Eternal, Nykaa lead 4 retail-tech stocks to watch as India retail nears Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market to roughly double to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Enablers Eternal (Zomato), Nykaa, Delhivery and IndiaMART are in focus after strong Q3 FY26 prints—Eternal revenue up 201.9% YoY, Nykaa net profit up 156%.
What happened
Zomato (Eternal) · BCG-RAI report projects India retail to hit Rs 215 trillion by 2035, spotlighting retail-tech enablers Eternal (Zomato), Nykaa, Delhivery and
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal revenue Rs 16,315 cr +201.9% YoY
- Eternal net profit Rs 102 cr +102.9% YoY
- Nykaa revenue Rs 2,873 cr +27% YoY
- Nykaa net profit Rs 68 cr +156%
- Nykaa 276 stores across 94 cities
- Eternal +13.5% 1yr
- Nykaa +31.7% 1yr
Why this matters
A Rs 210-215 trillion retail TAM by 2035 with proven enabler momentum signals rich M&A and partnership opportunity across logistics, beauty, food-delivery, and B2B marketplaces as consolidation accelerates around the four leaders.
What to watch
- Eternal quick-commerce contribution margin and Blinkit store adds next quarter
- Nykaa sustained profit trajectory and GMV growth
- Delhivery volume/margin trend as e-commerce logistics proxy
- Any competitive escalation in quick-commerce (Swiggy, Amazon, Flipkart Minutes)
- Follow-through institutional flows and FII positioning in the basket
- Brokerages issue TAM-anchored target upgrades on the four enablers within days
- Rotation from traditional retail/FMCG into retail-tech enablers on the doubling thesis
- Increased quick-commerce capex and dark-store buildout guidance from Eternal/Blinkit
- Sell-side comparison notes ranking enablers on profitability vs growth