Zomato, Nykaa lead Q3 FY26 retail-tech surge as India market eyes Rs 215 trillion

Four listed retail enablers post strong Q3 FY26: Eternal/Zomato revenue up 201.9% YoY to Rs 16,315 crore with quick commerce at breakeven; Nykaa revenue up 27% to Rs 2,873 crore and net profit up 156%, now 276 stores across 94 cities; Delhivery revenue up ~18%. India's retail market projected at Rs 210-215 trillion by 2035.

— FiledTue, 30 Jun, 2026, 10:34 IST·First seen Tue, 30 Jun, 2026, 10:34 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · Q3 FY26 audit of four Indian retail-tech enablers—Eternal/Zomato, Nykaa, Delhivery, IndiaMART—as India's retail market is projected to hit Rs

Key facts

  • retail market Rs 210-215 trillion by 2035
  • Eternal Q3 FY26 revenue Rs 16,315 crore +201.9% YoY
  • Eternal net profit Rs 102 crore +102.9%
  • Nykaa revenue Rs 2,873 crore +27% YoY
  • Nykaa net profit Rs 68 crore +156%
  • Nykaa 276 stores across 94 cities
  • Delhivery revenue ~Rs 279 crore +18% YoY

Why this matters

With listed enablers spanning food delivery, beauty retail, and logistics all posting strong Q3 FY26 results, the fragmented retail-tech landscape is ripe for partnership or acquisition plays that bundle quick commerce, omnichannel retail, and last-mile fulfillment capabilities.

What to watch

  • Q4 FY26 quick-commerce contribution-margin trend (structural vs seasonal)
  • Swiggy/Zepto competitive discount intensity and burn disclosures
  • Nykaa same-store-sales and new-city expansion economics
  • Delhivery volume mix shift toward quick-commerce/D2C
  • Foreign institutional flows and multiple expansion in the sector
  • Any FY26 guidance cuts signaling demand normalization post-festive
  • Eternal to reinvest quick-commerce gains into dark-store density and ad monetization rather than dividends
  • Nykaa to push BPC private labels and fashion vertical to defend the 156% profit trajectory
  • Delhivery to lean into quick-commerce/D2C fulfillment contracts as e-tail volumes rise
  • Private players (Zepto, Meesho) accelerate IPO/funding timing to capture re-rating sentiment
  • Sell-side upgrades and TAM-based target price revisions across the basket