Zomato, Nykaa lead retail-tech pack as India's retail market eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market at Rs 215 trillion by 2035, spotlighting four tech enablers. Eternal (Zomato) posted Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY; Nykaa revenue rose 27% to Rs 2,873 crore with net profit up 156%; Delhivery grew 18% to Rs 2,798 crore.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis of four retail-tech enablers: Eternal (Zomato), Nykaa,
Key facts
- Rs 215 trillion retail market by 2035
- Eternal Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
- Eternal net profit Rs 102 crore up 102.9%
- Nykaa Q3 FY26 revenue Rs 2,873 crore up 27%
- Nykaa net profit Rs 68 crore up 156%
- Nykaa 276 stores across 94 cities
- Delhivery revenue Rs 2,798 crore up 18%
Why this matters
Delhivery's steadier 18% logistics growth alongside outsized platform gains at Eternal and Nykaa flags fulfillment and enablement layers as prime consolidation or partnership targets in the Rs 215 trillion buildout.
What to watch
- Eternal/Blinkit take-rate and contribution margin trajectory
- Quick-commerce competitive intensity and discounting from Zepto/Instamart
- Nykaa margin durability beyond the 156% profit jump
- FII/DII flow data into consumer-tech names
- Follow-on BCG-RAI or peer analyst TAM revisions
- Rotate toward profitable compounders (Nykaa, Delhivery) over pure-growth burners
- Watch for competitor earnings/guidance from Swiggy, DMart, Trent to confirm sector breadth
- Model quick-commerce unit economics and dark-store contribution margins separately from GMV growth
- Track brokerage upgrades citing the BCG Rs 215T TAM framing