Eternal, Nykaa's Q3 FY26 gains resurface, spotlighting broader India retail-tech growth
Resurfacing a late-January report: Eternal posted Q3 FY26 revenue of Rs 16,315 crore, while Nykaa posted Rs 2,873 crore and expanded to 276 stores. The results spotlight quick commerce, beauty retail, logistics and B2B platforms as India's retail market is forecast to reach Rs 210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech stack is gaining importance as the retail market targets Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery
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 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 in 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18% YoY
Why this matters
Prioritize partnerships or acquisitions in last-mile logistics, B2B enablement and beauty-commerce infrastructure as leading platforms expand both online and physical networks.
What to watch
- Comparable sales growth and contribution-margin trends at newly opened stores and delivery clusters.
- Management commentary on quick-commerce order frequency, average order values, take rates and subsidy intensity.
- Store additions relative to closures, plus evidence that stores are being used for omnichannel fulfilment.
- Growth in advertising, logistics, marketplace and B2B revenue as a share of total revenue.
- Competitive responses from large marketplaces, quick-commerce operators, organised retailers and global beauty brands.
- Changes in consumer discretionary spending, urban demand, delivery-worker costs and commercial rents.
- Prioritise store formats that also lower fulfilment and returns costs, especially in high-density urban catchments.
- Expand retail-media, seller-services and logistics offerings to offset customer-acquisition and network-expansion costs.
- Use loyalty, subscriptions and cross-category bundles to raise purchase frequency and reduce reliance on discount-led demand.
- Secure exclusive beauty, wellness and private-label partnerships as physical and digital competitors converge.
- Track unit economics by city and format before accelerating national footprint expansion.