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 to nearly double from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Analysts flag Eternal (Zomato), Nykaa, Delhivery and IndiaMART as key enablers, with Eternal's Q3 FY26 revenue up 201.9% YoY and quick commerce hitting breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Analysis covers 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
- EBITDA margin +130bps
- 200+ net stores added
- share price +13.5% YoY
Why this matters
The Rs 215 trillion 2035 trajectory validates aggressive M&A and partnership plays across quick commerce, beauty, logistics, and B2B marketplaces as consolidation opportunities emerge among key enablers.
What to watch
- Eternal Q4 FY26 quick-commerce margin sustainability and AOV trends
- Nykaa GMV vs profitability guidance in next print
- Competitive discounting intensity in quick commerce (Zepto, Blinkit, Instamart)
- Delhivery volume and yield commentary; B2B softness signals
- Any downward revision to BCG-RAI or peer TAM estimates
- Sell-side desks publish coverage initiations/upgrades framing the four names as TAM proxies
- Retail and passive flows chase Eternal on quick-commerce breakeven milestone
- Incumbent giants (Reliance Retail, Amazon India) accelerate quick-commerce capex response
- Delhivery and IndiaMART push margin-expansion and monetization narratives to keep pace with story