Eternal, Nykaa and Delhivery's Q3 gains resurface as India retail-tech scales
Resurfacing a report from the Q3 FY26 period (ended December 2025): Eternal posted revenue of Rs 16,315 crore, while Nykaa grew revenue 27% and expanded to 276 stores across 94 cities. Delhivery's services revenue rose 18%. The wider Indian retail market is projected to reach Rs 210-215 trillion by 2035.
India’s retail-tech leaders posted varied Q3 FY26 performance: Eternal’s quick commerce reached breakeven, Nykaa expanded stores and rapid delivery, and Delhivery grew services revenue. The report forecasts India’s retail market could reach Rs 210-215 trillion by 2035.
Why this matters
The report extends recent signals on Eternal’s 202% Q3 FY26 revenue jump and quick-commerce breakeven, while reinforcing forecasts of an Indian retail market approaching ₹215 trillion by 2035.
Retail-company signals are accelerating, up +398467% QoQ.