Eternal, Nykaa and Delhivery Q3 FY26 growth resurfaces as India retail outlook expands
Resurfacing figures from a January 2026 report: Eternal reported Q3 FY26 revenue of Rs 16,315 crore, up 201.9% year on year, while Nykaa’s revenue rose 27% to Rs 2,873 crore and Delhivery’s services revenue grew about 18% to Rs 2,798 crore. The report places the broader India retail market at Rs 210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · Eternal, Nykaa and Delhivery reported Q3 FY26 growth as India’s retail market is projected to reach Rs 210-215 trillion by 2035.
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%
- Eternal added over 200 net stores; share price up 13.5% over past year
- 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%; 276 stores across 94 cities after adding 11
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities; share price up 31.7% over past year
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%; profit about Rs 110 crore pre-integration costs and Rs 40 crore post-costs
Why this matters
Strategic buyers should prioritize targets that add differentiated last-mile logistics, beauty and lifestyle omnichannel capabilities, or scalable store-network infrastructure as leading platforms accelerate expansion.
What to watch
- Same-store sales, order-frequency and contribution-margin trends at newly added Eternal and Nykaa locations.
- Quick-commerce average order values, delivery-cost per order, dark-store payback periods and the mix of high-margin categories.
- Nykaa's online versus offline growth, private-label penetration, inventory turns and beauty-brand exclusivity pipeline.
- Delhivery shipment volume growth, realized revenue per shipment, e-commerce client concentration and EBITDA/operating-margin progression.
- Competitive pricing, platform-funded discounts and advertising spending by major quick-commerce and marketplace rivals.
- Urban consumption indicators, discretionary beauty demand, fuel and labor costs, and any regulatory changes affecting delivery workers or dark-store operations.
- Eternal is likely to keep prioritizing dark-store and customer-base expansion, using its larger network to widen assortment and improve delivery-time promises.
- Nykaa is likely to add selective offline stores, deepen private-label and premium-brand partnerships, and use stores as fulfillment and discovery nodes rather than purely standalone retail locations.
- Delhivery is likely to emphasize higher-margin value-added services, network automation and enterprise contracts to convert shipment growth into operating leverage.
- Rival platforms may respond with more category-specific quick-commerce assortments, beauty partnerships and promotional intensity, raising customer-acquisition costs across the sector.