India's retail market to hit Rs 215 trillion by 2035; Eternal, Nykaa lead Q3 FY26 growth
A BCG-RAI report projects India's retail market reaching Rs 215 trillion by 2035. Four retail-tech enablers post strong Q3 FY26 results: Eternal revenue up 201.9% YoY to Rs 16,315 crore, Nykaa profit up 156% to Rs 68 crore, and Delhivery revenue up 18% to Rs 2,798 crore.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Four retail-tech enablers profiled with Q3 FY26 results:
Key facts
- Rs 215 trillion retail market by 2035
- Eternal Q3 FY26 revenue Rs 16,315 crore +201.9% YoY
- Eternal net profit Rs 102 crore +102.9%
- Nykaa revenue Rs 2,873 crore +27%
- Nykaa net profit Rs 68 crore +156%
- Nykaa 276 stores across 94 cities
- Delhivery revenue Rs 2,798 crore +18%
Why this matters
The widening performance gap between hyper-growth platforms (Eternal, Nykaa) and steadier logistics players (Delhivery) opens M&A and partnership angles to consolidate capabilities ahead of the projected Rs 215 trillion market.
What to watch
- Blinkit contribution-margin and per-order economics disclosure in next quarterly filing
- Nykaa's ability to hold profit growth without discount-led GMV compression
- Delhivery volume trends and any client concentration shifts (Meesho dependency)
- RBI/festive-season consumption data confirming or denying BCG demand curve
- Any capital raise or aggressive capex guidance signaling renewed cash burn
- Quick-commerce players accelerate dark-store rollout in tier-2/3 cities to defend the projected Rs 215T TAM
- Nykaa leans into private-label and premium beauty to protect the margin trajectory that drove profit growth
- Delhivery pushes B2B and cross-border logistics to diversify beyond thin e-commerce fulfillment margins
- Analysts revise sector price targets upward, distinguishing profitable verticals from GMV-only stories
- Competitive intensity rises as Reliance/Amazon respond to Blinkit share gains