Four retail-tech stocks in focus as India's retail market races toward Rs 215 trillion by 2035

A BCG-RAI report projects India's retail market to more than double to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Analysts flag Eternal (Zomato), Nykaa, Delhivery and IndiaMART as key enablers. Eternal's Q3 FY26 revenue surged 201.9% YoY to Rs 16,315 crore, with quick commerce hitting breakeven.

— FiledMon, 13 Jul, 2026, 23:41 IST·First seen Mon, 13 Jul, 2026, 23:32 IST·Source Financial Express · BrandWagon

What happened

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

Key facts

  • Rs 210-215 trillion retail market by 2035
  • Rs 90-95 trillion in 2025
  • Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
  • net profit Rs 102 crore up 102.9% YoY
  • 200+ net stores added
  • share up 13.5%

Why this matters

The Rs 90-95 trillion to Rs 210-215 trillion retail expansion by 2035 creates a fertile window for consolidation and partnership across quick commerce, logistics, beauty, and B2B marketplaces as scale becomes the decisive competitive moat.

What to watch

  • Q4 FY26 q-comm GMV growth deceleration below ~120% YoY
  • New capital raises or aggressive discounting from q-comm rivals
  • Nykaa/Delhivery/IndiaMART guidance revisions
  • FII/DII flow data into consumer-tech basket
  • Regulatory moves on q-comm gig labor or dark-store zoning
  • Track Eternal's Blinkit dark-store expansion pace and take-rate guidance
  • Watch peer q-comm players signal spending discipline vs re-escalation
  • Monitor sell-side upgrades citing the Rs 215T TAM to gauge sentiment shift
  • Assess Delhivery/IndiaMART earnings for confirmation of enabler thesis breadth

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