India's retail market to hit Rs 215 trillion by 2035; Eternal, Nykaa, Delhivery, IndiaMART in focus
Four retail tech enablers audited on Q3 FY26 fundamentals as India's retail market is projected to more than double to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Eternal leads with revenue up 201.9% YoY to Rs 16,315 crore and quick commerce nearing breakeven.
What happened
Zomato (Eternal) · India's retail market projected to hit Rs 215 trillion by 2035. Article audits four retail tech enablers—Zomato/Eternal, Nykaa, Delhivery,
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- revenue up 201.9% YoY to Rs 16,315 crore
- net profit up 102.9% YoY to Rs 102 crore
- contribution margin +90 bps
- EBITDA margin +130 bps sequentially
- 200+ net stores added
- share price up 13.5%
Why this matters
The projected Rs 120 trillion retail market expansion by 2035, alongside Eternal, Nykaa, Delhivery, and IndiaMART consolidating enabler positions, opens partnership and acquisition windows across quick commerce, logistics, and B2B commerce infrastructure.
What to watch
- Eternal quick commerce segment turning EBITDA positive in next print
- Competitor (Reliance/Flipkart) quick commerce expansion or price war announcements
- Same-store growth vs new-store dilution ratio
- Regulatory scrutiny on quick commerce labor/dark-store models
- Consumer demand data validating the Rs 215 trillion 2035 projection trajectory
- Rotate toward category leaders with clearest path to positive FCF (Eternal) over speculative peers
- Monitor dark-store contribution margins and order density as the true breakeven signal
- Watch for follow-on capital raises or capex guidance hikes that dilute near-term profitability
- Compare Nykaa/Delhivery Q3 prints against Eternal to gauge sector breadth vs single-name story