Eternal, Nykaa post Q3 growth as India retail-tech eyes a ₹210–215 trillion market
Financial Express flags Eternal, Nykaa, Delhivery and IndiaMART as retail-tech plays tied to India’s projected 2035 retail expansion. Eternal reported ₹16,315 crore in revenue and added more than 200 net stores; Nykaa reached 276 stores and serves over 4.8 lakh B2B retailers.
What happened
Eternal (formerly Zomato) · Eternal, Nykaa, Delhivery and IndiaMART are highlighted as Indian retail-tech enablers as the domestic retail market is projected to
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
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27% YoY
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156% YoY
- Nykaa added 11 stores, reaching 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18% YoY
Why this matters
Nykaa’s 4.8 lakh B2B retailer reach and Eternal’s accelerating store network make logistics, merchant-enablement, beauty-tech and omnichannel partnerships attractive routes to capture India’s expanding retail-tech ecosystem.
What to watch
- Eternal's sequential contribution-margin trend, Blinkit order growth, dark-store additions and cash-burn commentary.
- Nykaa's beauty versus fashion growth, store-level productivity, inventory turns, EBITDA margin and pace of B2B retailer onboarding.
- Evidence that new stores and delivery nodes are cannibalizing existing demand rather than expanding total addressable demand.
- Competitive pricing intensity from quick-commerce, marketplaces and offline chains.
- Policy changes affecting delivery operations, marketplace practices, foreign investment, data use or small-retailer protections.
- Consumer-spending indicators in urban discretionary categories and inflation-led pressure on household budgets.
- Eternal is likely to keep expanding quick-commerce and food-delivery supply density while testing monetization through ads, subscriptions and higher-margin categories.
- Nykaa is likely to deepen omnichannel beauty expansion, add selective stores and use its B2B retailer network to improve distribution of owned and partner brands.
- Delhivery and other logistics providers may target higher retail-tech volumes with integrated warehousing, returns and last-mile offerings.
- Consumer brands may allocate more trade marketing and exclusive launches to platforms that can combine online reach, physical stores and retailer data.