Resurfacing a January move: Nykaa, Eternal and Delhivery posted growth as India retail heads toward ₹215 trillion
As previously reported for Q3 FY26, Nykaa's revenue grew 27% and profit grew 156%, while Eternal's revenue more than tripled. Nykaa added 11 stores to reach 276 across 94 cities; Delhivery's services revenue rose about 18%.
What happened
Eternal (formerly Zomato) · India’s retail-tech ecosystem is projected to benefit as the retail market reaches Rs 210-215 trillion by 2035. Eternal, Nykaa,
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
- 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%
- Nykaa added 11 stores, reaching 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%; net profit about Rs 40 crore after integration costs
Why this matters
The results reinforce the strategic value of acquiring or partnering for differentiated retail technology, last-mile logistics and omnichannel capabilities in India’s rapidly expanding retail market.
What to watch
- Nykaa's revenue growth, EBITDA margin and net-profit growth in the next two quarters
- Same-store sales growth, store additions and store-level payback for Nykaa's 276-store network
- Eternal's customer acquisition spending, order growth and contribution-margin trajectory
- Delhivery's shipment volumes, service revenue growth, realized pricing and network utilization
- Beauty and fashion discount intensity during major sale periods
- India consumption, discretionary-spend and urban demand indicators relative to the projected ₹215 trillion retail market
- Nykaa is likely to concentrate additional stores in tier-2 and tier-3 clusters where omnichannel fulfillment can improve repeat buying and reduce return friction.
- Beauty brands may increase exclusive launches, retail-media spending and inventory commitments with Nykaa as its offline footprint expands.
- Delhivery may pursue deeper integration with fast-growing retail platforms through warehousing, returns management and regional fulfillment contracts.
- Retailers will increasingly use physical stores as local inventory nodes, raising demand for faster intercity and reverse-logistics services.
- Investors are likely to shift scrutiny from topline growth toward contribution margin, repeat-customer economics, store payback periods and cash-flow conversion.