Four retail-tech stocks in focus as India retail eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market growing from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Enablers Eternal (Zomato), Nykaa, Delhivery and IndiaMART post strong Q3 FY26 numbers, with Eternal revenue up 201.9% YoY and Nykaa net profit up 156%.
What happened
Zomato (Eternal) · BCG-RAI report projects India retail hitting Rs 215 trillion by 2035. Piece profiles four retail-tech enablers—Eternal/Zomato, Nykaa,
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- Eternal revenue Rs 16,315 cr +201.9% YoY
- Eternal net profit Rs 102 cr +102.9%
- Eternal +200 net stores, share +13.5%
- Nykaa revenue Rs 2,873 cr +27%
- Nykaa net profit Rs 68 cr +156%
- Nykaa 276 stores/94 cities, share +31.7%
- Delhivery revenue Rs 2,798 cr +18%
Why this matters
A more-than-doubling retail market signals M&A and partnership opportunities across logistics, beauty, food-delivery and B2B marketplace verticals as consolidation follows this projected expansion.
What to watch
- Q4 FY26 guidance and margin trajectory from the four enablers
- Quick-commerce competitive intensity (Blinkit vs Zepto vs Instamart) and unit economics
- India consumption/GDP prints and rural demand recovery signals
- FII flow data into Indian consumer/tech baskets
- Any downward revision to the BCG-RAI growth assumptions or GST/regulatory shifts
- Sell-side upgrades citing BCG-RAI TAM to justify higher price targets on Eternal/Nykaa
- Rotation into logistics and B2B enablers (Delhivery, IndiaMART) as lower-multiple TAM plays
- Incumbent retailers and PE funds accelerate quick-commerce and D2C capex to capture share
- Fresh coverage initiations framing retail-tech as a structural decade-long theme