Eternal, Nykaa and Delhivery's Q3 gains resurface as India retail-tech scales
Resurfacing a report from the Q3 FY26 period (ended December 2025): Eternal posted revenue of Rs 16,315 crore, while Nykaa grew revenue 27% and expanded to 276 stores across 94 cities. Delhivery's services revenue rose 18%. The wider Indian retail market is projected to reach Rs 210-215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech leaders posted varied Q3 FY26 performance: Eternal’s quick commerce reached breakeven, Nykaa expanded stores and
Key facts
- India retail market projected at Rs 210-215 trillion by 2035, from 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 over 200 net stores
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 net profit Rs 68 crore, up 156%
- Nykaa added 11 stores to reach 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
Strategic buyers should prioritize partnerships or acquisitions in last-mile logistics, retail software and omnichannel enablement, where rapid market expansion is likely to make scaled capabilities increasingly valuable.
What to watch
- Quarterly growth in orders, active customers and revenue per customer versus growth in marketing and delivery costs.
- Contribution margin, EBITDA margin and cash-flow trends; revenue growth without margin improvement would signal a reinvestment cycle.
- Nykaa same-store sales, offline-store payback periods, beauty private-label penetration and premium-category demand.
- Delhivery shipment volumes, revenue per shipment, utilization, e-commerce client concentration and freight-margin recovery.
- Eternal's quick-commerce order density, average order value, take rate, dark-store economics and competitive intensity.
- Consumer-discretionary demand indicators, urban employment, inflation and credit conditions, especially for premium beauty and nonessential retail.
- Regulatory changes affecting gig workers, dark stores, consumer data, marketplace conduct, delivery fees or foreign investment.
- Eternal is likely to prioritize higher-frequency commerce categories, merchant monetization and delivery-network density over purely restaurant-led growth.
- Nykaa is likely to add stores selectively in underserved tier-1 and tier-2 cities while using omnichannel inventory and loyalty data to improve conversion and private-label mix.
- Delhivery is likely to pursue higher-margin value-added logistics, deeper enterprise contracts and network automation to convert service-revenue growth into operating leverage.
- All three are likely to increase use of AI for demand forecasting, personalization, route optimization, fraud control and customer-service automation.
- Retail brands and consumer-goods suppliers will face greater pressure to fund marketplace advertising, faster fulfillment and exclusive assortments as platforms gain negotiating leverage.