Zomato, Nykaa lead 4 retail-tech stocks to watch as India's retail market races to Rs 215 trillion

A BCG-RAI report projects India's retail market more than doubling to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Eternal (Zomato), Nykaa, IndiaMART and Delhivery posted strong Q3 FY26 results across demand, discovery, platform and logistics segments.

— FiledWed, 1 Jul, 2026, 07:02 IST·First seen Wed, 1 Jul, 2026, 07:01 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Highlights four retail-tech stocks—Eternal/Zomato, Nykaa,

Key facts

  • retail market Rs 210-215 trillion by 2035
  • up from Rs 90-95 trillion in 2025
  • Eternal Q3 FY26 revenue Rs 16,315 crore +201.9% YoY
  • Eternal net profit Rs 102 crore +102.9% YoY
  • 200+ net stores added
  • Nykaa Q3 FY26 revenue Rs 2,873 crore +27% YoY
  • Nykaa net profit Rs 68 crore +156%
  • Nykaa gross margin 45.2%
  • Nykaa 276 stores across 94 cities
  • Nykaa B2B serves 4.8 lakh retailers
  • Delhivery Q3 FY26 services revenue +18% YoY
  • Zomato shares +13.5% YoY
  • Nykaa shares +31.7% YoY

Why this matters

The BCG-RAI projection and strong Q3 FY26 prints across Eternal, Nykaa, IndiaMART and Delhivery signal a consolidating retail-tech landscape ripe for platform, logistics and vertical-commerce M&A.

What to watch

  • Eternal/Blinkit contribution-margin trajectory and burn rate in Q4 FY26
  • Nykaa sustaining profit growth without gross-margin erosion
  • Quick-commerce order-frequency and AOV data validating TAM assumptions
  • Competitive entry or funding rounds from Zepto/Amazon/Flipkart Minutes
  • Broader consumption/urban-demand macro prints and interest-rate stance
  • Any regulatory scrutiny on quick-commerce labor or FDI in inventory-led models
  • Sell-side upgrades citing BCG-RAI TAM to justify higher target multiples on Eternal and Nykaa
  • Quick-commerce capex/dark-store expansion announcements as players race for the doubling market
  • Competitive discounting escalation in quick-commerce compressing near-term margins
  • Retail investor and thematic-fund allocation into a 'retail-tech basket' construct
  • Delhivery and IndiaMART issuing guidance to keep pace with the headline growth narrative