Eternal, Nykaa and Delhivery's Q3 FY26 retail-tech momentum resurfaces from December 2025
India’s retail market is projected to reach Rs 210-215 trillion by 2035. Resurfacing Q3 FY26 figures (period ended December 2025): Eternal reported 201.9% revenue growth and added 200+ net stores, Nykaa expanded to 276 stores across 94 cities, and Delhivery’s services revenue rose 18% year-on-year.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal posted strong 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% YoY
- Eternal added more than 200 net stores
- Eternal contribution margin up about 90 bps and EBITDA margin up 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 more than 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18% YoY
- Delhivery profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
The divergence in physical retail expansion, beauty-platform distribution and logistics growth makes partnerships or acquisitions around omnichannel fulfillment, customer data and last-mile capabilities strategically attractive.
What to watch
- Same-store sales growth and contribution-margin trends at Eternal and Nykaa.
- Net store additions versus store closures, especially outside major metros.
- Delhivery services-revenue growth, shipment volumes, realized revenue per shipment and EBITDA margin.
- Quick-commerce expansion, delivery-fee changes and promotional intensity in beauty, fashion and convenience categories.
- Retail inventory days, return rates and warehouse-capacity additions during festive and sale periods.
- Consumer discretionary spending and urban demand trends as India’s organized retail penetration rises.
- Eternal is likely to prioritize cluster-based store density, app-led cross-selling and tighter integration of physical outlets with rapid-delivery operations.
- Nykaa is likely to add stores selectively in tier-2 and tier-3 cities while expanding omnichannel beauty services, loyalty and premium-brand partnerships.
- Delhivery is likely to pursue higher-margin integrated contracts spanning warehousing, fulfillment, shipping and returns for expanding retail chains.
- Retailers will increase investment in demand forecasting, distributed inventory placement and reverse-logistics automation as store networks broaden.