Zomato, Nykaa lead retail-tech pack as India's retail market eyes Rs 215 trillion by 2035
Q3 FY26 results show Eternal (Zomato) revenue up 201.9% YoY to Rs 16,315 cr with quick commerce hitting breakeven, while Nykaa expanded margins and now spans 276 stores across 94 cities. Delhivery and IndiaMART round out four enablers riding India's projected Rs 215 trillion retail boom.
What happened
Zomato (Eternal) · Q3 FY26 results for four Indian retail-tech enablers—Eternal (Zomato), Nykaa, Delhivery, IndiaMART—amid India's retail market projected to
Key facts
- Rs 215 trillion retail market by 2035
- Eternal revenue Rs 16,315 crore up 201.9% YoY
- Eternal net profit Rs 102 crore up 102.9%
- Nykaa revenue Rs 2,873 crore up 27% YoY
- Nykaa net profit Rs 68 crore up 156%
- Nykaa 276 stores across 94 cities
- Delhivery revenue Rs 2,798 crore up 18% YoY
Why this matters
The clustering of four enablers—Zomato, Nykaa, Delhivery, and IndiaMART—around India's Rs 215 trillion retail runway highlights ripe targets across quick commerce, beauty retail, logistics, and B2B marketplaces for partnership or consolidation plays.
What to watch
- Q4 FY26 quick-commerce contribution margin trajectory and whether breakeven holds
- Nykaa same-store sales and store-count guidance updates
- Delivery-fee elasticity and order-frequency data post price hikes
- Consolidation/M&A signals among sub-scale q-commerce players
- Delhivery tonnage growth and IndiaMART paid-supplier additions
- Quick-commerce players raise platform/delivery fees and expand private-label to protect newly-won margins
- Nykaa deepens tier-2/3 store expansion and premium beauty exclusives to defend margin gains
- Delhivery and IndiaMART reposition messaging around retail-boom tailwinds to attract rotation flows
- Competitors (Swiggy, Zepto, Amazon) counter with capital raises or aggressive discounting to hold share