Eternal, Nykaa and Delhivery post Q3 FY26 growth as retail tech scales
Eternal reported ₹16,315 crore in Q3 FY26 revenue, while Nykaa’s revenue rose 27% and Delhivery’s services revenue grew 18%. Nykaa now operates 276 stores across 94 cities as India’s retail market is projected to reach ₹210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech ecosystem is expanding as Eternal, Nykaa and Delhivery report Q3 FY26 growth. Eternal’s quick commerce 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 over 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
Why this matters
Nykaa’s store rollout and Delhivery’s growing logistics base make omnichannel, fulfilment and last-mile partnerships increasingly strategic, while Eternal’s scale strengthens its position as a potential ecosystem partner or consolidator.
What to watch
- Nykaa same-store sales growth, new-store payback periods, beauty gross margin and marketing-cost trends.
- Eternal order growth, average order value, contribution margin, delivery-partner costs and cash burn from expansion initiatives.
- Delhivery shipment volume growth, revenue per shipment, EBITDA margin, utilization rates and large enterprise-client wins.
- Industry-wide discount intensity, customer-acquisition costs and competitive capacity additions in quick commerce and beauty retail.
- Urban discretionary-spending indicators, premium beauty demand and regulatory changes affecting gig workers or e-commerce logistics.
- Nykaa is likely to prioritize store productivity, exclusive brand launches and omnichannel fulfillment rather than pursue indiscriminate store additions.
- Eternal is likely to reinvest growth into customer retention, merchant selection, quick-commerce assortment and delivery-network capacity.
- Delhivery is likely to target higher-margin integrated logistics contracts, automation and shipment-density gains to convert services-revenue growth into margin expansion.
- Retail brands will increasingly seek partnerships with marketplaces, quick-commerce platforms and specialized logistics providers to shorten fulfillment times and widen geographic reach.