Retail-tech earnings spotlight growth at Eternal, Nykaa and Delhivery
India’s retail market is projected to reach Rs 210–215 trillion by 2035. Q3 FY26 results showed rapid growth across retail-tech players, with Eternal’s revenue up 201.9%, Nykaa’s up 27% and Delhivery’s express volumes up 43% year on year.
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, from 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 added 11 stores, reaching 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%; express volumes 295 million shipments, up 43%
Why this matters
Nykaa’s 276-store, 94-city footprint and 4.8 lakh-retailer B2B reach, alongside Eternal’s 200-plus net additions, make retail-tech infrastructure, last-mile logistics and merchant-enablement assets attractive partnership or acquisition targets.
What to watch
- Quarterly contribution-margin, EBITDA and free-cash-flow trends versus reported revenue growth.
- Same-store sales, new-store payback periods and net store additions at Eternal and Nykaa.
- Nykaa B2B order growth, receivable days, inventory turns and bad-debt provisions.
- Delhivery express realization per shipment, shipment mix, network utilization and cost per parcel.
- Quick-commerce market-share shifts, discount intensity and changes in consumer delivery-fee tolerance.
- Urban consumption indicators, beauty-category demand and merchant credit conditions.
- Eternal is likely to keep adding stores and deepen quick-commerce assortment, using local density to lower delivery times and improve advertising and private-label monetization.
- Nykaa is likely to prioritize omnichannel beauty expansion, using its 276-store footprint to acquire higher-value customers while extending B2B distribution beyond 4.8 lakh retailers.
- Delhivery is likely to invest in capacity utilization, automated sorting and enterprise cross-sell to convert 43% express-volume growth into better unit economics.
- Competitors will respond with tighter delivery promises, seller incentives, selective discounting and broader offline partnerships, increasing pressure on fulfillment and marketing costs.