Zomato, Nykaa lead retail-tech rally, resurfacing an April 2026 report projecting India's market toward Rs 215 trillion by 2035
Resurfacing an April 2026 BCG-RAI report pegging India's retail market at Rs 210-215 trillion by 2035. Q3 FY26 earnings had shown momentum: Eternal (Zomato) revenue up 201.9% YoY to Rs 16,315 crore, Nykaa profit up 156% to Rs 68 crore across 276 stores in 94 cities, and Delhivery revenue up 18% to ~Rs 2,798 crore.
What happened
BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis of four retail-tech stocks: Eternal (Zomato), Nykaa, Delhivery, IndiaMART,
Key facts
- Rs 210-215 trillion retail market by 2035
- Eternal Q3 FY26 revenue Rs 16,315 crore +201.9% YoY
- Eternal net profit Rs 102 crore +102.9%
- Nykaa Q3 FY26 revenue Rs 2,873 crore +27%
- Nykaa net profit Rs 68 crore +156%
- Nykaa 276 stores across 94 cities
- Delhivery Q3 FY26 revenue ~Rs 2,798 crore +18%
Why this matters
The convergence of high-growth platforms (Eternal, Nykaa) and enabling logistics infrastructure (Delhivery) within a rapidly expanding TAM makes now an opportune window to pursue partnerships or bolt-on acquisitions that lock in last-mile and omnichannel capabilities.
What to watch
- Blinkit/quick-commerce contribution margin and cash burn disclosures
- Nykaa same-store-sales and new-store payback periods
- Delhivery volume growth vs Meesho/e-commerce shipment softness
- FII/DII flow data into consumer-tech basket
- Any guidance downgrade or festive-quarter demand cooling
- Competitive intensity from Amazon/Flipkart/Zepto in quick commerce
- Expect brokerage target-price upgrades citing the Rs 215T 2035 TAM within days
- Peers (DMart, Trent, FirstCry) get comparison coverage and sympathy bids
- Eternal/Blinkit accelerates dark-store expansion and marketing spend to defend growth narrative
- Nykaa continues omnichannel store rollout beyond 94 cities
- Delhivery pitched as pick-and-shovel logistics play on the same thesis