Zomato, Nykaa among 4 retail-tech stocks in focus as India retail eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market growing from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Eternal (Zomato) posted Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, with quick commerce nearing breakeven, 90 bps contribution margin expansion and 130 bps EBITDA improvement.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035. Analysis highlights four retail-tech stocks—Eternal/Zomato,
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
- net profit Rs 102 crore up 102.9% YoY
- 200+ net stores added
- 90 bps contribution margin expansion
- 130 bps EBITDA margin improvement
- share price up 13.5%
Why this matters
A market projected to more than double to Rs 210-215 trillion by 2035 with quick commerce hitting profitability creates a window for acquisitions and partnerships in fulfillment, brand portfolios, and category roll-ups.
What to watch
- QC contribution margin crossing sustained positive in Q4 FY26
- Swiggy Instamart margin disclosures and competitive discounting intensity
- Order frequency and AOV trends signaling demand durability vs discount dependence
- Any FDI/labor regulatory signals on quick commerce
- Consensus EBITDA breakeven timeline revisions
- Eternal accelerates Blinkit dark-store rollout to lock in category leadership before peers reach breakeven
- Nykaa leans into omnichannel and beauty quick-delivery to ride the same TAM thesis
- Sell-side upgrades and target-price hikes across retail-tech basket post the 13.5% pop
- New equity/QIP raises while valuations are elevated to fund expansion