Eternal, Nykaa, Delhivery, IndiaMART in focus as India retail eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market growing from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Four retail-tech enablers stand out, led by Eternal's Q3 FY26 revenue of Rs 16,315 crore (up 201.9% YoY) and quick commerce nearing breakeven with 90 bps contribution margin expansion.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035. Audit of four retail-tech enablers—Eternal, Nykaa, Delhivery,
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
- net profit Rs 102 crore up 102.9% YoY
- 90 bps contribution margin expansion
- 130 bps EBITDA margin improvement
- 200+ net stores added
- share price up 13.5%
Why this matters
The four named enablers—Eternal, Nykaa, Delhivery, and IndiaMART—are positioned as the picks-and-shovels of a Rs 215 trillion retail expansion, making them prime candidates for strategic partnerships or consolidation as the market scales.
What to watch
- Next quarter quick-commerce contribution margin trajectory (breakeven confirmation)
- Dark-store count and per-store throughput disclosures
- Gig-worker or FDI regulatory announcements
- Competitor funding rounds or discounting intensity
- Nykaa/Delhivery/IndiaMART quarterly prints validating enabler thesis
- Eternal to lean into ad revenue and private-label to accelerate quick-commerce breakeven
- Delhivery and IndiaMART to reposition guidance around B2B/logistics TAM expansion
- Peers (Zepto, Swiggy Instamart) to signal path-to-profit rather than GMV metrics
- Sell-side analysts to lift retail-tech price targets citing BCG-RAI structural growth