Eternal, Nykaa, Delhivery, IndiaMART in focus as India retail heads to Rs 215 trillion
A BCG-RAI report projects India's retail market nearly doubling to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Eternal (Zomato) led the pack with Q3 FY26 revenue up 201.9% YoY to Rs 16,315 crore, net profit up 102.9%, quick commerce reaching breakeven and 200+ net new stores added.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035. Piece highlights four retail-tech stocks—Eternal (Zomato),
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- revenue up 201.9% YoY to Rs 16,315 crore
- net profit up 102.9% YoY to Rs 102 crore
- 200+ net stores added
- 90 bps contribution margin
- 130 bps EBITDA margin
- share price up 13.5%
Why this matters
A Rs 210-215 trillion retail TAM by 2035 with Eternal, Nykaa, Delhivery, and IndiaMART consolidating share creates a rich M&A and partnership landscape—prioritize logistics and quick-commerce assets that reach breakeven fastest.
What to watch
- Renewed discounting/cash burn signals from Zepto or Swiggy Instamart
- Quick-commerce contribution margin trajectory in next Eternal print
- Regulatory scrutiny on quick-commerce labor/dark-store zoning
- Rural/tier-2 consumption data validating the doubling thesis
- Any deceleration in net new store adds below ~150/quarter
- Monitor Eternal management commentary on quick-commerce take-rate and dark-store payback periods post-breakeven
- Compare peer quarterly prints (Nykaa GMV mix, Delhivery yield per shipment, IndiaMART collections) against the same TAM tailwind
- Watch for capex guidance revisions tied to store expansion pace
- Track brokerage target-price upgrades citing the BCG-RAI Rs 215T figure