Zomato, Nykaa lead 4 retail-tech stocks in focus as India's market races toward Rs 215 trillion
A BCG-RAI report projects India's retail market to nearly double to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Q3 FY26 results put Eternal (Zomato), Nykaa, Delhivery and IndiaMART in focus, with Eternal posting revenue of Rs 16,315 crore (+201.9% YoY) and quick-commerce arm Blinkit reaching breakeven.
What happened
Zomato (Eternal) · India's retail market projected to hit Rs 215 trillion by 2035 (BCG-RAI report). Analysis of four retail-tech stocks—Eternal/Zomato, Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal revenue Rs 16,315 crore (+201.9% YoY)
- net profit Rs 102 crore (+102.9% YoY)
- 200+ net stores added
- share price +13.5% YoY
Why this matters
The structural doubling of India's retail TAM plus Blinkit's breakeven inflection makes now the window to pursue logistics, dark-store, or category-adjacent acquisitions before valuations reprice on proven profitability.
What to watch
- Blinkit contribution margin trajectory in subsequent quarters
- New capital raises or discounting escalation from Zepto/Amazon/Flipkart quick-commerce
- Delhivery and IndiaMART Q3 revenue and margin prints
- Institutional flow data and FII positioning into Indian retail-tech
- Any BCG-RAI TAM revision or macro consumption slowdown signals
- Rotate toward retail-tech names with demonstrated profit inflection and away from pure-burn growth stories
- Monitor Blinkit take-rate and per-order economics disclosures for margin durability
- Position for sector-wide multiple expansion on TAM narrative but hedge against competitive discounting risk
- Track Nykaa BPC vs fashion segment margins as secondary confirmation of profitable-growth thesis