Four retail-tech stocks to watch as India's retail market races toward Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market roughly doubling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Analysts spotlight enablers Eternal (Zomato), Nykaa, Delhivery and IndiaMART. Eternal posted Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, with quick commerce reaching breakeven and shares up 13.5%.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 210-215 trillion by 2035. Analysis spotlights four retail-tech enablers—Eternal/Zomato,
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 BCG-RAI projected doubling of India's retail market to Rs 215 trillion by 2035 makes retail-tech enablers across quick commerce, beauty, logistics and B2B marketplaces prime targets for partnership or consolidation.
What to watch
- Eternal QC margin trajectory in Q4 FY26 and next-quarter guidance
- Delhivery volume/yield trends signaling logistics demand
- Nykaa profitability path and take-rate durability
- New QC entrant funding rounds or price-war signals
- BCG-RAI style TAM revisions or macro consumption prints
- Rotate exposure toward enablers showing margin inflection over pure GMV growth
- Sell-side revises FY26-27 targets upward for Eternal citing QC breakeven
- Competitors accelerate quick-commerce capex to defend share, pressuring near-term margins
- Watch for secondary raises / promoter dilution as valuations peak