India retail to hit Rs 215 trillion by 2035; Eternal, Nykaa, Delhivery, IndiaMART flagged as enablers

A BCG-RAI report projects India's retail market nearly doubling to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Four retail-tech names anchor the thesis, led by Eternal (Zomato) — Q3 FY26 revenue up 201.9% YoY to Rs 16,315 crore, net profit Rs 102 crore, with quick commerce reaching breakeven.

— FiledWed, 1 Jul, 2026, 08:02 IST·First seen Wed, 1 Jul, 2026, 08:02 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · BCG-RAI report projects India's retail market reaching Rs 215 trillion by 2035, highlighting 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)
  • 200+ net stores added
  • share up 13.5% YoY
  • EBITDA margin +130bps

Why this matters

The Rs 90-95 trillion to Rs 215 trillion expansion creates a window for M&A and partnerships across the four flagged enablers, as scaling logistics, beauty, and B2B commerce platforms will require consolidation to capture share.

What to watch

  • Eternal Q4 FY26 guidance and quick-commerce contribution margin trend
  • New entrant or funding announcements in quick commerce
  • BCG-RAI follow-on data or revised TAM figures
  • Regulatory moves on q-comm labor/dark-store zoning
  • FII/DII flow data into consumption-tech basket
  • Track Eternal's next 1-2 quarters for whether q-comm breakeven sustains or reverts to burn
  • Monitor competitor dark-store and discount spend as breakeven signal draws rivals
  • Watch analyst TAM-based target-price revisions across the four flagged names
  • Assess Nykaa/IndiaMART/Delhivery whether they get re-rated on the same thesis or lag Eternal

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