Eternal, Nykaa and Delhivery post Q3 growth as India retail heads toward ₹215 trillion
Eternal’s Q3 FY26 revenue rose 201.9% year on year, Nykaa’s revenue grew 27% and Delhivery’s express-parcel volumes climbed 43%. The results come as BCG and RAI project India’s retail market could reach ₹210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech leaders reported divergent Q3 FY26 performance. Eternal gained from quick commerce and food delivery, Nykaa
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% YoY
- Eternal added more than 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 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 across 1,100 cities
- Delhivery Q3 FY26 service revenue: about Rs 2,798 crore, up 18% YoY
- Delhivery net profit: about Rs 110 crore before integration costs and Rs 40 crore after
- Delhivery express-parcel volume: 295 million, up 43% YoY
Why this matters
Strategic buyers should prioritize partnerships or acquisitions in last-mile logistics, retail technology and high-frequency digital commerce capabilities to secure position ahead of India’s expanding retail opportunity.
What to watch
- Quarterly growth in express-parcel volumes, revenue per shipment and Delhivery EBITDA margins.
- Eternal order growth, customer frequency, take rates, delivery costs and the balance between quick-commerce expansion and cash burn.
- Nykaa GMV growth versus revenue growth, beauty-category gross margin, private-label mix and offline-store payback.
- Retail inflation, urban discretionary-spending trends and credit availability for consumer and small-business purchases.
- Warehouse leases, dark-store openings, gig-worker supply, delivery-partner earnings and regulatory action affecting platform labor or e-commerce practices.
- Whether organized retail's share of total consumption rises faster than projected, particularly in tier-2 and tier-3 cities.
- Eternal is likely to prioritize order-frequency expansion, merchant monetization, logistics density and adjacent commerce categories rather than headline GMV alone.
- Nykaa is likely to deepen premium-brand partnerships, expand private-label penetration and use omnichannel stores to lower customer-acquisition dependence.
- Delhivery is likely to add capacity selectively, pursue higher-yield express and B2B freight customers, and sell logistics technology or fulfillment services to emerging retail brands.
- Large offline retailers will accelerate marketplace partnerships, ship-from-store capabilities, loyalty programs and regional warehouse investments.
- Smaller D2C brands may increasingly outsource fulfillment and demand generation to larger platforms, reducing their operational independence.