Eternal, Nykaa and Delhivery Q3 FY26 growth resurfaces amid India retail-tech expansion
Resurfacing a December 2025 report: Eternal posted Q3 FY26 revenue of ₹16,315 crore, up 201.9% year on year, while Nykaa’s revenue rose 27% to ₹2,873 crore and Delhivery’s services revenue grew about 18% to ₹2,798 crore. India’s retail market is projected to reach ₹210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa and Delhivery reported Q3 FY26 growth, with Eternal’s
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 over 200 net stores
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%
- Nykaa gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores to reach 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%; net profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
The sector’s expansion creates partnership and acquisition opportunities across commerce enablement, beauty, last-mile logistics and merchant technology, with Eternal, Nykaa and Delhivery representing key ecosystem platforms.
What to watch
- Eternal's reported quick-commerce contribution margin, order frequency, dark-store economics and advertising revenue mix.
- Nykaa's gross margin, EBITDA trajectory, private-label penetration, repeat-purchase rates and offline-store productivity.
- Delhivery's shipment volumes, revenue per shipment, service EBITDA, utilization and exposure to ecommerce-client concentration.
- Evidence of sustained discounting or subsidy escalation among quick-commerce and beauty platforms.
- Changes in gig-worker regulation, delivery-cost inflation, urban dark-store restrictions or ecommerce marketplace rules.
- Consumer discretionary demand trends in urban India and brand advertising budgets.
- Eternal is likely to continue investing in quick-commerce assortment, dark-store coverage and ad monetization, using scale to defend customer frequency.
- Nykaa is likely to prioritize premium beauty, private labels, omnichannel stores and higher-margin brand advertising rather than compete primarily on discounting.
- Delhivery is likely to pursue volume-linked pricing, fulfillment services and network-efficiency gains as ecommerce and quick-commerce suppliers require faster, more distributed logistics.
- Traditional retailers and consumer brands are likely to increase spending on marketplace visibility, rapid-delivery partnerships and direct-to-consumer fulfillment capabilities.