India's retail market to hit Rs 215 trillion by 2035; Zomato, Nykaa among 4 stocks to watch
A BCG-RAI report projects India's retail market doubling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Four retail-tech plays flagged—Eternal (Zomato), Nykaa, Delhivery and IndiaMART. Eternal's Q3 FY26 revenue jumped 201.9% YoY to Rs 16,315 crore with quick commerce hitting breakeven.
What happened
Zomato (Eternal) · India's retail market projected to hit Rs 215 trillion by 2035 per BCG-RAI report. Four retail-tech stocks flagged—Zomato/Eternal, Nykaa,
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 price up 13.5%
Why this matters
A doubling retail TAM by 2035 across quick commerce, beauty, logistics and B2B marketplaces signals an expanding M&A and partnership landscape, with proven monetization (Eternal breakeven) de-risking consolidation bets in the space.
What to watch
- Eternal Q4 FY26 quick-commerce margin trajectory and dark-store count
- Competitive discounting intensity from Zepto/Instamart
- Nykaa BPC vs fashion segment profitability split
- Delhivery volume and yield metrics amid e-comm logistics competition
- IndiaMART paid-supplier additions and churn
- Any BCG-RAI methodology critiques or downward revisions
- Screen the four flagged stocks for post-report volume and price gaps within 2-3 sessions
- Model Eternal quick-commerce contribution margin sustainability into Q4 FY26
- Distinguish organic vs inorganic revenue in the 201.9% headline before sizing exposure
- Watch for peer read-through: Swiggy, DMart, Trent guidance revisions
- Assess valuation froth risk if consensus anchors to the 2035 Rs 215T number prematurely