Eternal, Nykaa Q3 tech surge resurfaces as India retail eyes Rs 215 trillion by 2035
Resurfacing a late-January 2026 BCG-RAI report projecting India's retail market reaching Rs 215 trillion by 2035, spotlighting four tech enablers. Eternal (Zomato) posted Q3 FY26 revenue of Rs 16,315 cr (+201.9%), Nykaa's net profit jumped 156% to Rs 68 cr, and Delhivery grew revenue 18% to Rs 2,798 cr, signaling quick-commerce and omni-channel momentum.
What happened
Zomato (Eternal) · BCG-RAI report projects India retail hitting Rs 215 trillion by 2035. Analysis of four retail-tech enablers: Eternal (Zomato), Nykaa,
Key facts
- Rs 215 trillion market by 2035
- Eternal Q3 FY26 revenue Rs 16,315 cr (+201.9%)
- Eternal net profit Rs 102 cr (+102.9%)
- Nykaa revenue Rs 2,873 cr (+27%)
- Nykaa net profit Rs 68 cr (+156%)
- Nykaa 276 stores across 94 cities
- Delhivery revenue Rs 2,798 cr (+18%)
Why this matters
The BCG-RAI report's four tech enablers plus Delhivery's steady 18% logistics growth flag consolidation and acquisition targets across quick-commerce, beauty, and last-mile fulfillment layers.
What to watch
- Blinkit contribution-margin and adjusted EBITDA trajectory in next 1-2 quarters
- Nykaa take-rate and BPC vs fashion segment margin split
- Delhivery volume mix shift toward express/q-commerce fulfillment
- Competitive discounting intensity and dark-store count additions across players
- Regulatory scrutiny on q-commerce (FDI, gig-worker, predatory pricing)
- Consumer discretionary demand signals amid inflation/urban spend
- Eternal to expand Blinkit dark-store footprint into tier-2 cities and push higher-margin private labels
- Nykaa to lean on advertising and marketplace take-rate to convert GMV growth into profit expansion
- Delhivery to court q-commerce and omni-channel enterprise contracts for express/PTL volume
- Incumbent retailers (Reliance, DMart) to accelerate q-commerce or delivery-integration responses
- PE/VC capital to concentrate in category leaders, tightening funding for sub-scale D2C