Eternal, Nykaa and Delhivery post Q3 FY26 growth, resurfacing an April 2026 India retail outlook
Resurfacing an early-April 2026 report: India’s retail market is projected to reach ₹210–215 trillion by 2035. Eternal reported ₹16,315 crore in Q3 FY26 revenue, Nykaa added 11 stores to reach 276, and Delhivery’s express-parcel volumes rose 43% year on year to 295 million shipments.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa and Delhivery reported 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
- 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%
- 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 services revenue: about Rs 2,798 crore, up 18%
- Delhivery net profit: about Rs 110 crore before integration costs and Rs 40 crore after
- Delhivery express-parcel volume: 295 million shipments, up 43%
Why this matters
Strategic buyers should target partnerships or acquisitions in last-mile logistics, retail software and omnichannel enablement as India’s retail market is projected to more than double by 2035.
What to watch
- Quarterly contribution-margin and EBITDA trends versus revenue, GMV and shipment-volume growth
- Nykaa store productivity, same-store sales, online versus offline mix and private-label penetration
- Delhivery revenue per shipment, utilization, B2C market share and customer concentration
- Eternal order-frequency growth, take rates, advertising revenue and delivery-partner costs
- Quick-commerce expansion, discount intensity and regulatory changes affecting gig workers, dark stores or e-commerce marketplaces
- Urban consumption indicators, discretionary-category demand and retail lease/rental inflation
- Eternal is likely to prioritize higher-frequency categories, merchant services and logistics efficiency over broad-based subsidy expansion.
- Nykaa is likely to add stores in premium urban catchments while using stores for assisted discovery, omnichannel fulfillment and private-label conversion.
- Delhivery is likely to pursue network-density gains, higher-yield B2C contracts and cross-selling of freight, returns and warehousing services.
- Large brands and marketplaces may increase use of regional fulfillment hubs, creating demand for automation, packaging, returns management and last-mile capacity.
- Competitive pressure should accelerate consolidation among smaller D2C brands, local delivery firms and unprofitable specialty retailers.