Four retail-tech stocks in focus as India's retail market 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. Analysts spotlight Eternal (Zomato), Nykaa, Delhivery and IndiaMART as key enablers, with Zomato posting Q3 FY26 revenue of Rs 16,315 crore (up 201.9% YoY) and quick commerce hitting breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035. Analysis spotlights four retail-tech enablers—Eternal/Zomato,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- 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
A doubling retail TAM plus quick commerce hitting breakeven signals consolidation opportunities across delivery, beauty and B2B marketplaces as enablers race to lock in category leadership before 2035.
What to watch
- Q4 FY26 q-comm segment EBITDA and margin trajectory
- New q-commerce entrant launches or aggressive discounting cycles
- Delhivery volume/yield disclosures and Tier-2/3 penetration data
- IndiaMART paying-supplier additions and churn rates
- Any downward revision to BCG-RAI Rs 215T projection or macro consumption prints
- Rotate exposure toward q-comm names showing sustained contribution-margin gains, not just topline
- Screen Delhivery/IndiaMART for operating leverage as volume proxies to the retail TAM
- Set stop-loss discipline on Nykaa given weaker structural q-comm linkage
- Track brokerage upgrades/downgrades post-BCG-RAI report for momentum flows