Nykaa and Eternal build retail-tech growth case as India market targets ₹215 trillion by 2035
A Financial Express analysis flags Eternal, Nykaa, Delhivery and IndiaMART as retail-tech beneficiaries. Eternal reported Q3 FY26 revenue growth of 201.9% year on year, while Nykaa grew revenue 27%, added 11 stores and expanded its B2B reach to more than 4.8 lakh retailers.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted as
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 more than 200 net stores; share price up 13.5% in one year
- Nykaa Q3 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%
- Nykaa gross margin 45.2%; EBITDA margin 8.0%; added 11 stores to 276 stores in 94 cities
- Nykaa B2B serves over 4.8 lakh retailers across 1,100 cities; share price up 31.7% in one year
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%; net profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
Nykaa’s broadening B2B retailer network and store footprint make adjacent partnerships or acquisitions in beauty distribution, merchant enablement, and omnichannel technology increasingly strategic.