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 at Rs 210-215 trillion by 2035, spotlighting enablers Eternal/Zomato, Nykaa, Delhivery and IndiaMART. Eternal posted Q3 FY26 revenue of Rs 16,315 cr (+201.9% YoY); Nykaa revenue Rs 2,873 cr (+27%) with profit up 156%; Delhivery revenue Rs 2,798 cr (+18%).
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Article profiles four retail-tech enablers—Eternal/Zomato,
Key facts
- retail market Rs 210-215 trillion by 2035
- Eternal Q3 FY26 revenue Rs 16,315 cr +201.9% YoY
- Eternal net profit Rs 102 cr +102.9%
- Eternal +200 net stores
- Nykaa revenue Rs 2,873 cr +27% YoY
- Nykaa net profit Rs 68 cr +156%
- Nykaa 276 stores across 94 cities
- Delhivery revenue Rs 2,798 cr +18% YoY
- Delhivery net profit Rs 110 cr
Why this matters
A projected doubling of India's retail market to Rs 215 trillion makes logistics (Delhivery), beauty (Nykaa), and B2B marketplaces (IndiaMART) prime targets for M&A and strategic stakes ahead of the growth curve.
What to watch
- Blinkit/quick-commerce contribution margin and dark-store expansion cadence
- Nykaa GMV and beauty-vs-fashion take-rate trends confirming profit durability
- Delhivery volume growth and PDD margin sustainability
- IndiaMART paying-supplier additions and churn as B2B enabler signal
- FII/DII flow direction into consumer-tech basket and broad-market risk sentiment
- Screen each name's incremental margin trajectory vs revenue growth to separate quality compounders from burn stories
- Model Eternal's revenue mix ex-quick-commerce consolidation to normalize the +201.9% optical figure
- Overweight profitability-inflection names (Nykaa) on pullbacks; treat Delhivery as operating-leverage proxy for logistics TAM
- Track brokerage TAM-anchored target revisions post-BCG report for momentum entry points