The retail technology sector is growing rapidly as India's consumer market forecasts significant expansion. Beyond traditional brick-and-mortar stores, growth is now tied to technological innovation. This shift is powered by companies that optimize speed, cost, and customer experience across the entire value chain.
Eternal (Zomato): Quick Commerce Momentum
Eternal (Zomato) reported a robust Q3 FY26, with revenue soaring 201.9% year-on-year to Rs 16,315 crore and net profit climbing 102.9% to Rs 102 crore. This surge was propelled by its food delivery and quick commerce businesses. Notably, the quick commerce segment achieved breakeven, showing improved margins from operating leverage and cost control. While competition remains fierce, the company is investing in network expansion and new segments like dining-out services, aiming for profitability with a cautious outlook on near-term margins.
FSN E-commerce Ventures (Nykaa): Vertical Strength
FSN E-commerce Ventures (Nykaa) posted strong Q3 FY26 results: revenue rose 27% year-on-year to Rs 2,873 crore and net profit jumped 156% to Rs 68 crore. The beauty segment continues to be a core driver, complemented by a recovering fashion business. The company's focus on scale and efficiency is clear in its expanded gross margin of 45.2% and EBITDA margin of 8.0%. Nykaa is also scaling its quick delivery service, Nykaa Now, and strengthening its House of Nykaa brands.
Delhivery: Logistics Backbone
Delhivery showcased significant growth in Q3 FY26, with service revenue up 18% year-on-year to about Rs 2,798 crore and Adjusted EBITDA reaching Rs 147 crore, more than doubling from last year. The express parcel segment led the growth, with volumes up 43% to 295 million shipments. The company is focusing on network optimization and technology investments, including drone delivery trials, to drive profitable growth and capture a larger share of the e-commerce logistics market.
IndiaMART InterMESH: B2B Marketplace Evolution
IndiaMART InterMESH reported steady Q3 FY26 performance: consolidated revenue rose 13% year-on-year to Rs 402 crore and net profit increased 3.9% to Rs 188 crore. The B2B marketplace is prioritizing quality over scale by focusing on increasing Average Revenue Per User (ARPU) with premium offerings and enhanced platform features, including AI matchmaking and trust mechanisms. Related businesses like Busy Infotech also contribute, aligning with a strategy to deepen engagement rather than pursuing aggressive user expansion.
Valuation Dynamics
Valuations highlight the different stages of these companies. Eternal and Nykaa trade at high Enterprise Value to EBITDA multiples (around 100x), suggesting strong market expectations for future growth. Delhivery trades at 33.4x EV/EBITDA, above its industry median, while IndiaMART trades near its median at 14.5x, reflecting strong current profitability with ROCE and ROE of 34.2% and 26.9% respectively. This divergence shows each company offers a unique investment case within the broader retail tech theme.