Eternal, Nykaa and Delhivery signal momentum in India’s digital retail economy
India’s retail market is projected to reach Rs 210-215 trillion by 2035. In Q3 FY26, Eternal reported 201.9% revenue growth, Nykaa added 11 stores to reach 276, and Delhivery’s express volumes rose 43% to 295 million shipments.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa and Delhivery reported strong Q3 FY26 growth, with
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; 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%; net profit Rs 68 crore, up 156%
- Nykaa added 11 stores, reaching 276 stores in 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%; express volumes 295 million shipments, up 43%
Why this matters
The parallel growth of quick commerce, omnichannel beauty and delivery infrastructure creates partnership and acquisition opportunities around logistics integration, consumer data and category-led retail platforms.
What to watch
- Eternal’s quick-commerce GOV growth, adjusted EBITDA trajectory, dark-store additions and order-frequency trends.
- Nykaa’s same-store sales growth, online versus physical mix, inventory turns, private-label contribution and customer-acquisition cost.
- Delhivery’s express realization per shipment, service-level performance, utilization, B2C mix and EBITDA margin.
- Competitive pricing and delivery-time commitments from major quick-commerce, marketplace and logistics rivals.
- Consumer discretionary demand in tier-2 and tier-3 cities, where expansion economics may be less favorable than in top metros.
- Changes in fuel, labor, warehousing and regulatory costs that could affect last-mile delivery margins.
- Quick-commerce operators are likely to expand dark-store coverage beyond the largest metros while raising basket size through grocery, electronics, beauty and private-label assortment.
- Beauty retailers will increase omnichannel store openings, regional fulfillment capacity and exclusive brand partnerships to defend against marketplace and rapid-delivery encroachment.
- Logistics providers will add automation, sorting capacity and enterprise service tiers to convert shipment growth into higher utilization and better unit economics.
- Consumer brands will reallocate launch budgets toward rapid-delivery platforms, creator-led discovery and retail-media placements, especially in beauty, personal care and packaged goods.
- Investors will increasingly compare companies on profitable growth metrics rather than headline revenue or volume growth alone.