Eternal, Nykaa lead retail-tech pack as India's market races toward Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market to nearly double to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Q3 FY26 results show Eternal (Zomato) revenue up 201.9% YoY to Rs 16,315 cr and Nykaa net profit up 156% to Rs 68 cr, with Nykaa now spanning 276 stores across 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035, driven by digital enablers. Analysis highlights Q3 FY26 results
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion 2025
- Eternal revenue Rs 16,315 cr +201.9% YoY
- Eternal net profit Rs 102 cr +102.9%
- 200+ net stores added
- Nykaa revenue Rs 2,873 cr +27%
- Nykaa net profit Rs 68 cr +156%
- Nykaa 276 stores across 94 cities
- gross margin 45.2%
- 4.8 lakh retailers across 1,100 cities
Why this matters
With India's retail TAM heading toward Rs 210-215 trillion, expect consolidation and acquisition opportunities as smaller players seek scale against Eternal and Nykaa's momentum.
What to watch
- Eternal quick-commerce contribution margin and adjusted EBITDA trajectory
- Nykaa same-store sales and new-city unit economics across 94 cities
- Discounting/burn intensity signals from Zepto and Swiggy Instamart
- BCG-RAI TAM revisions and festive/Q4 consumption data
- FII positioning and consumer-discretionary sector rotation
- Peers (Swiggy, Zepto, DMart) accelerate quick-commerce capex and store openings to defend share
- Analysts revise up TAM-linked price targets while flagging profitability KPIs
- Eternal/Nykaa guide toward category expansion (fashion, ads monetization) to justify valuations
- Institutional inflows into India retail-tech baskets; possible secondary raises or QIPs