Eternal, Nykaa lead 4 retail-tech stocks to watch as India's retail market eyes Rs 215 trillion

A BCG-RAI report projects India's retail market to grow from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Analysis spotlights Eternal (Zomato), Nykaa, Delhivery and IndiaMART, with Eternal posting Q3 FY26 revenue up 201.9% YoY to Rs 16,315 crore and net profit up 102.9% as quick commerce nears breakeven.

— FiledSat, 4 Jul, 2026, 08:47 IST·First seen Sat, 4 Jul, 2026, 08:47 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Analysis spotlights four retail-tech stocks—Eternal (Zomato),

Key facts

  • Rs 210-215 trillion by 2035
  • Rs 90-95 trillion in 2025
  • revenue up 201.9% YoY to Rs 16,315 crore
  • net profit up 102.9% to Rs 102 crore
  • 200+ net stores added
  • share price up 13.5%

Why this matters

The BCG-RAI trajectory and consolidation around four scaled players (Eternal, Nykaa, Delhivery, IndiaMART) point to a decade of category rollups and partnership plays as the market more than doubles.

What to watch

  • Blinkit adjusted EBITDA turning positive in next quarterly print
  • Quick-commerce take-rate and AOV trends vs discount intensity
  • Competitor funding rounds or price-war signals
  • Delhivery/IndiaMART earnings confirming secular volume growth
  • Any regulatory scrutiny on quick-commerce dark stores or gig labor
  • Watch for sell-side target upgrades on Eternal citing quick-commerce breakeven
  • Expect competitors (Swiggy, Zepto) to accelerate dark-store rollouts to defend share
  • Anticipate profit-booking rotation from Eternal into Delhivery/IndiaMART on relative value
  • Nykaa likely to lean into beauty/fashion GMV commentary to stay in the TAM story

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