Eternal, Nykaa and Delhivery post strong Q3 as India retail-tech scales
Eternal reported Q3 FY26 revenue growth of 201.9% and added more than 200 net stores, while Nykaa grew revenue 27%, expanded to 276 stores and extended rapid delivery. Delhivery’s services revenue rose about 18%, underscoring the role of commerce platforms and logistics in India’s retail growth.
What happened
Eternal (formerly Zomato) · India’s retail-tech market is scaling as Eternal, Nykaa and Delhivery report strong Q3 FY26 growth. Eternal expanded 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
- Eternal Q3 FY26 net profit Rs 102 crore, up 102.9% YoY
- Eternal added over 200 net stores
- Eternal share price up 13.5% over one year
- 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 in 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Nykaa share price up 31.7% over one year
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18% YoY
- Delhivery net profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
The results highlight attractive partnership and acquisition opportunities in fulfillment, last-mile delivery, omnichannel retail technology and specialized consumer platforms.
What to watch
- Same-store sales growth and net store additions at Nykaa and other omnichannel retailers
- Rapid-delivery order growth, average order value, take rates and contribution margins at Eternal
- Delhivery shipment volumes, realization per shipment, network utilization and e-commerce-client concentration
- Promotional intensity, delivery-fee changes and discount levels across quick commerce and beauty retail
- Urban consumption trends, discretionary-spending indicators and consumer credit stress
- Competitive expansion by large marketplaces, quick-commerce platforms and organized retail chains
- Eternal is likely to continue rapid network expansion while increasing basket size, advertising and merchant monetization to offset fulfillment costs.
- Nykaa is likely to deepen omnichannel retail through selective store openings, private-label assortment, loyalty programs and faster-delivery coverage in major cities.
- Delhivery is likely to pursue higher utilization of its network through integrated parcel, warehousing, freight and returns services for retail clients.
- Retail brands will increasingly split inventory between regional warehouses, stores and dark-store-like nodes to meet faster delivery promises.
- Investors will focus more on contribution margin, repeat purchase frequency, order density and cash burn than on headline revenue growth alone.