Eternal, Nykaa led retail-tech earnings as India's market races toward Rs 215 trillion by 2035, resurfacing a December 2025 report
Four listed retail-tech names—Eternal, Nykaa, Delhivery, IndiaMART—posted growth as India's retail market, worth Rs 90-95 trillion in 2025, heads to Rs 210-215 trillion by 2035, according to a report resurfacing from December 2025. Eternal revenue jumped 201.9% YoY to Rs 16,315 crore with quick commerce at breakeven; Nykaa lifted profit 156% and expanded gross margin to 45.2% across 276 stores in 94 cities.
What happened
Zomato (Eternal) · Audit of four Indian retail-tech stocks—Eternal, Nykaa, Delhivery, IndiaMART—as India's retail market heads to Rs 215 trillion by 2035.
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%
- Eternal share up 13.5%
- Nykaa revenue Rs 2,873 crore +27% YoY
- Nykaa net profit Rs 68 crore +156%
- Nykaa gross margin 45.2%
- Nykaa EBITDA margin 8.0%
- 276 stores across 94 cities
- 4.8 lakh retailers across 1,100 cities
Why this matters
With four listed retail-tech names posting synchronized growth into a Rs 210-215 trillion market, consolidation and adjacency plays across quick commerce, beauty, and logistics become strategically compelling.
What to watch
- Q-commerce take-rate/contribution margin trend in subsequent quarters
- Blinkit vs Instamart vs Zepto market-share disclosures
- Nykaa same-store sales growth and offline profitability
- Delhivery volume/pricing from third-party vs captive shift
- Any regulatory scrutiny on dark-store/FDI in inventory-led commerce
- Expect competitor capex guidance hikes on dark-store rollout in next earnings cycle
- Watch for Nykaa store-expansion acceleration into tier-2/3 cities
- Anticipate private q-commerce players (Zepto) pushing for IPO on validated economics
- Look for logistics players repositioning toward q-commerce fulfillment contracts