Eternal, Nykaa and Delhivery post Q3 growth as India retail-tech scales
Eternal reported 201.9% year-on-year revenue growth and added 200-plus net stores, while Nykaa expanded to 276 stores across 94 cities. Delhivery grew services revenue 18% year on year, highlighting continued investment in quick commerce, beauty retail and logistics.
What happened
Eternal (formerly Zomato) · India’s retail-tech leaders reported varied Q3 FY26 progress: Eternal achieved quick-commerce breakeven and added 200-plus stores,
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; 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% YoY; net profit Rs 68 crore, up 156%
- Nykaa added 11 stores, reaching 276 stores 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% YoY; net profit about Rs 40 crore after integration costs
Why this matters
The rapid build-out in quick commerce, omnichannel beauty and logistics increases the strategic value of partnerships or acquisitions that add local fulfillment, customer data, last-mile capacity or differentiated assortment.
What to watch
- Quarterly contribution-margin and EBITDA trends relative to revenue growth, especially for quick-commerce operations.
- Net store, dark-store and warehouse additions versus same-store sales, order density and fulfillment-cost trends.
- Average order value, order frequency, active-customer growth and repeat purchase rates.
- Delhivery shipment volumes, realized revenue per shipment, utilization and enterprise-client retention.
- Nykaa beauty gross margin, private-label mix, offline-store payback periods and premium-brand exclusives.
- Competitive discounting or expansion announcements from Blinkit, Zepto, Swiggy Instamart, Amazon, Flipkart and Reliance Retail.
- Changes in labor, gig-worker, dark-store zoning, data or competition regulation affecting delivery economics.
- Eternal is likely to continue aggressive network expansion, using its larger revenue base to deepen quick-commerce coverage and cross-sell food, commerce and adjacent services.
- Nykaa is likely to add omnichannel beauty locations selectively in high-spending cities while expanding private-label, premium-brand and fulfillment capabilities to protect gross margin.
- Delhivery is likely to invest in automation, sortation capacity and enterprise logistics products as retail clients demand faster and lower-cost fulfillment.
- Retail brands and marketplaces may shift more inventory closer to demand centers, increasing demand for warehousing, last-mile delivery and real-time inventory software.
- Competitors will likely raise promotions, free-delivery thresholds and seller incentives, increasing customer-acquisition costs across Indian urban retail.