Zomato, Nykaa among 4 retail-tech stocks to watch as India's retail market eyes Rs 215 trillion by 2035 (resurfacing a January 2026 report)
Resurfacing a January 2026 BCG-RAI report projecting India's retail market to nearly double to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Four listed plays flagged across discovery, demand, platform and logistics: Eternal (Zomato), Nykaa, Delhivery and IndiaMART. Eternal posted Q3 FY26 revenue up 201.9% YoY to Rs 16,315 crore with quick commerce at 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 (Q3 FY26
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 +90bps
- EBITDA margin +130bps
- 200+ net stores added
- share price up 13.5%
What to watch
- Q4 FY26 results confirming or reversing quick-commerce profitability
- Take-rate and delivery-fee changes across QC platforms
- Delhivery volume/margin trends as logistics proxy
- IndiaMART paid-subscriber and collections growth
- Consumption macro data (discretionary spend, urban demand) validating BCG projection
- Institutional ownership shifts and block deals in the basket
- Watch Eternal reinvest QC breakeven gains into store density and adjacencies rather than banking margin
- Expect sell-side upgrades citing the Rs 215tn TAM within 2-4 weeks
- Competitors intensify dark-store and inventory financing to defend share
- Nykaa and Delhivery guidance updates to be reframed against the doubling-market thesis
- Rotation of retail flows toward the four named 'watch' stocks