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 nearly doubling to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Enablers Eternal (Zomato), Nykaa, Delhivery and IndiaMART are flagged to watch. Eternal's Q3 FY26 revenue surged 201.9% to Rs 16,315 crore as quick commerce hit breakeven.

— FiledWed, 15 Jul, 2026, 02:17 IST·First seen Wed, 15 Jul, 2026, 02:16 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Four retail-tech enablers—Eternal/Zomato, Nykaa, Delhivery,

Key facts

  • Rs 210-215 trillion by 2035
  • Rs 90-95 trillion in 2025
  • revenue Rs 16,315 crore +201.9% YoY
  • net profit Rs 102 crore +102.9% YoY
  • 200+ net stores added
  • share price up 13.5%

Why this matters

A doubling retail market with breakeven-inflecting quick commerce raises the value of logistics and category-specialist assets, so scout Delhivery-style fulfillment and vertical platforms as bolt-on acquisition targets before valuations reprice.

What to watch

  • Eternal Q4 FY26 quick-commerce margin sustainability vs one-off breakeven
  • Blinkit vs Instamart vs Zepto competitive intensity and discounting trends
  • Delhivery and IndiaMART volume/take-rate prints for divergence confirmation
  • Any downward revision to the Rs 210-215T projection or GDP/consumption slowdown
  • Regulatory moves on quick-commerce labor, dark-store zoning, or FDI in retail
  • Sell-side upgrades and revised price targets on Eternal citing quick-commerce breakeven
  • Peers (Nykaa, Delhivery) reference the BCG TAM in investor decks and earnings calls
  • Accelerated dark-store expansion and capex commitments to defend quick-commerce share
  • Retail/HNI inflows into the enabler basket on the decade-long structural theme

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