Eternal, Nykaa lead retail-tech pack as India's market races toward Rs 215 trillion, resurfacing a January 2026 report
A BCG-RAI report from mid-January 2026, now resurfacing, projects India's retail market at Rs 215 trillion by 2035, spotlighting four tech-enabled players. Eternal (Zomato) posted Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, while Nykaa's revenue rose 27% to Rs 2,873 crore with net profit surging 156% and its store count at 276 across 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Article reviews retail-tech enablers Eternal, Nykaa, Delhivery and
Key facts
- Rs 215 trillion retail market by 2035
- Eternal Q3 FY26 revenue Rs 16,315 crore (+201.9% YoY)
- Eternal net profit Rs 102 crore (+102.9%)
- Nykaa revenue Rs 2,873 crore (+27% YoY)
- Nykaa net profit Rs 68 crore (+156%)
- Nykaa 276 stores across 94 cities
- Eternal +13.5% 1yr
- Nykaa +31.7% 1yr
Why this matters
The BCG-RAI spotlight on four tech-enabled winners flags consolidation opportunity as smaller retail-tech players get squeezed by Eternal and Nykaa's scale advantages.
What to watch
- Eternal quick-commerce contribution margin and Blinkit path-to-profit disclosure
- Nykaa same-store sales and offline unit economics across the 276 stores
- Next quarter guidance revisions and management commentary on ad/take-rate monetization
- Competitive intensity signals (discounting, new entrants in quick-commerce/beauty)
- FII/DII positioning shifts into Indian consumer-tech basket
- Analysts raise TAM-linked target prices and initiate coverage citing BCG-RAI report
- Eternal and Nykaa accelerate store/dark-store expansion and category additions to defend growth narrative
- Peer retail-tech names (quick-commerce, D2C, beauty) issue growth guidance to ride the sector momentum
- Investors dissect Eternal's revenue base for organic vs consolidation-driven growth