Eternal, Nykaa, Delhivery, IndiaMART post strong Q3 as India retail eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market reaching Rs 215 trillion by 2035, framing four retail-tech names as key watchlist plays. Eternal (Zomato) revenue surged 201.9% YoY to Rs 16,315 crore; Nykaa grew 27% to Rs 2,873 crore across 276 stores in 94 cities; Delhivery rose 18% to Rs 2,798 crore.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Four retail-tech stocks—Eternal, Nykaa, Delhivery, IndiaMART—report
Key facts
- Rs 215 trillion retail market by 2035
- Eternal revenue Rs 16,315 crore +201.9% YoY
- Eternal net profit Rs 102 crore +102.9% YoY
- Nykaa revenue Rs 2,873 crore +27% YoY
- Nykaa net profit Rs 68 crore +156%
- Nykaa 276 stores across 94 cities
- Delhivery revenue Rs 2,798 crore +18% YoY
Why this matters
The BCG-RAI Rs 215 trillion projection and diverging growth rates (Eternal +202%, Delhivery +18%) signal consolidation and partnership opportunities in logistics and beauty-commerce verticals where scale leaders are pulling away.
What to watch
- Blinkit/quick-commerce contribution margin disclosure in Eternal filings
- Nykaa same-store sales growth vs new-store dilution
- Delhivery volume growth vs pricing pressure (18% rev suggests softer volumes)
- FII flow data into consumer discretionary
- Any moderation in urban consumption or festive-quarter base effects
- Sell-side raises TP on Eternal/Nykaa citing TAM report; watch for consensus revenue upgrades
- Peer read-through lifts Swiggy, FirstCry, Honasa on comparable multiples
- Management guidance calls emphasize store expansion (Nykaa 94 cities) and take-rate improvement
- Retail-tech ETF/thematic fund inflows increase on India consumption story