Zomato, Nykaa lead 4 retail-tech stocks to watch as India's retail market eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market roughly doubling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Four enablers—Eternal/Zomato, Nykaa, Delhivery and IndiaMART—are assessed on Q3 FY26 results, with Zomato's quick commerce hitting breakeven and adding 200+ net stores.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Article evaluates four retail-tech enablers—Eternal/Zomato, Nykaa,
Key facts
- Rs 210-215 trillion retail market 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
- 90 bps contribution margin expansion
- 130 bps EBITDA margin improvement
- 200+ net stores added
- share up 13.5%
Why this matters
With BCG-RAI projecting a Rs 215 trillion retail market by 2035, the enabler layer—quick commerce, beauty, logistics and B2B (Zomato, Nykaa, Delhivery, IndiaMART)—is where partnership and M&A optionality concentrates.
What to watch
- Q4 FY26 quick-commerce contribution margin and whether breakeven holds
- Net store additions pace vs. cash burn guidance
- Competitive discounting signals from Swiggy/Zepto/Amazon
- GOV and take-rate trends versus 201.9% revenue base effect normalizing
- FII/DII flows into Indian consumer-tech names
- Expect sell-side upgrades and higher target prices on Eternal citing breakeven milestone
- Peers (Nykaa, Delhivery, IndiaMART) tagged into 'retail-tech basket' trade; watch sympathy moves
- Management commentary to emphasize dark-store density and AOV over headline burn
- Competitors likely to counter-message on their own quick-commerce margins in upcoming prints