Eternal, Nykaa post strong Q3 FY26 growth as India’s retail market targets Rs 215 trillion
Eternal reported Q3 FY26 revenue of Rs 16,315 crore, up 201.9% year on year, while Nykaa’s revenue rose 27% to Rs 2,873 crore. The companies are expanding quick-commerce and omnichannel reach as India’s retail market is projected to reach Rs 210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210–215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted as
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% YoY
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156% YoY
- Nykaa total stores: 276 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
- Delhivery net profit: about Rs 110 crore before integration costs
Why this matters
Nykaa’s 4.8 lakh-retailer B2B network and Eternal’s store rollout make partnerships, last-mile capabilities, and retailer-enablement assets attractive targets in a retail market projected to reach Rs 210–215 trillion by 2035.
What to watch
- Sequential growth in Eternal's quick-commerce order volumes, average order value, contribution margin and dark-store productivity.
- Net new stores versus same-store sales and payback periods for Nykaa's physical retail expansion.
- Nykaa B2B retailer additions, repeat ordering, credit exposure and inventory turnover.
- Evidence of declining discounts or improving adjusted EBITDA despite continued network additions.
- Competitor capex, delivery-fee changes and promotional intensity from quick-commerce and beauty retail peers.
- Regulatory developments affecting e-commerce marketplace practices, gig-worker costs, product compliance, consumer data or rapid-delivery operations.
- Eternal is likely to prioritize additional quick-commerce fulfillment locations, category expansion into higher-frequency household needs, and merchant/restaurant ecosystem cross-sell.
- Nykaa is likely to add selective physical stores in underpenetrated cities while using its B2B network to expand beauty distribution beyond its owned retail footprint.
- Both companies are likely to increase loyalty, advertising, private-label and data-driven personalization efforts to offset fulfillment and acquisition costs with higher-margin revenue.
- Retail competitors may accelerate dark-store rollouts, omnichannel partnerships and promotional campaigns, raising customer-acquisition intensity across major Indian cities.