Resurfacing a January report: Eternal, Nykaa and Delhivery posted Q3 growth as India retail market eyed ₹215 trillion by 2035
Per a report resurfacing from January 2026, India’s retail market was projected to reach ₹210–215 trillion by 2035, from ₹90–95 trillion in 2025. In Q3 FY26, Eternal had reported 201.9% revenue growth, Nykaa had added 11 stores to reach 276, and Delhivery’s services revenue had risen 18%.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa and Delhivery reported Q3 FY26 growth, with Eternal’s
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 contribution margin rose about 90 bps and EBITDA margin improved about 130 bps sequentially
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 net profit Rs 68 crore, up 156%
- Nykaa gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores, reaching 276 stores in 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%
- Delhivery net profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
With India retail projected to reach ₹210–215 trillion by 2035, strategic buyers should prioritize partnerships or acquisitions in hyperlocal fulfillment, beauty-tech, merchant enablement and logistics capacity.
What to watch
- Eternal/Blinkit order-frequency growth, dark-store additions, adjusted EBITDA and contribution-margin trends.
- Nykaa same-store sales, online growth versus store-led growth, inventory days and premium-brand exclusivity wins.
- Delhivery shipment volumes, revenue per shipment, service margins, utilization and enterprise-client additions.
- Quick-commerce competitive behavior from Zepto, Swiggy Instamart, Flipkart and Amazon, especially discount intensity and delivery-fee changes.
- FMCG and beauty brand channel mix shifting toward quick commerce, marketplaces and owned omnichannel formats.
- Urban consumption, discretionary-spend and inflation data, which will test whether high growth reflects durable demand or promotion-led share capture.
- Expand dark-store and micro-fulfillment networks in high-frequency urban clusters while tightening contribution-margin targets.
- Use Nykaa's physical footprint for exclusive launches, assisted selling, returns and faster local fulfillment rather than treating stores primarily as standalone sales outlets.
- Secure multi-year logistics capacity, regional warehousing and reverse-logistics capability before retail shipment volumes create bottlenecks.
- Increase retailer and brand investment in unified inventory, demand forecasting and loyalty data to defend against marketplace and quick-commerce disintermediation.
- Monitor whether consumer demand broadens beyond metros; expansion into tier-2 and tier-3 markets will determine whether the long-range retail forecast translates into profitable network growth.