Eternal, Nykaa Q3 FY26 gains resurface as India retail-tech growth broadens
Resurfacing a January 2026 report: Eternal posted Q3 FY26 revenue of Rs 16,315 crore, while Nykaa's revenue rose 27% to Rs 2,873 crore. The report also flags expansion at Delhivery and IndiaMART as India's retail market is projected to reach Rs 210-215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech market outlook highlights Q3 FY26 performance at Eternal, Nykaa, Delhivery and IndiaMART. Eternal’s quick
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 total stores: 276 across 94 cities
- Nykaa B2B platform serves more than 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18% YoY
- Delhivery profit: about Rs 110 crore
Why this matters
The widening growth across commerce, beauty, logistics and B2B platforms makes adjacent capability acquisitions and partnerships—particularly in fulfillment, seller tools and customer data—more strategically attractive.
What to watch
- Eternal quick-commerce order growth, store count, contribution margin and cash burn per new store.
- Nykaa GMV growth, beauty versus fashion mix, private-label penetration, advertising revenue and EBITDA margin.
- Discount intensity and delivery-fee changes from quick-commerce and food-delivery competitors.
- Delhivery parcel volumes, realization per shipment and e-commerce client concentration.
- IndiaMART paid-supplier additions, renewal rates and SME demand conditions.
- Policy changes affecting dark stores, gig-worker protections, delivery fees, data practices or marketplace competition.
- Urban discretionary-spending trends, inflation and consumer repeat-purchase frequency.
- Eternal is likely to continue quick-commerce capacity additions, deepen restaurant and merchant monetization, and cross-sell logistics, advertising and loyalty offerings.
- Nykaa is likely to expand beauty private labels, premium-brand partnerships, retail stores and ad-tech monetization to reduce dependence on discount-led growth.
- Delhivery and similar logistics providers may target higher-volume retail-tech clients with integrated warehousing, returns and same-day delivery products.
- IndiaMART may benefit from more digitized supplier demand as retailers and small merchants seek lower-cost sourcing and lead generation.
- Investors will increasingly differentiate companies on contribution margin, repeat rates, fulfillment efficiency and cash burn rather than reported revenue growth alone.