India retail market seen reaching Rs 210-215 trillion by 2035 as retail-tech firms scale
A Financial Express analysis flags Eternal, Nykaa, Delhivery and IndiaMART as potential beneficiaries of India’s expanding retail market. Eternal reported 201.9% Q3 FY26 revenue growth, while Nykaa added 11 stores and Delhivery’s express-parcel volumes rose 43%.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted as
Key facts
- India retail market projected to grow from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035
- Eternal Q3 FY26 revenue Rs 16,315 crore, up 201.9% YoY
- Eternal Q3 FY26 net profit Rs 102 crore, up 102.9%
- Eternal added over 200 net stores
- Eternal share price up 13.5% over one year
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 net profit Rs 68 crore, up 156%
- Nykaa gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores, reaching 276 stores in 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18% YoY
- Delhivery net profit about Rs 110 crore pre-integration costs and Rs 40 crore post-costs
- Delhivery express-parcel volumes rose 43% to 295 million shipments; segment revenue up 24%
Why this matters
Retail-tech companies should use the projected market expansion to pursue partnerships or acquisitions in fulfillment, seller enablement and offline distribution before category leaders consolidate.