Retail-tech earnings spotlight Eternal, Nykaa and Delhivery as India market eyes ₹215tn
Eternal reported Q3 FY26 revenue of ₹16,315 crore, up 201.9% year on year, with quick commerce reaching breakeven. Nykaa’s revenue rose 27% as it added 11 stores, while Delhivery’s services revenue grew 18%. The outlook is framed against a projected ₹210–215 trillion Indian retail market by 2035.
India’s retail-tech market outlook spotlights Eternal, Nykaa, Delhivery and IndiaMART. Eternal’s quick-commerce business reached breakeven, Nykaa expanded to 276 stores and rapid delivery, while Delhivery reported 18% services-revenue growth in Q3 FY26.
Why this matters
Eternal’s results extend a recent signal on its 202% Q3 revenue jump and improved quick-commerce margins; the ₹210–215 trillion outlook reprises a late-2025 retail-market projection and a signal on Eternal and Nykaa’s Q3 gains.
The retail-company theme is accelerating, up 198,686% QoQ.