Eternal, Nykaa lead Q3 FY26 retail-tech pack as India market targets Rs 215 trillion by 2035
BCG-RAI projects India's retail market swelling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Eternal posted Q3 FY26 revenue of Rs 16,315 crore (up 201.9% YoY) and added 200+ net stores, while Nykaa delivered Rs 2,873 crore revenue (up 27%) at 45.2% gross margin across 276 stores in 94 cities.
What happened
Zomato (Eternal) · Q3 FY26 audit of four Indian retail-tech enablers—Eternal (Zomato), Nykaa, Delhivery, IndiaMART—as BCG-RAI projects India's retail market to
Key facts
- Rs 210-215 trillion retail market 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%
- Eternal added 200+ net stores
- Eternal share up 13.5% YoY
- Nykaa revenue Rs 2,873 crore up 27%
- Nykaa net profit Rs 68 crore up 156%
- Nykaa gross margin 45.2%
- Nykaa 276 stores across 94 cities
- Nykaa B2B serves 4.8 lakh retailers
- Nykaa share up 31.7% YoY
Why this matters
The Rs 90-95 trillion to Rs 210-215 trillion decade-long expansion creates a runway for consolidation, with high-growth omnichannel players like Eternal and margin-strong specialists like Nykaa positioned as both acquirers and premium targets.
What to watch
- Eternal AOV and contribution margin trend in next quarterly print
- Competitor dark-store expansion and discounting announcements
- Nykaa gross-margin sustainability and inventory turns
- New store-add cadence versus same-store growth divergence
- Any BCG-RAI or macro revision to India retail TAM assumptions
- Model Eternal Blinkit contribution-margin trajectory versus store-count growth to separate land-grab from durable economics
- Track Nykaa offline store productivity (sales per sq ft) as it scales past 276 stores
- Screen smaller D2C beauty and grocery names for consolidation/pressure signals
- Position for multiple re-rating in listed retail-tech but hedge against quick-commerce burn re-escalation