Nykaa reaches 276 stores across 94 cities as it expands rapid delivery and B2B

Nykaa added 11 stores in Q3 FY26, taking its network to 276 locations in 94 cities. The beauty retailer is also scaling Nykaa Now’s 30-minute-to-two-hour delivery and its B2B platform, which serves more than 4.8 lakh retailers across 1,100 cities.

— FiledSun, 20 Sept, 2026, 05:31 IST·First seen Sun, 20 Sept, 2026, 05:31 IST·Source Financial Express (via Wayback)

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
  • Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9% YoY
  • Eternal added more than 200 net stores
  • Eternal share price up 13.5% over the past year
  • Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27% YoY
  • Nykaa Q3 FY26 net profit: Rs 68 crore, up 156% YoY
  • Nykaa gross margin: 45.2%; EBITDA margin: 8.0%
  • Nykaa added 11 stores, reaching 276 stores in 94 cities
  • Nykaa Now delivery: 30 minutes to two hours
  • Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
  • Nykaa share price up 31.7% over the past year
  • Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18% YoY

Why this matters

Nykaa’s scaled physical footprint, quick-commerce capability, and B2B distribution across 1,100 cities make it a strategically valuable omnichannel partner or acquisition benchmark in Indian beauty.

What to watch

  • Nykaa Now expansion in cities, delivery-time promises, order frequency and delivery-fee/subsidy disclosures.
  • Same-store sales growth, store productivity and pace of net store additions.
  • Beauty segment gross-margin trajectory, fulfillment costs and EBITDA-margin commentary.
  • Inventory days, working-capital movement and any increase in B2B retailer credit exposure.
  • Growth in B2B retailer count, active ordering retailers, brand partnerships and private-label mix.
  • Competitive quick-commerce beauty assortment expansion from Blinkit, Swiggy Instamart, Zepto and Tata/Sephora channels.
  • Add stores selectively in high-density catchments that can also act as Nykaa Now fulfillment nodes.
  • Expand rapid delivery city-by-city with localized assortment focused on replenishment-led beauty and personal-care SKUs.
  • Integrate store, warehouse and B2B demand data to improve inventory allocation and reduce stock-outs.
  • Use the B2B network to secure exclusive launches, regional brand distribution and private-label penetration.
  • Increase loyalty and app-led store journeys, including appointment booking, endless-aisle ordering and store-linked returns.