Eternal, Nykaa post strong Q3 FY26 growth as India retail-tech market expands
Eternal reported Q3 FY26 revenue growth of 201.9% year on year, while Nykaa’s revenue rose 27%. Nykaa added 11 stores to reach 276 across 94 cities and continues to expand its rapid-delivery and B2B retail network.
What happened
Eternal (formerly Zomato) · India’s retail-tech market is projected to more than double by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted, 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 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%; profit about Rs 110 crore before integration costs
Why this matters
The growth gap highlights opportunities to acquire or partner for rapid fulfillment, B2B distribution and city-level store infrastructure as retail-tech platforms scale nationwide.
What to watch
- Eternal’s sequential growth, contribution margin and cash burn in quick commerce.
- Nykaa’s same-store sales growth, new-store payback period and store-level profitability.
- Growth in Nykaa’s rapid-delivery order mix and whether delivery expansion lifts repeat purchases without materially raising fulfillment costs.
- Advertising, take-rate and private-label contribution trends for both companies.
- Competitive pricing, free-delivery thresholds and expansion announcements from major quick-commerce and beauty retail rivals.
- Inventory turns, working-capital needs and B2B receivables as Nykaa scales its retail network.
- Eternal is likely to prioritize rapid-commerce assortment, delivery-density expansion and merchant/advertising monetization over near-term margin maximization.
- Nykaa is likely to add selective stores in underserved cities while linking stores to faster fulfillment, loyalty and online-to-offline customer acquisition.
- Nykaa may deepen B2B retail distribution and private-label/category expansion to improve gross margins and reduce reliance on pure marketplace economics.
- Rivals in beauty, fashion and quick commerce are likely to increase delivery-speed promises, promotional activity and offline partnerships.