Zomato to Nykaa: India's retail-tech stack posts Q3 gains as market eyes Rs 215 trillion
Q3 FY26 earnings roundup of India's retail-tech players. Eternal (Zomato/Blinkit) revenue jumped 201.9% YoY to Rs 16,315 cr; Nykaa profit surged 156% to Rs 68 cr on 27% revenue growth across 276 stores in 94 cities; Delhivery revenue rose 18%. Backdrop: India retail projected to hit Rs 215 trillion by 2035.
What happened
Zomato (Eternal) · Q3 FY26 earnings roundup of India's retail-tech stack—Eternal (Zomato/Blinkit), Nykaa, Delhivery, IndiaMART—framed against India's retail
Key facts
- India retail market Rs 210-215 trillion by 2035
- Eternal Q3 FY26 revenue Rs 16,315 cr up 201.9% YoY
- Eternal net profit Rs 102 cr up 102.9%
- 200+ net stores added
- Nykaa Q3 revenue Rs 2,873 cr up 27%
- Nykaa net profit Rs 68 cr up 156%
- Nykaa 276 stores across 94 cities
- Delhivery revenue Rs 2,798 cr up 18%
What to watch
- Zepto/Instamart funding rounds or pricing wars
- Eternal quarterly EBITDA guidance revision
- Nykaa gross margin trend across BPC vs fashion
- Regulatory noise on q-comm dark-store labor/FDI norms
- Delhivery contract wins from top e-com platforms
- Track Blinkit contribution margin and dark-store count trajectory in next disclosure
- Model Nykaa store-level unit economics to test if profit growth is repeatable
- Watch Delhivery volume mix shift toward q-comm express lanes
- Screen for capex guidance signaling renewed land-grab vs. profit discipline