Eternal, Nykaa lead retail-tech pack as India's market races toward Rs 215 trillion by 2035
BCG-RAI report projects India's retail market at Rs 210-215 trillion by 2035, up from Rs 90-95 trillion in 2025. Q3 FY26 results show Eternal revenue up 201.9% YoY to Rs 16,315 crore and Nykaa net profit up 156% to Rs 68 crore, alongside 276 Nykaa stores across 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Piece profiles four retail-tech enablers—Eternal, Nykaa, Delhivery,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal revenue Rs 16,315 crore +201.9% YoY
- Eternal net profit Rs 102 crore +102.9%
- Nykaa revenue Rs 2,873 crore +27%
- Nykaa net profit Rs 68 crore +156%
- Nykaa 276 stores across 94 cities
- Eternal +13.5% share, Nykaa +31.7% share
Why this matters
The projected Rs 120 trillion market expansion by 2035 makes India's retail-tech leaders prime consolidation and partnership targets while valuations still track early growth curves.
What to watch
- Quick-commerce contribution margin and cash burn trajectory in next earnings
- Nykaa profit durability vs one-off benefits; gross margin trend
- Same-store sales growth vs new-store-driven growth mix
- Regulatory moves on quick-commerce/dark-store labor and FDI
- Competitor discounting intensity and new-entrant funding rounds
- Peers (Reliance Retail, DMart, Zepto) accelerate store and dark-store expansion to defend TAM share
- Analysts revise FY26-FY27 revenue and store-count targets upward for Eternal and Nykaa
- Capital raises or QIPs by retail-tech names to fund quick-commerce and omni-channel buildout
- Increased tier-2/tier-3 city entry mirroring Nykaa's 94-city footprint
- Private-label and higher-margin category push to convert topline into sustainable profit