India retail tech stocks gain focus as market is projected to reach ₹215 trillion by 2035
A market outlook highlights Eternal, Nykaa, Delhivery and IndiaMART as retail-tech beneficiaries. Nykaa reported 27% Q3 FY26 revenue growth, added 11 stores to reach 276, and expanded its B2B platform to more than 4.8 lakh retailers.
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 at Rs 210–215 trillion by 2035, versus Rs 90–95 trillion in 2025
- Eternal Q3 FY26 revenue Rs 16,315 crore, up 201.9% YoY; net profit Rs 102 crore, up 102.9%
- Eternal added more than 200 net stores; share price up 13.5% in past year
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%
- Nykaa gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores, reaching 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Nykaa share price up 31.7% in past year
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%; net profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
Strategic buyers should prioritize partnerships or acquisitions in retail enablement, B2B commerce, logistics and omnichannel infrastructure to capture rising demand from India’s rapidly expanding retail ecosystem.
What to watch
- Quarterly revenue growth versus contribution-margin and EBITDA trends, particularly whether growth remains profitable after marketing and fulfillment costs.
- Nykaa B2B retailer additions, repeat-order metrics, beauty-category gross margin, store productivity and pace of physical expansion.
- Delhivery shipment-volume growth, express-parcel yields, network utilization, client concentration and profitability in newer logistics services.
- IndiaMART paying-supplier growth, renewal rates, realization per supplier and evidence that inquiries convert into recurring transactions.
- India retail consumption indicators: urban discretionary spending, beauty and apparel demand, digital-payment volumes, SME credit availability and festival-season sales.
- Competitive intensity from quick-commerce, large marketplaces, brand-owned channels and offline retailers' digital investments.
- Policy developments affecting e-commerce marketplaces, data use, ONDC adoption, foreign investment rules, gig-worker costs and delivery compliance.
- Nykaa is likely to deepen its B2B retailer assortment, credit and fulfillment capabilities while selectively adding stores in high-density beauty and premium consumption catchments.
- Delhivery is likely to pursue higher network utilization through SME shipping, marketplace integrations, faster regional delivery products and logistics adjacencies.
- IndiaMART is likely to emphasize paid supplier conversion, transaction-enablement tools and repeat purchasing workflows for smaller retailers and manufacturers.
- Eternal and other commerce platforms are likely to expand merchant services, advertising, loyalty and hyperlocal fulfillment as higher-margin layers on top of consumer demand.
- Retail-tech companies may increase partnerships with brands, kirana networks and fintech providers to capture offline-to-online digitization rather than rely only on consumer acquisition.