Eternal, Nykaa, Delhivery post strong Q3 FY26 as India retail eyes Rs 215 trillion by 2035

A BCG-RAI report pegs India's retail market at Rs 90-95 trillion in 2025, rising to Rs 210-215 trillion by 2035. Retail-tech names are riding the wave: Eternal revenue Rs 16,315 crore (+201.9% YoY), Nykaa Rs 2,873 crore (+27%) with net profit up 156%, and Delhivery Rs 2,798 crore (+18%). Store expansion and quick-commerce breakeven anchor the momentum.

— FiledTue, 14 Jul, 2026, 15:33 IST·First seen Tue, 14 Jul, 2026, 15:32 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035, highlighting retail-tech stocks Eternal, Nykaa, Delhivery and

Key facts

  • Rs 210-215 trillion retail market by 2035
  • Rs 90-95 trillion in 2025
  • Eternal Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
  • Eternal net profit Rs 102 crore up 102.9% YoY
  • Eternal +200 net stores
  • Eternal share +13.5% YoY
  • Nykaa revenue Rs 2,873 crore up 27% YoY
  • Nykaa net profit Rs 68 crore up 156%
  • Nykaa gross margin 45.2%
  • Nykaa 276 stores across 94 cities
  • Nykaa B2B 4.8 lakh retailers 1,100 cities
  • Nykaa share +31.7% YoY
  • Delhivery revenue Rs 2,798 crore up 18% YoY
  • Delhivery net profit Rs 110 crore

Why this matters

The Rs 90-95 trillion base scaling toward Rs 215 trillion by 2035 signals a decade-long consolidation window—target quick-commerce, logistics, and beauty-vertical assets before valuations reprice on breakeven proof points.

What to watch

  • Blinkit/quick-commerce contribution margin and breakeven timeline disclosures
  • Dark-store and physical store net additions per quarter
  • Nykaa BPC vs fashion segment mix and take-rate trends
  • Delhivery volume growth and yield per shipment
  • New IPO/QIP filings and PE funding rounds in retail-tech
  • RBI consumption data and festive-season demand signals
  • YoY growth normalization as inorganic base effects roll off
  • Rotate into quick-commerce and last-mile logistics leaders while monitoring contribution-margin trajectory
  • Trim positions where valuation prices in perfection ahead of tough YoY base comps
  • Add Delhivery/logistics as a lower-beta play on the same structural retail-volume thesis
  • Screen mid-cap beauty and grocery names for consolidation/M&A targets
  • Hedge sector exposure against a base-effect-driven growth deceleration print