Eternal, Nykaa and Delhivery post Q3 growth as India retail market eyes Rs215tn
Eternal reported Q3 FY26 revenue of Rs16,315 crore, up 201.9% year on year, while Nykaa’s revenue rose 27% to Rs2,873 crore. Delhivery’s services revenue grew 18% and express-parcel volumes climbed 43%. India’s retail market is projected to reach Rs210-215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech market outlook highlights Q3 FY26 growth at Eternal, Nykaa and Delhivery. Eternal’s quick-commerce unit 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; 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%; net profit Rs 68 crore, up 156%
- Nykaa gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores to reach 276 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%; express-parcel volume 295 million shipments, up 43%
Why this matters
India’s projected Rs210-215 trillion retail market by 2035 strengthens the case for acquisitions and partnerships in logistics, B2B distribution, beauty retail and quick-commerce infrastructure.
What to watch
- Eternal's quick-commerce contribution margin, order frequency, average order value, dark-store count and any renewed cash-burn guidance.
- Nykaa's retail-store sales productivity, owned-brand mix, beauty gross margin and B2B customer expansion outside top metros.
- Delhivery's revenue per shipment, EBITDA margin, service-quality metrics, network-capacity additions and peak-season pricing.
- Competitive response from Blinkit, Zepto, Swiggy Instamart, Amazon, Flipkart and large grocery chains, especially discount intensity and delivery-fee changes.
- India consumption indicators including urban discretionary spending, beauty and wellness demand, inflation, and logistics fuel or labor costs.
- Eternal is likely to prioritize dark-store density, private-label assortment, loyalty-led cross-selling and selective geographic expansion rather than broad discounting alone.
- Nykaa is likely to add experiential stores in high-affluence catchments, deepen B2B distribution to smaller cities and seek more exclusive premium-brand partnerships.
- Delhivery is likely to expand automated processing capacity, target higher-value enterprise contracts and emphasize network utilization to defend margins amid rising parcel volumes.
- Traditional retailers and consumer brands are likely to increase quick-commerce assortment availability, regional inventory placement and omnichannel fulfillment partnerships.