Eternal, Nykaa and Delhivery Q3 FY26 gains resurface as India retail heads toward Rs 215 trillion
Resurfacing an early-April 2026 report: India's retail market could reach Rs 210-215 trillion by 2035, up from Rs 90-95 trillion in 2025. In Q3 FY26, Eternal reported 201.9% revenue growth, Nykaa expanded to 276 stores across 94 cities, and Delhivery's services revenue rose about 18%.
What happened
Eternal (formerly Zomato) · India retail-tech analysis highlights Q3 FY26 performance at Eternal, Nykaa and Delhivery as India’s retail market is projected to
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
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 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 across 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18%
- Delhivery profit: about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
The market’s projected doubling creates opportunities for partnerships and acquisitions in beauty retail, last-mile logistics, merchant technology and omnichannel infrastructure, where scale advantages are becoming more valuable.
What to watch
- Quarterly order growth, average order value and contribution-margin trends at Eternal’s commerce businesses.
- Nykaa same-store sales, store productivity, private-label mix, inventory days and offline-versus-online growth.
- Delhivery shipment volumes, realized revenue per shipment, service-revenue growth, EBITDA margin and enterprise-client additions.
- Retail consumption data from tier-2 and tier-3 cities versus major metros.
- Quick-commerce discount intensity, delivery-fee changes and dark-store expansion by major competitors.
- Commercial real-estate rents, warehouse leasing demand and last-mile labor costs.
- GST collections, consumer-credit stress, inflation and discretionary-spending indicators.
- Eternal is likely to deepen quick-commerce assortment, merchant services and delivery density rather than rely solely on food-delivery growth.
- Nykaa is likely to add stores beyond major metros, expand private-label and premium-brand partnerships, and use physical locations to lower customer-acquisition and return costs.
- Delhivery is likely to pursue higher-value services such as warehousing, cross-border logistics, returns management and supply-chain technology as retail clients demand integrated fulfillment.
- Large retail brands will increase investments in regional warehouses, AI-led inventory allocation, vernacular commerce and loyalty programs to serve tier-2 and tier-3 cities.
- Smaller brands and kirana-linked sellers will face greater pressure to join platform ecosystems, adopt digitized inventory tools or partner with third-party logistics providers.