Eternal, Nykaa, Delhivery in focus as India retail market eyes Rs 215 trillion by 2035
A BCG-RAI report pegs India's retail market at Rs 90-95 trillion in 2025, doubling to Rs 210-215 trillion by 2035. Q3 FY26 fundamentals show Eternal revenue up 201.9% YoY to Rs 16,315 cr, Nykaa net profit up 156% to Rs 68 cr with 276 stores across 94 cities, and Delhivery revenue up 18%.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035. Analysis of Q3 FY26 fundamentals for retail-tech enablers:
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal revenue Rs 16,315 cr up 201.9% YoY
- Eternal net profit Rs 102 cr up 102.9%
- Nykaa revenue Rs 2,873 cr up 27%
- Nykaa net profit Rs 68 cr up 156%
- Nykaa 276 stores across 94 cities
- Delhivery revenue Rs 2,798 cr up 18%
Why this matters
The projected doubling of India's retail market to Rs 215 trillion by 2035 across quick-commerce, beauty retail, and logistics creates a rich pipeline for omnichannel M&A, partnerships, and vertical integration between players like Eternal, Nykaa, and Delhivery.
What to watch
- Eternal QoQ deceleration or Blinkit path-to-EBITDA disclosures
- Nykaa same-store sales vs new-store cannibalization data
- Delhivery volume growth vs marketplace in-sourcing signals
- Quick-commerce take-rate and platform fee changes
- Consumption macro prints (urban discretionary spend, tier-2 penetration)
- Eternal to guide on Blinkit contribution margin trajectory and store/dark-store expansion cadence
- Nykaa to push tier-2/3 store rollout beyond 94 cities and scale fashion vertical profitability
- Delhivery to defend volumes via express/quick-commerce logistics partnerships and cost automation
- Analysts to re-rate the retail-tech cohort on TAM-per-share rather than near-term earnings
- New PE/VC entrants target regional D2C and beauty brands as consolidation feedstock