Eternal, Nykaa lead 4 retail-tech stocks to watch as India's market nears Rs 215 trillion
BCG-RAI projects India's retail market to reach Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Eternal (Zomato) posted Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, with net profit at Rs 102 crore and quick commerce nearing breakeven. Delhivery and IndiaMART round out the enabler set.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Analysis of four retail-tech enablers—Eternal, Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal revenue Rs 16,315 crore up 201.9% YoY
- net profit Rs 102 crore up 102.9% YoY
- contribution margin +90bps
- EBITDA margin +130bps
- 200+ net stores added
- share price up 13.5%
Why this matters
The Rs 90-95T to Rs 210-215T market trajectory validates M&A and partnership plays across quick commerce, logistics, and B2B platforms, with Delhivery and IndiaMART as potential consolidation or integration targets in the enabler layer.
What to watch
- Eternal QC segment reaching sustained positive EBITDA in Q4 FY26
- Competitive discounting intensity from Zepto/Swiggy Instamart
- Nykaa gross margin and contribution margin trends in next print
- Delhivery shipment volume and yield per parcel
- Any BCG-RAI milestone revisions or slowdown in India consumption data
- Watch sell-side revise Eternal QC contribution-margin targets upward post-breakeven guidance
- Nykaa likely rides sector sentiment but needs own margin proof in beauty/fashion verticals
- Delhivery positioned as pick-and-shovel play if e-commerce/QC volumes sustain; monitor shipment yields
- Expect capex commentary on store rollout pace and dark-store density in metros