Eternal, Nykaa, Delhivery Q3 FY26 results signal retail tech boom as India's market eyes Rs 215 trillion by 2035
Eternal revenue surged 201.9% YoY to Rs 16,315 crore, Nykaa profit jumped 156% to Rs 68 crore, and Delhivery grew 18% to Rs 2,798 crore, as India's retail sector is projected to more than double from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035.
What happened
Zomato (Eternal) · Analysis of Eternal, Nykaa, Delhivery Q3 FY26 earnings as India's retail tech sector grows amid market projected to hit Rs 215 trillion by
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- Delhivery revenue Rs 2798 crore up 18% YoY
- Eternal revenue Rs 16315 crore up 201.9% YoY
- Nykaa revenue Rs 2873 crore up 27% YoY
- Nykaa net profit Rs 68 crore up 156%
Why this matters
The sharp growth across Eternal, Nykaa, and Delhivery highlights India's retail tech sector as a prime landscape for consolidation and strategic partnership opportunities.
What to watch
- Eternal's next quarter margin trend (can 200%+ growth continue without cash burn spike)
- Any RBI/CCI or labor ministry commentary on gig-economy/quick-commerce practices
- Foreign brokerage price-target revisions on Nykaa, Delhivery, Eternal within 2 weeks
- New funding rounds or M&A activity among quick-commerce/logistics startups
- Government/NITI Aayog follow-up reports validating or challenging the Rs 215 trillion 2035 figure
- Track Zepto/Swiggy Instamart capex and funding announcements in response to Eternal's numbers
- Watch Nykaa's advertising/beauty-margin trajectory to confirm profit sustainability vs one-off gains
- Monitor Delhivery's B2B logistics contract wins as a proxy for broader e-commerce fulfillment demand
- Check analyst upgrades/downgrades on Indian retail-tech basket post-results
- Look for new PE/VC term sheets in quick-commerce citing India's Rs 215tn 2035 thesis