Retail-tech earnings spotlight quick commerce, beauty and logistics growth
Eternal, Nykaa and Delhivery posted strong Q3 FY26 growth as India’s retail market is projected to reach Rs 210-215 trillion by 2035. Eternal added more than 200 net stores, Nykaa reached 276 stores across 94 cities, and Delhivery’s express volumes rose 43%.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART illustrate the retail-tech
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%; added 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 4.8 lakh+ retailers across 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
The results highlight potential partnership and acquisition targets across quick-commerce infrastructure, beauty retail distribution and logistics technology, where scale and network density are becoming strategic advantages.
What to watch
- Quarterly EBITDA or contribution-margin progression after store and network expansion.
- Quick-commerce order frequency, average order value, delivery-time performance and discount intensity.
- Nykaa same-store sales growth and revenue productivity from newly opened locations.
- Delhivery revenue per shipment, express pricing trends and capacity-utilization metrics.
- Competitor funding rounds, aggressive promotional campaigns, acquisitions or exclusive brand partnerships.
- Regulatory changes affecting gig workers, dark stores, marketplace practices, data use or logistics compliance.
- Track Eternal's incremental contribution margins, dark-store/store productivity and advertising monetization rather than headline revenue growth.
- Monitor Nykaa's offline-store payback periods, omnichannel repeat purchasing, premium beauty mix and private-label penetration.
- Watch Delhivery's yield per shipment, network utilization, B2C versus B2B mix, and whether volume growth converts into operating leverage.
- Expect brands to allocate more launch inventory and marketing budgets to platforms offering both discovery and rapid fulfillment.
- Assess whether traditional retailers accelerate local delivery partnerships, membership programs and inventory-digitization investments.