Four retail-tech stocks in focus as India's retail market heads to Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market to nearly double from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Enablers Eternal (Zomato), Nykaa, Delhivery and IndiaMART are positioned to ride the shift. Eternal's Q3 FY26 revenue rose 202% YoY to Rs 16,315 crore, with quick commerce hitting breakeven and 200+ net stores added.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to reach Rs 215 trillion by 2035. Article profiles four retail-tech enablers—Eternal, Nykaa,
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
The four-enabler cohort (Eternal, Nykaa, Delhivery, IndiaMART) maps a fragmented value chain ripe for consolidation across quick commerce, logistics and B2B marketplaces as the market roughly doubles.
What to watch
- Q4 FY26 QC take-rate and store-level contribution margin trends
- Blinkit competitive intensity and dark-store cash burn per order
- Nykaa GMV growth vs marketing spend ratio
- Delhivery volume and yield after Ecom Express integration
- IndiaMART paying-supplier net adds and churn
- Consumption/festive demand data and RBI rate-cut signals
- Sell-side desks issue TAM-anchored target price upgrades across the four enabler names
- Eternal accelerates quick-commerce store expansion to defend breakeven momentum
- Rotation of retail-investor flows from traditional retail into digital enablers
- Competitors (Zepto, Swiggy Instamart, Meesho) escalate spend to hold share ahead of any IPO windows