Eternal, Nykaa and Delhivery Q3 growth figures resurface as India’s retail-tech market scales
Resurfacing an April 2026 report: Eternal posted 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. Delhivery’s service revenue grew about 18%, underscoring continued momentum across quick commerce, beauty and retail logistics.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal posted sharp Q3 FY26 growth as quick commerce broke even,
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
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%
- Nykaa network: 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Delhivery service revenue about Rs 2,798 crore, up 18% YoY
Why this matters
As India’s retail market heads toward Rs 210-215 trillion by 2035, partnerships or acquisitions in logistics, last-mile delivery, beauty brands and commerce technology could offer strategic scale.
What to watch
- Sequential growth in Eternal's quick-commerce orders, average order value, dark-store count and contribution margin.
- Nykaa's beauty versus fashion growth, repeat-customer mix, EBITDA margin and private-label penetration.
- Delhivery's shipment growth, service-revenue yield, EBITDA improvement and peak-season delivery metrics.
- Competitive discounting, free-delivery thresholds and advertising spend by quick-commerce and e-commerce rivals.
- Urban warehousing rents, delivery-partner availability and state-level rules affecting dark stores and gig work.
- Whether retail demand broadens beyond top metros into tier-2 and tier-3 cities without materially worsening delivery economics.
- Quick-commerce operators will add dark stores and broaden categories from grocery into electronics, beauty, pharmacy and general merchandise.
- Nykaa is likely to emphasize omnichannel beauty, premium brands, private labels and retail-media monetization to protect margins against marketplace competition.
- Delhivery and peers will invest in automation, regional sortation and enterprise fulfillment contracts as retail brands seek faster, lower-cost delivery.
- Large retail platforms will use loyalty programs, embedded payments and targeted promotions to increase purchase frequency and reduce customer-acquisition dependence.
- Smaller D2C brands will increasingly outsource fulfillment and seek marketplace distribution, raising demand for integrated logistics and commerce software.