Retail-tech stocks ride India’s projected Rs 215 trillion retail market by 2035
Financial Express flags Eternal, Nykaa, Delhivery and IndiaMART as potential retail-tech beneficiaries as India’s retail market is projected to grow from Rs 90–95 trillion in 2025 to Rs 210–215 trillion by 2035. Reported Q3 FY26 updates point to growth in quick commerce, beauty retail and logistics.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. The report highlights Eternal, Nykaa, Delhivery and IndiaMART as
Key facts
- India retail market projected at Rs 210-215 trillion by 2035, versus Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue: Rs 16,315 crore, up 201.9% YoY
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9% YoY
- Eternal added more than 200 net stores
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156%
- Nykaa store network: 276 stores across 94 cities after adding 11 stores
- Nykaa B2B platform serves more than 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18%
Why this matters
Strategic buyers should prioritize partnerships or acquisitions in quick commerce, beauty enablement and logistics, where India’s projected retail-market growth could scale platform and fulfillment assets significantly.