Eternal, Nykaa lead 4 retail-tech stocks to watch as India retail heads to Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market growing from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Four enablers—Eternal (Zomato), Nykaa, Delhivery and IndiaMART—stand out, with Eternal's Q3 FY26 revenue up 201.9% YoY to Rs 16,315 crore, net profit at Rs 102 crore, and Blinkit reaching breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market reaching Rs 215 trillion by 2035, driven by supply chains and digital platforms. Analysis
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Q3 FY26 revenue Rs 16,315 crore (+201.9% YoY)
- net profit Rs 102 crore (+102.9% YoY)
- 200+ net stores added
- share price up 13.5%
Why this matters
The BCG-RAI report crowning four retail-tech enablers signals consolidation opportunity—map partnership or acquisition angles across logistics (Delhivery), beauty (Nykaa), and B2B discovery (IndiaMART) before valuations reprice on the growth narrative.
What to watch
- Blinkit sustained positive EBITDA over consecutive quarters vs one-off breakeven
- Take-rate and AOV trends across QC platforms signaling pricing power or discount war
- New capital raises or dark-store capex guidance from Eternal/Zepto/Swiggy
- Regulatory moves on quick-commerce (labor, FDI, predatory pricing scrutiny)
- Delhivery volume growth and IndiaMART paid-supplier additions as basket-divergence tells
- Eternal reinvests QC profits into dark-store density and new verticals (10-min electronics, pharma) to entrench lead
- Nykaa leans into vertical commerce + private label to defend beauty share against horizontal QC entrants
- Incumbent grocery/FMCG players accelerate own quick-delivery or exclusive QC partnerships
- Analysts issue upgrade cycle citing BCG TAM; retail-tech ETF/thematic fund flows increase