Eternal, Nykaa, Delhivery post strong Q3 FY26 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, scaling to Rs 210-215 trillion by 2035. Retail-tech names lead: Eternal revenue up 201.9% YoY to Rs 16,315 crore, Nykaa profit up 156% to Rs 68 crore, Delhivery profit at Rs 110 crore. Quick commerce nears breakeven amid store expansion.

— FiledFri, 17 Jul, 2026, 11:47 IST·First seen Fri, 17 Jul, 2026, 11:46 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Profiles four retail-tech stocks—Eternal (Zomato), Nykaa,

Key facts

  • Rs 210-215 trillion retail market by 2035
  • Rs 90-95 trillion in 2025
  • Eternal revenue Rs 16,315 crore +201.9% YoY
  • Eternal net profit Rs 102 crore +102.9%
  • Eternal +200 net stores
  • 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
  • Delhivery net profit Rs 110 crore

Why this matters

The Rs 90-95 trillion market more than doubling by 2035 makes logistics and quick-commerce assets like Delhivery prime consolidation targets as breakeven economics de-risk acquisitions.

What to watch

  • Quick-commerce contribution margin and actual breakeven quarter confirmation
  • Blinkit vs Instamart vs Zepto discounting/AOV trends next quarter
  • Delhivery volume growth and Meesho/e-tail client concentration
  • Nykaa BPC vs fashion segment margin split and store unit economics
  • Any RBI/regulatory noise on quick-commerce inventory or FDI norms
  • FII flows into consumer-tech basket and IPO pipeline sentiment
  • Eternal/Blinkit accelerate dark-store rollout and expand into tier-2 cities to defend share
  • Nykaa doubles down on physical store expansion and beauty-house brands to lift blended margins
  • Delhivery leverages profit inflection to bid for e-comm logistics contracts and add automation capex
  • Sell-side upgrades TAM-driven price targets citing BCG-RAI Rs 215tn projection
  • Peers (Zomato-adjacent, Reliance Retail) counter-messaging on profitability and scale