Eternal, Nykaa and Delhivery Q3 gains resurface from January report as India retail heads toward Rs 215tn
Resurfacing a late-January 2026 report, India’s retail market is projected to reach Rs 210–215 trillion by 2035, versus Rs 90–95 trillion in 2025. Eternal reported Q3 FY26 revenue growth of 201.9%, Nykaa expanded to 276 stores and Delhivery’s services revenue rose about 18%.
What happened
Eternal (formerly Zomato) · Retail-tech leaders Eternal, Nykaa, Delhivery and IndiaMART are positioned for India’s expanding retail market. Eternal reached
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 more than 200 net quick-commerce stores
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27% YoY
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156% YoY
- Nykaa total stores: 276 across 94 cities
- Nykaa B2B platform serves more than 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18% YoY
Why this matters
The results make quick-commerce density, beauty omnichannel capabilities and logistics-services scale attractive partnership or acquisition targets as retailers position for India’s rapidly expanding retail market.
What to watch
- Eternal’s quick-commerce contribution margin after new-store cohorts mature
- Net dark-store additions, average order value and order-frequency trends across quick-commerce players
- Nykaa’s store-level profitability, offline revenue mix and inventory days
- Delhivery’s shipment volumes, service-revenue growth and freight margin progression
- Consumer-spending resilience in metro and tier-2 cities, especially discretionary beauty demand
- Regulatory changes affecting dark stores, gig-worker costs, delivery operations or discounting
- Eternal is likely to concentrate new quick-commerce stores in high-order-density urban clusters while expanding private-label, advertising and membership monetization.
- Nykaa is likely to prioritize profitable store formats, regional beauty assortments and omnichannel fulfillment rather than purely maximizing store count.
- Delhivery is likely to deepen merchant logistics, warehousing and returns products to capture more value from D2C and marketplace sellers.
- Incumbent retailers and conglomerates will likely increase quick-commerce partnerships, dark-store investments and loyalty-led price promotions.