Eternal, Nykaa lead retail-tech pack as India market races toward Rs 215 trillion by 2035
Q3 FY26 results show Eternal revenue up 201.9% YoY to Rs 16,315 crore and net profit up 102.9% to Rs 102 crore, with 200+ net new stores. Nykaa posts revenue up 27% to Rs 2,873 crore, net profit up 156% to Rs 68 crore, 45.2% gross margin, and 276 stores across 94 cities. BCG-RAI pegs retail at Rs 90-95 trillion in 2025.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis covers Q3 FY26 results of retail-tech enablers Eternal
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
- Eternal net profit Rs 102 crore up 102.9% YoY
- Eternal added 200+ net stores
- Nykaa revenue Rs 2,873 crore up 27% YoY
- Nykaa net profit Rs 68 crore up 156%
- Nykaa gross margin 45.2%
- Nykaa EBITDA margin 8.0%
- Nykaa 276 stores across 94 cities
- Nykaa B2B 4.8 lakh retailers across 1,100 cities
What to watch
- Q4 FY26 margin trajectory vs revenue growth divergence
- Net new store adds pace and same-store productivity
- Quick-commerce contribution margin and burn disclosure
- Nykaa gross margin holding above 45%
- Fresh funding rounds or capex guidance across sector
- Eternal accelerates dark-store and physical store buildout to defend quick-commerce lead before rivals scale
- Nykaa leans into higher-margin private-label and offline expansion to sustain profit momentum
- Competitors (Swiggy Instamart, Blinkit rivals, Reliance) counter with aggressive discounting and store density
- Analysts revise TAM-linked valuation models, splitting bulls (top-line) vs bears (path-to-profit)