Eternal, Nykaa and Delhivery post Q3 gains as India retail tech scales
Eternal reported Q3 FY26 revenue of Rs 16,315 crore, while Nykaa added 11 stores and expanded its B2B reach. Delhivery’s services revenue rose 18%, underscoring continued investment in digital retail, quick commerce and fulfilment.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted as
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 over 200 net stores
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%
- Nykaa added 11 stores to reach 276 stores 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%
Why this matters
The accelerating retail-tech market strengthens the case for acquisitions or partnerships in last-mile logistics, B2B distribution, merchant software and omnichannel infrastructure.
What to watch
- Quarterly contribution-margin trends in quick commerce and last-mile delivery
- Order growth versus delivery-cost and rider-incentive growth
- Nykaa store productivity, same-store sales and B2B revenue mix
- Delhivery shipment volumes, realised revenue per shipment and warehouse utilisation
- Expansion of dark stores, fulfilment centres and same-day delivery coverage beyond major metros
- Changes in competition policy, gig-worker regulation, platform fees or urban warehousing rules
- Brand advertising spend and marketplace/quick-commerce take rates
- Eternal is likely to deepen quick-commerce assortment, merchant monetisation and delivery-density investments rather than prioritise near-term margin maximisation.
- Nykaa is likely to use new physical stores as omnichannel acquisition and fulfilment nodes while expanding B2B distribution to capture smaller beauty retailers and professional channels.
- Delhivery is likely to target higher-value commerce, returns management, warehousing and cross-border services to convert retail-tech volume growth into better revenue per shipment.
- Consumer brands will increasingly diversify fulfilment across quick-commerce platforms, marketplaces, direct-to-consumer channels and third-party logistics providers to avoid platform dependence.