Eternal, Nykaa lead retail-tech pack as India retail eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market at Rs 210-215 trillion by 2035. Four enablers post strong Q3 FY26: Eternal revenue up 201.9% to Rs 16,315 crore, Nykaa revenue up 27% to Rs 2,873 crore with net profit up 156% and 45.2% gross margin across 276 stores in 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India retail hitting Rs 215 trillion by 2035. Analysis highlights four retail-tech enablers—Eternal (Zomato), Nykaa,
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% YoY
- Nykaa revenue Rs 2,873 crore up 27% YoY
- Nykaa net profit Rs 68 crore up 156%
- Nykaa 276 stores across 94 cities
- Nykaa gross margin 45.2%
Why this matters
The BCG-RAI Rs 210-215 trillion projection frames a decade-long consolidation runway where category leaders like Eternal and Nykaa become natural acquirers or partners for smaller retail-tech enablers seeking scale.
What to watch
- Eternal/Blinkit adjusted EBITDA trajectory in next 1-2 quarters
- Quick-commerce discounting intensity and new-entrant capital deployment
- Nykaa same-store sales and gross-margin sustainability above 45%
- Guidance revisions and management commentary on take-rates/monetization
- BCG-RAI-style TAM narratives cited in sell-side upgrades
- Rotate toward names showing both margin expansion and profit conversion (Nykaa profile) over pure topline growth
- Stress-test Eternal's revenue quality — separate organic growth from consolidation/acquisition effects
- Monitor quick-commerce unit economics (contribution margin per order, dark-store payback)
- Position for offline-online omni plays given Nykaa's 276 stores across 94 cities as durable moat