Eternal, Nykaa and Delhivery post Q3 growth as India retail-tech scales
Eternal reported Q3 FY26 revenue of Rs 16,315 crore, up 201.9% year on year, while Nykaa’s revenue rose 27% to Rs 2,873 crore and Delhivery’s express volumes grew 43%. The results underscore continued expansion across quick commerce, beauty retail and logistics.
What happened
Eternal (formerly Zomato) · India retail-tech outlook highlights Q3 FY26 performance at Eternal, Nykaa, Delhivery and IndiaMART. Eternal achieved quick-commerce
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; contribution margin expanded about 90 bps and EBITDA margin about 130 bps sequentially
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%; gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores, reaching 276 stores in 94 cities; 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 volumes 295 million, up 43%; segment revenue up 24%
Why this matters
The convergence of commerce, delivery infrastructure and consumer data raises the strategic value of partnerships or acquisitions that add fulfillment capacity, category expertise or last-mile reach.
What to watch
- Quarterly contribution-margin and EBITDA trends versus revenue and order-volume growth.
- Dark-store, warehouse and delivery-center additions relative to order density and capital expenditure.
- Average order value, repeat rates, take rates, advertising revenue and private-label mix.
- Delivery-partner incentives, attrition and fulfillment cost per order.
- Quick-commerce expansion beyond top metros and evidence of sustainable tier-2/tier-3 unit economics.
- Brand and FMCG supplier commentary on channel conflict, promotional funding and quick-commerce inventory allocation.
- Delhivery's yield per shipment, return rates, utilization and share of profitable B2C volumes.
- Eternal is likely to add dark stores, widen quick-commerce assortment into higher-margin categories, and monetize traffic through advertising and seller-funded promotions.
- Nykaa is likely to expand omnichannel beauty distribution, push owned and exclusive brands, and use faster fulfillment to improve repeat purchase rates.
- Delhivery is likely to convert express-volume growth into denser routes, expanded B2C merchant contracts and higher-value logistics services such as returns, warehousing and cross-border shipping.
- Brands will shift more launch budgets and retail-media spending toward large platforms while negotiating harder on commissions, visibility fees and delivery-service levels.
- Incumbent retailers and marketplaces will accelerate same-day delivery partnerships, micro-fulfillment investments and loyalty programs to protect high-frequency customer relationships.