Eternal, Nykaa and Delhivery post strong Q3 FY26 growth as India retail eyes Rs 215 trillion by 2035
India’s retail market is projected to grow from Rs 90–95 trillion in 2025 to Rs 210–215 trillion by 2035. Eternal reported 201.9% revenue growth and added more than 200 net stores; Nykaa expanded to 276 stores across 94 cities; Delhivery’s express-parcel volumes rose 43%.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210–215 trillion by 2035. Eternal, Nykaa and Delhivery reported strong Q3 FY26 growth, with
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%; added over 200 net stores
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%; 276 stores across 94 cities; B2B 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%
Why this matters
Strategic partnerships or acquisitions in logistics, retail technology and regional store networks could help capture India’s expanding consumer market faster.
What to watch
- Quarterly quick-commerce order growth, average order value and contribution-margin trends at Eternal and peers
- Nykaa same-store sales, online-versus-offline growth, private-label mix and inventory turns
- Delhivery parcel-volume growth, realization per shipment, network utilization and EBITDA margin
- Competitive discounting, dark-store/store openings and delivery-fee changes across Indian retail platforms
- Urban consumption indicators, inflation, employment, credit growth and discretionary-category demand
- Any e-commerce, gig-worker, foreign-investment or data-compliance policy changes
- Eternal is likely to keep prioritizing network density, category expansion and merchant/customer retention over near-term margin maximization.
- Nykaa may accelerate tier-2 and tier-3 physical retail, private-label assortment and omnichannel fulfillment to defend premium beauty share.
- Delhivery is positioned to invest in capacity utilization, automated sorting and higher-value logistics services as parcel volumes scale.
- Traditional retailers and consumer brands will increase partnerships with quick-commerce and last-mile platforms, raising channel conflict and promotional intensity.
- Investors will focus more heavily on same-store sales, cohort retention, contribution margin, delivery cost per order and return-to-origin rates than headline revenue growth.