Eternal and Nykaa's Q3 FY26 gains resurface as India's retail-tech growth story broadens
Resurfacing a late-January 2026 report, Eternal posted Q3 FY26 revenue growth of 201.9% year on year and added more than 200 net stores, while Nykaa lifted revenue 27%, grew profit 156% and reached 276 stores across 94 cities. The companies are positioned against a projected Rs 210–215 trillion Indian retail market by 2035.
India’s retail market could more than double by 2035. Eternal reported rapid Q3 FY26 growth and quick-commerce breakeven, while Nykaa expanded margins, stores, rapid delivery and B2B distribution. Delhivery and IndiaMART are also identified as retail-tech consumption enablers.
Why this matters
The resurfaced results reinforce prior signals that Eternal's quick-commerce business reached breakeven as Q3 revenue rose about 202%, while India's retail market is projected to reach ₹210–215 trillion by 2035.
Retail-company signals are accelerating, up 254820% quarter on quarter.