India retail to hit Rs 215 trillion by 2035; Eternal, Nykaa, Delhivery, IndiaMART in focus
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, powered by retail-tech enablers. Eternal (Zomato) posted Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, with net profit up 102.9% and quick-commerce nearing breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035, driven by retail-tech enablers. Highlights four
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion 2025
- Eternal Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
- net profit Rs 102 crore up 102.9% YoY
- 200+ net stores added
- share price up 13.5%
Why this matters
A doubling India retail market with named enablers like Nykaa, Delhivery, and IndiaMART creates an active M&A and partnership landscape worth mapping for consolidation plays across logistics and marketplaces.
What to watch
- Blinkit contribution margin and adjusted EBITDA trajectory in next 1-2 quarters
- Quick-commerce order frequency and AOV trends across incumbents
- Competitive burn rate and any funding rounds by Zepto/Instamart
- Regulatory scrutiny on QC dark-store labor and FDI/inventory rules
- Consumer discretionary spend and inflation prints affecting basket sizes
- Eternal accelerates Blinkit dark-store rollout and pushes toward sustained QC profitability guidance
- Competitors (Swiggy, Zepto) escalate discounting and expansion capex to protect market share
- Delhivery and logistics players position around QC/e-commerce fulfillment volume tailwinds
- Analysts revise TAM-linked price targets and initiate coverage citing BCG-RAI projections
- Nykaa/IndiaMART emphasize monetization and take-rate expansion to align with structural growth story