Eternal, Nykaa and Delhivery Q3 growth resurfaces as India retail targets Rs 215 trillion by 2035
Revisiting Eternal's Q3 FY26 revenue growth of 201.9%, Nykaa's 27% revenue rise and Delhivery's 18% services revenue growth from results reported in late January 2026. The companies' results underscore the role of quick commerce, beauty omnichannel and logistics in India's projected Rs 210-215 trillion retail market by 2035.
What happened
Eternal (formerly Zomato) · India’s retail market may reach Rs 210-215 trillion by 2035. Eternal, Nykaa and Delhivery reported Q3 FY26 growth, with Eternal
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 gross margin: 45.2%; EBITDA margin: 8.0%
- Nykaa added 11 stores, reaching 276 stores in 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18% YoY
- Delhivery express volumes: 295 million shipments, up 43%
- Delhivery net profit: about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
India’s projected Rs 210-215 trillion retail market creates partnership and acquisition opportunities across last-mile logistics, beauty enablement, merchant technology and quick-commerce infrastructure.