Eternal (Zomato) Q3 revenue triples as India retail eyes Rs 215 trillion by 2035
Eternal's Q3 FY26 revenue jumped 201.9% YoY to Rs 16,315 crore with net profit up 102.9% to Rs 102 crore, as quick commerce hit breakeven and added 200+ net stores. Nykaa, IndiaMART and Delhivery profiled as retail-tech enablers riding India's retail market projected to reach Rs 210-215 trillion by 2035.
What happened
Zomato (Eternal) · India's retail market projected to hit Rs 215 trillion by 2035. Eternal (Zomato) Q3 FY26 revenue rose 201.9% to Rs 16,315 crore, net profit
Key facts
- Rs 210-215 trillion market by 2035
- Rs 90-95 trillion in 2025
- revenue up 201.9% YoY to Rs 16,315 crore
- net profit up 102.9% YoY to Rs 102 crore
- quick commerce contribution margin +90bps
- EBITDA margin +130bps sequentially
- 200+ net stores added
- share price up 13.5%
Why this matters
With Nykaa, IndiaMART, and Delhivery emerging as retail-tech enablers, the ecosystem is ripe for consolidation—evaluate partnerships or acquisitions to lock in fulfillment and category coverage before valuations climb.
What to watch
- Blinkit contribution margin trajectory next 2 quarters (sustained vs. one-off)
- Swiggy Instamart / Zepto store-count and discount intensity
- Net store add cadence and per-store throughput
- Take-rate and AOV trends signaling monetization vs. subsidy
- Regulatory noise on quick-commerce labor/FDI norms
- Eternal accelerates dark-store expansion into tier-2 cities to lock density before competitors
- Peers (Nykaa, Delhivery, IndiaMART) issue guidance emphasizing profitability to ride the sector re-rating
- Analysts upgrade quick-commerce TAM estimates citing Rs 215tn 2035 retail projection
- Increased VC/PE capital flows into quick-commerce and last-mile logistics enablers