Eternal, Nykaa and Delhivery's Q3 FY26 retail-tech growth resurfaces from an April 2026 update
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 services revenue grew about 18% to Rs 2,798 crore as India's retail market is projected to reach Rs 210-215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. A retail-tech stock review highlights Q3 FY26 performance at 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
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9%
- Eternal added over 200 net stores
- Eternal quick-commerce contribution margin expanded about 90 bps and EBITDA margin improved about 130 bps sequentially
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156%
- Nykaa gross margin: 45.2%; EBITDA margin: 8.0%
- Nykaa added 11 stores, reaching 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18%
Why this matters
Nykaa’s 4.8 lakh-retailer B2B network and Eternal’s scaled quick-commerce footprint make distribution, merchant-tech and last-mile logistics partnerships increasingly strategic acquisition and alliance targets.
What to watch
- Sequential EBITDA and contribution-margin movement at Eternal's quick-commerce business.
- Net store and dark-store additions relative to order growth and sales density.
- Nykaa's B2B active-retailer growth, repeat ordering, private-label mix, and offline-store productivity.
- Delhivery's shipment growth, realized revenue per shipment, service mix, and network utilization.
- Competitive intensity from quick-commerce peers, including discounting, delivery-fee changes, and rapid expansion into new cities.
- Consumer demand resilience in discretionary beauty, fashion, and convenience-led grocery categories.
- Regulatory changes affecting gig workers, dark stores, marketplace practices, data use, or e-commerce discounting.
- Eternal is likely to keep adding quick-commerce capacity in high-density catchments while using better order density to improve contribution margins.
- Nykaa is likely to deepen its omnichannel model through selective store additions, private-label launches, and greater monetization of its B2B retailer network.
- Delhivery is likely to target higher-margin value-added services, enterprise retail contracts, and network-utilization gains rather than pure shipment-volume growth.
- Consumer brands are likely to allocate more budget to marketplace visibility, rapid-delivery assortment, and data-led inventory replenishment.
- Traditional retailers may accelerate partnerships with logistics and commerce-tech platforms to defend delivery speed and assortment breadth.