Eternal, Nykaa lead retail-tech watchlist as India's market races to Rs 215 trillion by 2035
A BCG-RAI report pegs India's retail market at Rs 90-95 trillion in 2025, rising to Rs 210-215 trillion by 2035. Four enablers—Eternal/Zomato, Nykaa, Delhivery and IndiaMART—are flagged to watch. Eternal's Q3 FY26 revenue jumped 201.9% YoY to Rs 16,315 crore, with quick commerce hitting breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis of four retail-tech enablers—Eternal/Zomato, Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
- net profit Rs 102 crore up 102.9% YoY
- 200+ net stores added
- share price up 13.5%
Why this matters
The BCG-RAI trillion-rupee runway and Eternal's breakeven inflection signal a maturing retail-tech landscape where category leaders are prime candidates for strategic partnerships or consolidation plays.
What to watch
- Eternal next-quarter guidance on QC store additions and take rates
- Swiggy Instamart / Zepto funding or aggressive pricing announcements
- Follow-through BCG/consulting TAM updates or downgrades
- Net profit sustainability—thin Rs 102 crore base is fragile to any cost shock
- Regulatory scrutiny on quick-commerce dark stores and gig labor
- Track Eternal QC segment margin trajectory quarter-over-quarter to confirm breakeven durability
- Watch competitor burn disclosures (Swiggy, Zepto) for signs of margin-war escalation
- Monitor Nykaa and Delhivery Q3/Q4 prints for whether they echo the profitability pivot
- Position for volatility around analyst re-rating events on the four flagged enablers