Eternal, Nykaa, Delhivery, IndiaMART in focus as India retail eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market nearly doubling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035, spotlighting four retail-tech enablers. Eternal (Zomato) leads with Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, and quick commerce nearing breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Article highlights four retail-tech enablers—Eternal (Zomato),
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- revenue Rs 16,315 crore +201.9% YoY
- net profit Rs 102 crore +102.9% YoY
- contribution margin +90 bps
- EBITDA margin +130 bps
- 200+ net stores added
- share price +13.5%
Why this matters
With four named enablers riding a decade-long retail expansion, watch for consolidation across quick commerce, logistics, and B2B marketplaces—early partnerships or stakes in Delhivery/IndiaMART-type infrastructure could lock in scarce distribution.
What to watch
- Quick-commerce sustained positive contribution margin print
- Slowing YoY revenue growth deceleration in subsequent quarters
- Entry of new deep-pocketed QC competitors (Amazon/Flipkart intensification)
- Discretionary consumption / urban demand macro prints
- Regulatory moves on quick-commerce labor, dark-store zoning, or FDI
- Track Eternal Blinkit segment EBITDA and take-rate disclosures next 1-2 quarters for confirmation of breakeven
- Monitor peer capex guidance (dark stores, warehouses) as signal of competitive escalation
- Watch for sell-side rerating notes anchoring to the BCG-RAI Rs 215T TAM
- Assess Nykaa and IndiaMART commentary for margin-defense vs growth positioning
- Screen for fresh capital raises or QIPs funding land-grab phase