Resurfacing Eternal’s Q3 breakeven in quick commerce as Nykaa expanded stores
Eternal had reported Q3 FY26 revenue growth of 201.9% year on year and said quick commerce reached breakeven, according to results resurfacing from late December 2025. Nykaa added 11 stores to reach 276 across 94 cities, while Delhivery’s services revenue rose about 18%. India’s retail market is forecast to reach Rs 210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail-tech leaders show differing Q3 FY26 trajectories: Eternal’s quick commerce reached breakeven, Nykaa expanded stores
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; quick-commerce reached breakeven
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%
- Nykaa has 276 stores across 94 cities and added 11 stores
- 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% YoY
Why this matters
With India’s retail market projected to reach Rs 210–215 trillion by 2035, operators should prioritize partnerships or acquisitions that add last-mile logistics, merchant density, and omnichannel reach.
What to watch
- Eternal's quick-commerce contribution margin, adjusted EBITDA, order-frequency growth and dark-store additions in the next two quarters.
- Evidence that breakeven was driven by sustainable operating leverage rather than reduced discounting, one-off accounting effects or slower expansion.
- Nykaa's same-store sales growth, store-level profitability, inventory turns and online sales mix following the 11-store addition.
- Delhivery's shipment volumes, realized revenue per shipment, B2C margins and exposure to quick-commerce fulfillment.
- Competitive funding rounds, discount intensity and dark-store expansion plans from Blinkit, Zepto, Swiggy Instamart and other regional operators.
- Consumer-demand indicators in discretionary categories and changes in delivery, labor or dark-store regulatory requirements.
- Eternal is likely to emphasize adjusted EBITDA and contribution-margin disclosures while accelerating dark-store rollout in high-density catchments.
- Quick-commerce rivals may intensify membership, assortment and delivery-speed promotions to prevent Eternal from converting breakeven into scale advantage.
- Nykaa may prioritize tier-2 and tier-3 city store clusters, exclusive launches and omnichannel loyalty integrations rather than purely national store count growth.
- Delhivery and competing logistics providers may pursue retailer-specific fulfillment contracts, same-day delivery partnerships and automated sorting capacity.