Resurfacing an April update: Eternal, Nykaa and Delhivery posted Q3 FY26 growth as India’s retail market scales
Resurfacing details from an April 2026 report: Eternal reported 201.9% revenue growth and added 200-plus net stores, while Nykaa’s revenue rose 27% and its store network reached 276 outlets. Delhivery’s services revenue grew 18%, underscoring momentum among retail-tech enablers as India’s retail market is projected to reach Rs 210-215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech enablers reported divergent Q3 FY26 performance. Eternal achieved quick-commerce breakeven and added 200-plus
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%; net profit Rs 102 crore, up 102.9%; added over 200 net stores
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%; 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities
- 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
The expanding retail market and accelerating omnichannel footprints create partnership and acquisition opportunities across fulfillment, retail software, last-mile delivery and store-enablement capabilities.
What to watch
- Same-store sales growth and payback periods for newly opened stores.
- Gross-margin and EBITDA-margin movement versus revenue growth.
- Delhivery shipment volumes, revenue per shipment and network utilization.
- Offline-to-online customer conversion rates and repeat-purchase trends at Nykaa.
- Consumer discretionary demand, inflation and urban consumption indicators.
- Competitive store openings, discount intensity and quick-commerce category expansion.
- Track whether Eternal sustains store rollout while improving sales per store and contribution margins.
- Watch Nykaa for offline-store productivity, beauty-category premiumization and retail-media monetization.
- Monitor Delhivery for shipment-volume growth, parcel-yield trends, utilization gains and profitability in express and warehousing services.
- Expect retailers to deepen regional fulfillment hubs, inventory pooling and same/next-day delivery offerings.
- Look for higher brand spending on omnichannel inventory systems, marketplace advertising and loyalty programs as customer acquisition becomes more competitive.