Eternal, Nykaa and Delhivery post Q3 FY26 gains as India retail-tech scales
Eternal reported Q3 FY26 revenue of ₹16,315 crore, up 201.9% year-on-year, while Nykaa’s revenue rose 27% to ₹2,873 crore as its store network reached 276 locations. Delhivery’s services revenue grew 18% to about ₹2,798 crore amid projections that India’s retail market could reach ₹210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech ecosystem is gaining scale as the retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa and
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
- Eternal contribution margin expanded about 90 bps and EBITDA margin improved about 130 bps sequentially
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27%
- 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 in 94 cities
- Nykaa B2B platform serves more than 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18%
- Delhivery net profit: about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
Nykaa’s 276-store footprint and Delhivery’s growing logistics base highlight partnership and acquisition opportunities in omnichannel retail infrastructure as India’s market heads toward ₹210–215 trillion by 2035.
What to watch
- Eternal's quick-commerce order growth, average order value, contribution margin and dark-store additions.
- Nykaa's same-store sales, online versus offline growth, private-label mix, inventory days and EBITDA margin.
- Delhivery's shipment volumes, revenue per shipment, network utilization, freight yields and adjusted EBITDA.
- Promotional spending and discount intensity from quick-commerce, beauty-marketplace and express-logistics rivals.
- Urban consumption trends, consumer-delivery fee tolerance and regulatory changes affecting gig workers, dark stores or e-commerce logistics.
- Whether retail-media and merchant-service revenue grows faster than core commerce revenue.
- Eternal is likely to prioritize higher-frequency commerce categories, merchant advertising and delivery-density improvements over pure order-volume growth.
- Nykaa is likely to selectively expand physical stores in high-affinity cities while using stores for omnichannel fulfillment, customer acquisition and premium-brand partnerships.
- Delhivery is likely to pursue greater utilization of its network through B2C, SME, returns and value-added logistics products rather than broad capacity expansion alone.
- Retail brands and marketplaces may increase dependence on integrated logistics, retail-media and rapid-delivery partners, shifting spend away from standalone customer-acquisition channels.
- Investors will increasingly focus on contribution margin, repeat cohorts, fulfillment cost per order and cash generation rather than headline revenue growth.