Eternal, Nykaa Q3 numbers frame retail-tech watchlist as India's market eyes Rs 215 lakh crore by 2035
BCG-RAI projects India's retail sector more than doubling from Rs 90-95 trillion in 2025 to Rs 215 trillion by 2035. Eternal (Zomato) posted Rs 16,315 crore revenue, up 201.9% YoY, with Rs 102 crore net profit; Nykaa's revenue rose 27% YoY to Rs 2,873 crore across 276 stores in 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market reaching Rs 215 trillion by 2035; article analyzes retail tech stocks Eternal (Zomato) and
Key facts
- Rs 215 trillion by 2035
- Rs 90-95 trillion in 2025
- Rs 16,315 crore revenue (Eternal)
- 201.9% YoY
- Rs 102 crore net profit
- Rs 2,873 crore revenue (Nykaa)
- 27% YoY
- Rs 68 crore net profit
- 45.2% gross margin
- 8.0% EBITDA margin
- 276 stores
- 94 cities
Why this matters
The projected doubling of India's retail market to Rs 215 trillion by 2035, paired with strong Q3 prints from Eternal and Nykaa, sharpens the case for consolidation and strategic bets across omnichannel retail-tech platforms.
What to watch
- Eternal's quick-commerce (Blinkit) standalone profitability turning positive or worsening
- Nykaa guidance on store-count targets and same-store-sales growth for FY26
- Any regulatory action on quick-commerce discounting/predatory pricing practices
- New retail-tech IPO filings referencing the Rs 215T 2035 market-size projection
- Consumer spending data (GST collections, FMCG volume growth) confirming or denying the doubling-by-2035 thesis
- Track Eternal's Blinkit segment profitability disclosure in next earnings call for margin trajectory
- Watch Nykaa's store expansion pace (target beyond 276) as proxy for capex intensity vs FCF generation
- Monitor competitor Q3 prints (Swiggy, Reliance Retail, Avenue Supermarts) for sector-wide margin trends
- Flag any new PE/VC funding rounds citing the BCG-RAI Rs 215T TAM figure in retail-tech pitch decks
- Check analyst rating revisions on Eternal/Nykaa post-earnings for valuation multiple shifts