Four retail-tech stocks post strong Q3 FY26 as India's retail market eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035, lifting retail-tech enablers. Eternal (Zomato) revenue surged 201.9% YoY to Rs 16,315 crore; Nykaa revenue rose 27% with profit up 156%; Delhivery grew 18%. Quick commerce, beauty and logistics show momentum.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035; analysis covers four retail-tech enablers—Eternal (Zomato),
Key facts
- Rs 210-215 trillion retail market by 2035
- Eternal Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
- Eternal net profit Rs 102 crore up 102.9%
- Nykaa Q3 FY26 revenue Rs 2,873 crore up 27% YoY
- Nykaa net profit Rs 68 crore up 156%
- Nykaa 276 stores across 94 cities
- Delhivery Q3 FY26 revenue Rs 2,798 crore up 18% YoY
Why this matters
The BCG-RAI Rs 215 trillion projection plus accelerating revenue and profit across quick commerce, beauty, and logistics flags a maturing retail-tech landscape ripe for partnership, consolidation, and platform-acquisition opportunities.
What to watch
- Blinkit/quick-commerce contribution margin and dark-store unit economics disclosures
- New entrants or ad-blitz from Amazon/Flipkart/Reliance in q-comm and beauty
- RBI rate path and FII flow direction into Indian internet names
- Q4 FY26 guidance revisions and any take-rate or AOV deceleration
- Follow-through prints from peers validating BCG TAM trajectory
- Rotate toward margin-proven names (Nykaa, Delhivery) over pure-growth multiples
- Watch for analyst target upgrades and fresh institutional coverage initiations
- Monitor competitor capex/discount escalation in quick commerce as margin risk flag
- Track founder/insider and PE block deals as supply overhang signal