Eternal, Nykaa and Delhivery post strong Q3 FY26 growth as India retail heads towards Rs 215 trillion
India’s retail market is projected to grow from Rs 90–95 trillion in 2025 to Rs 210–215 trillion by 2035. Eternal reported Q3 FY26 revenue growth of 201.9%, Nykaa added 11 stores to reach 276, and Delhivery’s express-parcel volumes rose 43%.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035, boosting retail-tech demand. Eternal, Nykaa, Delhivery and IndiaMART
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%; net profit Rs 68 crore, up 156%
- Nykaa added 11 stores, reaching 276 stores in 94 cities
- Nykaa B2B serves over 4.8 lakh retailers across 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
Expanding store footprints, parcel volumes and quick-commerce capabilities make logistics, last-mile delivery, retail-tech and regional omnichannel assets increasingly attractive partnership or acquisition targets.
What to watch
- Quarterly contribution-margin trends for quick commerce and last-mile delivery
- Dark-store additions, order density and average order value versus rider and fulfillment costs
- Delhivery parcel yield, utilization rates and share of higher-margin value-added services
- Nykaa same-store sales growth, store payback periods, private-label mix and online-offline customer overlap
- Discount intensity and consolidation among Indian quick-commerce competitors
- Changes in gig-worker, e-commerce marketplace, data, food-safety or urban-warehousing regulation
- Consumer demand resilience in discretionary beauty and fashion categories outside major metros
- Eternal is likely to add dark stores, widen non-grocery assortment and prioritize higher-frequency categories such as beauty, pharmacy, electronics accessories and household essentials.
- Nykaa is likely to use new stores as fulfillment, pickup and experiential hubs while expanding private labels and brand partnerships to protect gross margins.
- Delhivery is likely to add automated sorting capacity, deepen merchant integrations and target quick-commerce, D2C and reverse-logistics contracts.
- Retail brands will increasingly pursue omnichannel inventory pooling, using stores as micro-fulfillment points to reduce delivery times and markdown risk.
- Smaller online retailers and regional logistics providers may seek partnerships, acquisitions or marketplace integrations as customer-acquisition and delivery costs rise.