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 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. Eternal's Q3 FY26 revenue jumped 201.9% YoY to Rs 16,315 crore, with 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
Key facts
- Rs 210-215 trillion 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 projected Rs 120 trillion decade of retail expansion signals a fertile M&A and partnership window across quick commerce, logistics, and B2B marketplaces as category leaders race to lock in enabler infrastructure.
What to watch
- Next quarter QC contribution margin and dark-store payback trends
- Zepto/Swiggy Instamart funding rounds or burn-rate updates
- Urban discretionary consumption prints and festive-season GMV data
- Regulatory moves on quick-commerce (labor, FDI, local sourcing)
- Nykaa and Delhivery margin trajectory versus Eternal's benchmark
- Sell-side upgrades and TAM-anchored target price hikes on Eternal within 1-2 weeks
- Sector rotation into logistics/enablement plays (Delhivery, IndiaMART) as secondary beneficiaries
- Competitors accelerate dark-store rollout and ad-revenue disclosures to defend narrative
- Retail investor inflows into the 'India consumption 2035' thematic baskets and mutual fund NFOs