Eternal, Nykaa's Q3 FY26 growth results resurface from April 2026, as India's retail market eyes Rs 215 trillion by 2035

Resurfacing an April 2026 report: Eternal (Zomato) revenue jumped 201.9% YoY to Rs 16,315 crore and net profit doubled to Rs 102 crore; Nykaa revenue rose 27% to Rs 2,873 crore with profit up 156% to Rs 68 crore, as analysts flag retail-tech names including Delhivery and IndiaMART amid India's retail expansion from Rs 90-95 trillion in 2025.

— FiledMon, 20 Jul, 2026, 11:02 IST·First seen Mon, 20 Jul, 2026, 11:01 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · Financial Express highlights Eternal (Zomato), Nykaa, Delhivery and IndiaMART as retail-tech stocks to watch as India's retail market is

Key facts

  • Rs 215 trillion by 2035
  • Rs 90-95 trillion 2025
  • Eternal revenue Rs 16,315 crore up 201.9% YoY
  • Eternal net profit Rs 102 crore up 102.9% YoY
  • Nykaa revenue Rs 2,873 crore up 27% YoY
  • Nykaa net profit Rs 68 crore up 156%
  • Nykaa gross margin 45.2%
  • Nykaa EBITDA margin 8.0%
  • Nykaa 276 stores across 94 cities
  • Nykaa B2B serves 4.8 lakh retailers

Why this matters

The strong Q3 performances of Eternal and Nykaa, alongside mentions of Delhivery and IndiaMART, signal that India's retail-tech sector is ripe for consolidation and strategic bets as the broader market races toward Rs 215 trillion by 2035.

What to watch

  • Eternal's quick-commerce (Blinkit) segment-level profitability disclosure
  • Nykaa's beauty/fashion vertical growth split and inventory turns
  • Any CCI or government commentary on e-commerce discounting/dark stores
  • Stock price reaction and volume spikes in Eternal, Nykaa, Delhivery, IndiaMART over next 5-10 trading sessions
  • Global macro risk (rupee, crude, rates) that could dampen consumer discretionary spend forecasts
  • Track Q4 FY26 guidance calls for Eternal/Nykaa on margin trajectory and capex plans for quick-commerce expansion
  • Monitor analyst target-price revisions and institutional flow data (FII/DII) into Delhivery, IndiaMART post this earnings cycle
  • Watch for follow-on funding rounds or IPO filings from smaller quick-commerce/D2C players seeking to ride the sentiment
  • Check competitor earnings (Swiggy, Amazon India, Reliance Retail) for comparative growth/margin signals