand exclusives and offline-store productivity.
- Delhivery's shipment volumes, realized revenue per shipment, network utilization and e-commerce client concentration.
- Regulatory developments affecting delivery-worker costs, dark-store zoning, data usage, foreign investment or platform competition.
- Consumer-demand indicators including urban discretionary spending, inflation in staples and beauty-category premiumization.
- Eternal is likely to add dark stores and deepen assortments in high-density cities while testing monetization through ads, memberships and private labels.
- Nykaa is likely to expand premium and exclusive brand partnerships, improve store-to-online fulfillment and use loyalty data to raise repeat purchases.
- Delhivery is likely to prioritize utilization, automation and enterprise contracts while expanding value-added services such as returns, warehousing and same-day delivery.
- Traditional retailers and consumer brands are likely to increase marketplace spending and launch quick-commerce-specific pack sizes, pricing and inventory allocations.