Eternal, Nykaa and Delhivery posted growth as India retail eyes Rs 215 trillion by 2035, resurfacing a January 2026 report
Resurfacing data from January 2026: India’s retail market was 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 and expanded rapid delivery, while Delhivery’s express-parcel volume rose 43%.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal reported quick-commerce breakeven and major revenue growth;
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
- Eternal Q3 FY26 net profit Rs 102 crore, up 102.9% YoY
- Eternal added over 200 net stores
- Eternal contribution margin expanded about 90 bps and EBITDA margin improved about 130 bps sequentially
- Eternal share price up 13.5% over past year
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 net profit Rs 68 crore, up 156%
- 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 in 1,100 cities
- Nykaa share price up 31.7% over past year
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%
- Delhivery net profit about Rs 110 crore before integration costs and Rs 40 crore after
- Delhivery express-parcel volume 295 million shipments, up 43% YoY
- Delhivery express-parcel revenue up 24%
Why this matters
The accelerating retail market favors partnerships and acquisitions in last-mile logistics, quick commerce, retail technology and omnichannel capabilities ahead of 2035 demand.