Eternal and Nykaa accelerate growth as India’s retail market eyes Rs 215 trillion by 2035
Eternal posted Q3 FY26 revenue growth of 201.9% year-on-year and added more than 200 net stores, while Nykaa’s revenue rose 27% as it expanded to 276 stores, scaled rapid delivery and deepened its B2B network.
India’s retail market could reach Rs 210-215 trillion by 2035. Eternal reported sharp Q3 FY26 growth and quick-commerce breakeven, while Nykaa expanded stores, rapid delivery and B2B reach, supported by higher-margin owned brands, advertising and services.
Why this matters
Eternal's Q3 FY26 revenue surge and 200+ net-store addition build on the recent signal that its Q3 revenue tripled as quick-commerce margins improved, showing continued scale alongside margin gains.
Retail-company signals are accelerating, up +936100% QoQ.