Eternal, Nykaa lead retail-tech charge as India's market eyes Rs 215 trillion by 2035
Q3 FY26 results show Eternal (Zomato) revenue up 201.9% YoY to Rs 16,315 crore with quick commerce nearing breakeven, while Nykaa's net profit jumped 156% to Rs 68 crore. A BCG-RAI report projects India's retail market at Rs 210-215 trillion by 2035, spotlighting Delhivery and IndiaMART as stocks to watch.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Q3 FY26 results show Eternal (Zomato) quick commerce hitting
Key facts
- Rs 210-215 trillion retail market by 2035
- Eternal revenue Rs 16,315 crore up 201.9% YoY
- Eternal net profit Rs 102 crore up 102.9%
- 200+ net stores added
- Nykaa revenue Rs 2,873 crore up 27%
- Nykaa net profit Rs 68 crore up 156%
- Nykaa 276 stores across 94 cities
- 4.8 lakh retailers across 1,100 cities
Why this matters
The BCG-RAI Rs 210-215 trillion projection and named watchlist stocks like Delhivery and IndiaMART flag logistics and B2B enablement as prime M&A and partnership targets to capture the retail-tech expansion.
What to watch
- Blinkit sustained positive EBITDA print in next quarter
- Competitor quick-commerce capex/discount announcements (Amazon, Flipkart, JioMart)
- Nykaa take-rate or GMV growth deceleration signals
- Delhivery/IndiaMART volume and pricing updates
- Consumer-tech valuation multiple compression or FII flow shifts
- Rotate exposure toward logistics/B2B enablers (Delhivery, IndiaMART) as secondary beneficiaries of TAM narrative
- Watch Eternal guidance on Blinkit dark-store expansion pace and contribution margins
- Track Nykaa BPC vs fashion segment mix and ad-revenue growth for margin durability
- Model peer read-through for unlisted/soon-IPO quick-commerce and D2C names