Zomato, Nykaa lead 4 retail-tech stocks in focus as India's retail market races to Rs 215 trillion
A BCG-RAI report projects India's retail market at Rs 210-215 trillion by 2035. In Q3 FY26, Eternal (Zomato) posted Rs 16,315 crore revenue (+201.9% YoY) and hit quick-commerce breakeven, while Nykaa grew revenue 27% to Rs 2,873 crore, lifted net profit 156% and expanded to 276 stores across 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis of four retail-tech enablers' Q3 FY26 results: Eternal
Key facts
- Rs 210-215 trillion retail market by 2035
- Eternal revenue Rs 16,315 crore +201.9% YoY
- Eternal net profit Rs 102 crore +102.9% YoY
- Nykaa revenue Rs 2,873 crore +27% YoY
- Nykaa net profit Rs 68 crore +156%
- Nykaa 276 stores across 94 cities
- Nykaa +31.7% share price
- Eternal +13.5% share price
Why this matters
A projected Rs 210-215 trillion market by 2035 alongside proven profitability at Zomato and Nykaa creates a rich landscape for M&A, quick-commerce partnerships, and omnichannel roll-up plays.
What to watch
- Eternal q-commerce contribution margin trajectory in next 1-2 quarters (breakeven sustained vs. reversal)
- Competitive discount intensity from Swiggy Instamart / Zepto funding rounds
- Nykaa same-store sales and beauty-vs-fashion segment mix
- Consumption/discretionary macro prints and urban demand signals
- Any regulatory moves on quick-commerce (labor, FDI, dark-store zoning)
- Expect sell-side target upgrades on Eternal citing q-commerce breakeven as structural, not cyclical
- Nykaa to accelerate offline store rollout beyond 276 to defend omnichannel beauty lead
- Peers (Zepto, Swiggy Instamart) to publicize their own path-to-breakeven timelines to stay in the narrative
- Institutional rotation into retail-tech basket on the Rs 215tn TAM anchor
- Increased capex guidance on dark stores and tier-2/3 city expansion