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 more than double from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Enablers Eternal (Zomato), Nykaa, Delhivery and IndiaMART post strong Q3 FY26 results, with Eternal revenue up 201.9% YoY to Rs 16,315 crore and Nykaa net profit up 156% to Rs 68 crore.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Analysis of four retail-tech enablers—Eternal (Zomato), Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal revenue up 201.9% YoY to Rs 16,315 crore
- Eternal net profit up 102.9% to Rs 102 crore
- Eternal added 200+ net stores
- Eternal share up 13.5%
- Nykaa revenue up 27% YoY to Rs 2,873 crore
- Nykaa net profit up 156% to Rs 68 crore
- Nykaa gross margin 45.2%
- Nykaa EBITDA margin 8.0%
- 276 stores across 94 cities
- 4.8 lakh retailers across 1,100 cities
Why this matters
The projected 2.3x market expansion by 2035 creates a rich M&A and partnership landscape across quick-commerce, beauty, logistics, and B2B marketplaces—map acquisition targets among sub-scale enablers before valuations reflect the full runway.
What to watch
- Q4 FY26 margin trajectory vs revenue growth for Eternal/Nykaa
- Quick-commerce order economics and contribution margin disclosures
- India consumption data (festive demand, urban discretionary spend)
- Delhivery volume and logistics pricing trends as e-commerce proxy
- Regulatory moves on quick-commerce, gig labor, or FDI in retail
- Sell-side analysts raise TAM-linked price targets citing the BCG-RAI Rs 215 trillion figure
- Incumbents ramp quick-commerce and dark-store capex, intensifying cash burn debate
- Competitors (Amazon, Flipkart, DMart) accelerate to defend share, pressuring take rates
- Retail enablers guide up on FY26 revenue while flagging margin investment phases