Eternal, Nykaa lead 4 retail-tech stocks to watch as India's market races to Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market to nearly double from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Analysts flag Eternal (Zomato), Nykaa, Delhivery and IndiaMART as key enablers, citing quick-commerce breakeven, store expansion and strong Q3 FY26 earnings.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Analysis highlights four retail-tech enablers—Eternal (Zomato),
Key facts
- Rs 210-215 trillion 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
- Nykaa revenue Rs 2,873 crore up 27% YoY
- Nykaa net profit Rs 68 crore up 156%
- Nykaa 276 stores across 94 cities
Why this matters
The Rs 210-215 trillion 2035 retail opportunity and diverging growth rates among Eternal, Nykaa, Delhivery and IndiaMART create fertile ground for partnerships and M&A across quick-commerce, logistics and B2B enablement.
What to watch
- Blinkit/Eternal adjusted EBITDA turning sustainably positive across quarters
- Zepto/Amazon funding rounds signaling renewed discount intensity
- Nykaa GMV growth vs take-rate trajectory in beauty vs fashion
- Delhivery volume and freight yield trends, IndiaMART paid-supplier adds
- Regulatory scrutiny on quick-commerce dark stores and FDI in inventory-led retail
- Sell-side upgrades citing BCG-RAI Rs 215T TAM as anchor for 10-year DCF re-rating
- Retail-tech names accelerate dark-store and store-network capex to lock in category leadership
- Institutional rotation into 'India consumption' baskets bundling these 4 tickers
- Peers rush comparable Q3 FY26 prints; laggards face guidance-cut pressure