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 swelling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Analysis flags Eternal (Zomato), Nykaa, Delhivery and IndiaMART as key enablers. Eternal's Q3 FY26 revenue jumped 201.9% YoY to Rs 16,315 crore, with quick commerce hitting breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India retail hitting Rs 215 trillion by 2035. Analysis profiles four retail-tech enablers—Eternal (Zomato), Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- revenue Rs 16,315 crore up 201.9% YoY
- net profit Rs 102 crore up 102.9% YoY
- 200+ net stores added
- share up 13.5% YoY
Why this matters
The BCG-RAI structural growth thesis makes fulfillment, beauty, and B2B marketplace assets increasingly strategic acquisition or partnership targets as incumbents race to own the digital retail infrastructure layer.
What to watch
- Blinkit take-rate and contribution margin trajectory next quarter
- Competitor discounting intensity or new dark-store announcements
- Gig-worker regulation or FDI/inventory-model policy updates
- Q4 FY26 guidance vs 201.9% growth comp (base-effect normalization)
- Institutional flow data into the four named retail-tech stocks
- Track Eternal capex guidance for dark-store additions next 2 quarters
- Watch Nykaa, Delhivery, IndiaMART for correlated analyst upgrades on the TAM thesis
- Monitor Swiggy Instamart and Zepto funding/pricing responses to breakeven signal
- Position for volatility: profitable q-comm print invites both bulls and short-term profit-takers