Eternal, Nykaa and Delhivery post Q3 growth as India retail market eyes ₹215 trillion by 2035
India’s retail market is projected to reach ₹210–215 trillion by 2035, versus ₹90–95 trillion in 2025. In Q3 FY26, Eternal reported ₹16,315 crore revenue and added 200-plus quick-commerce stores; Nykaa expanded to 276 stores across 94 cities; Delhivery’s service revenue rose about 18%.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210–215 trillion by 2035. Eternal reported strong Q3 FY26 growth and quick-commerce breakeven,
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 quick-commerce stores
- Nykaa Q3 revenue: Rs 2,873 crore, up 27% YoY
- Nykaa Q3 net profit: Rs 68 crore, up 156% YoY
- 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 Q3 FY26 net profit: about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
The convergence of rapid market expansion, quick-commerce rollout and logistics growth makes partnerships or acquisitions in fulfillment, retail media and omnichannel infrastructure strategically attractive.
What to watch
- Quarterly quick-commerce store additions, order density, average order value and contribution-margin disclosures from Eternal and rivals.
- Evidence of escalating delivery-fee waivers, customer incentives or merchant-funded promotions.
- Nykaa store productivity, same-store sales trends, offline-to-online repeat rates and inventory days.
- Delhivery shipment-volume growth, revenue per shipment, service margins and expansion of fulfillment/returns services.
- Competitive responses from large marketplaces, grocery chains, kirana networks and telecom-backed consumer platforms.
- Consumer-spending resilience in urban India, especially discretionary beauty, fashion and convenience categories.
- Prioritize city-level contribution-margin tracking rather than headline revenue or store counts.
- Expand dark stores and retail outlets selectively in neighborhoods where repeat demand can support utilization without prolonged discounting.
- Use stores, pickup points and micro-fulfillment hubs to reduce return costs and improve inventory turns.
- Build differentiated assortment, loyalty and private-label strategies to offset commoditization from faster delivery.
- Secure logistics capacity and data integrations for tier-2 and tier-3 expansion, where delivery economics remain less proven.