Retail-tech enablers post strong Q3 FY26 as India's market races toward Rs 215 trillion
Four listed retail-tech players—Eternal (Zomato), Nykaa, Delhivery and IndiaMART—drew investor focus after Q3 FY26 results. Eternal led with revenue up 201.9% YoY to Rs 16,315 crore and net profit doubling to Rs 102 crore, as quick commerce hit breakeven and added 200+ net stores. India's retail market is projected to grow from Rs 90-95 trillion in 2025 to Rs 215 trillion by 2035.
What happened
Zomato (Eternal) · India's retail market projected to hit Rs 215 trillion by 2035. Four retail-tech enablers—Eternal/Zomato, Nykaa, Delhivery, IndiaMART—posted
Key facts
- Rs 215 trillion market by 2035
- Rs 90-95 trillion in 2025
- revenue up 201.9% YoY to Rs 16,315 crore
- net profit up 102.9% YoY to Rs 102 crore
- 200+ net stores added
- share up 13.5%
What to watch
- Q4 FY26 whether Eternal sustains Q-comm breakeven vs seasonal reversal
- Take-rate and contribution-margin disclosures across the four names
- Store-addition pace and new-city AOV trends
- Funding environment / interest-rate signals affecting growth-stock multiples
- Regulatory noise on quick-commerce labor and dark-store zoning
- Peers announce aggressive dark-store and category expansion in upcoming earnings calls
- Analysts upgrade quick-commerce estimates, raising sector price targets
- Incremental competition from Amazon/Flipkart and Reliance in quick-commerce
- Capital raises or QIPs by cash-burning players to fund expansion