Eternal, Nykaa and Delhivery Q3 growth resurfaces as India retail targets Rs 215T by 2035
Resurfacing a Q3 FY26 update: India's retail market is projected to reach Rs 210-215 trillion by 2035, versus Rs 90-95 trillion in 2025. In that quarter, Eternal reported Rs 16,315 crore revenue, Nykaa added 11 stores to reach 276, and Delhivery's service revenue rose 18% year on year.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal reported rapid Q3 FY26 growth and quick-commerce breakeven,
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%
- Eternal added more than 200 net stores
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27% YoY
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156%
- Nykaa network: 276 stores across 94 cities after adding 11 stores
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 service revenue: about Rs 2,798 crore, up 18% YoY
Why this matters
Strategic buyers should target partnerships or acquisitions that add last-mile logistics, omnichannel retail capabilities or profitable regional store networks as digital and physical retail converge.
What to watch
- Quarterly growth in Eternal’s quick-commerce orders, take rates, contribution margins and fulfillment-center expansion.
- Nykaa’s same-store sales growth, store payback periods, online-versus-offline customer repeat behavior and private-label mix.
- Delhivery’s shipment volumes, realized revenue per shipment, service-revenue growth, utilization and EBITDA trajectory.
- Evidence that tier-2 and tier-3 demand is supporting store productivity and rapid-delivery economics.
- Changes in discount intensity, consumer discretionary spending, warehousing rules, gig-worker regulation or e-commerce competition policy.
- Whether retail sales growth keeps pace with the income, urbanization and infrastructure assumptions embedded in the Rs 210-215 trillion 2035 market estimate.
- Eternal is likely to prioritize higher-frequency commerce, merchant/advertising monetization and denser fulfillment coverage over broad offline retail ownership.
- Nykaa is likely to keep adding selectively located stores while using them as acquisition, experience and omnichannel fulfillment nodes rather than standalone sales outlets.
- Delhivery is likely to pursue service-revenue growth through enterprise logistics, faster parcel delivery, returns management and deeper penetration beyond major metros.
- Retail brands will increasingly seek partnerships with large logistics and marketplace platforms instead of building nationwide delivery networks internally.
- Competition will shift from headline GMV growth toward delivery reliability, assortment availability, repeat rates and contribution-margin improvement.