Zomato, Nykaa lead 4 retail-tech stocks to watch as India retail market eyes Rs 215 trillion by 2035
Eternal (Zomato) posted revenue of Rs 16,315 crore, up 201.9% YoY, with net profit at Rs 102 crore. Nykaa revenue rose 27% to Rs 2,873 crore, net profit up 156% to Rs 68 crore across 276 stores in 94 cities. Shares surged 13.5% and 31.7% respectively amid quick-commerce breakeven and margin gains.
What happened
Zomato (Eternal) · Analysis of four Indian retail-tech enablers—Eternal/Zomato, Nykaa, Delhivery, IndiaMART—amid a projected Rs 215 trillion retail market by
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion 2025
- Eternal revenue Rs 16,315 crore +201.9% YoY
- Eternal net profit Rs 102 crore +102.9%
- Nykaa revenue Rs 2,873 crore +27%
- Nykaa net profit Rs 68 crore +156%
- Nykaa 276 stores across 94 cities
- Eternal shares +13.5%
- Nykaa shares +31.7%
Why this matters
The retail-tech consolidation wave is accelerating as quick-commerce hits breakeven—scout M&A targets in adjacent categories while valuations reflect proven path-to-profitability.
What to watch
- Blinkit contribution margin trajectory in next quarter guidance
- Competitor discounting/burn disclosures (Swiggy Instamart, Zepto funding)
- Nykaa same-store sales and BPC vs. fashion segment margins
- New entrant expansion (Amazon Now, Flipkart Minutes) into quick-commerce
- Consumption/festive demand data validating Rs 215T retail TAM thesis
- Any GMV growth deceleration signaling saturation
- Institutional upgrades and target-price revisions on Eternal and Nykaa post-earnings
- Peers (Swiggy, DMart, Trent) draw comparative valuation scrutiny and sympathy moves
- Increased dark-store and offline store rollout announcements to defend market share
- Analysts model quick-commerce breakeven durability vs. competitive intensity
- Profit-booking risk after 13.5% and 31.7% single-session surges