India retail may reach Rs 215 trillion by 2035, resurfacing Eternal, Nykaa and Delhivery's Q3 FY26 growth figures
India's retail market is projected to grow from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Resurfacing Q3 FY26 results: Eternal reported 201.9% revenue growth, Nykaa grew revenue 27% while expanding to 276 stores, and Delhivery's express-parcel volumes rose 43%.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa and Delhivery reported strong Q3 FY26 growth, with
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; net profit: Rs 102 crore, up 102.9%
- Eternal added over 200 net stores; share price up 13.5% in past year
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27%; net profit: Rs 68 crore, up 156%
- Nykaa gross margin: 45.2%; EBITDA margin: 8.0%; 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities; share price up 31.7%
- Delhivery Q3 FY26 service revenue: about Rs 2,798 crore, up 18%; net profit: about Rs 40 crore after integration costs
- Delhivery express-parcel volume: 295 million shipments, up 43%
Why this matters
Strategic buyers should prioritize partnerships or acquisitions that add last-mile logistics, omnichannel store capabilities and high-frequency consumer demand channels in India’s accelerating retail ecosystem.
What to watch
- Quarterly contribution-margin and EBITDA trends at rapid-delivery, beauty-retail and logistics operators.
- Delhivery express-parcel yield, shipment mix and network utilization after volume growth.
- Nykaa same-store sales, store payback periods, private-label mix and online versus offline margin performance.
- Eternal's order-frequency growth, dark-store additions, customer-acquisition spend and delivery-partner costs.
- Consumer discretionary spending trends in tier-2 and tier-3 cities.
- Policy changes affecting gig workers, e-commerce discounting, data use, quick-commerce operations or logistics real estate.
- Competitive responses from large marketplaces, food-delivery platforms, organized retailers and regional delivery networks.
- Prioritize city-level profitability metrics over headline GMV, revenue and shipment growth.
- Expand fulfillment capacity selectively in high-density clusters before pursuing nationwide speed guarantees.
- Use physical stores as inventory, returns and customer-acquisition nodes rather than standalone expansion vehicles.
- Build merchant logistics, advertising, loyalty and financial-services revenue streams to offset delivery and fulfillment costs.
- Prepare for intensified competition for urban warehouses, delivery labor, brand exclusives and consumer discounts.