Zomato to Nykaa: 4 retail-tech stocks in focus as India eyes Rs 215 trillion retail market
As India's retail market projects to Rs 215 trillion by 2035, four enablers post strong Q3 FY26 results. Eternal (Zomato) revenue jumped 201.9% YoY to Rs 16,315 crore; Nykaa revenue rose 27% to Rs 2,873 crore with net profit up 156% and 276 stores across 94 cities. Delhivery and IndiaMART round out the watchlist.
What happened
Zomato (Eternal) · Analysis of four Indian retail-tech enablers—Eternal (Zomato), Nykaa, Delhivery, IndiaMART—as India's retail market projects to Rs 215
Key facts
- Rs 215 trillion retail market by 2035
- Eternal revenue Rs 16,315 crore up 201.9% YoY
- Eternal net profit Rs 102 crore
- Nykaa revenue Rs 2,873 crore up 27% YoY
- Nykaa net profit Rs 68 crore up 156%
- Nykaa 276 stores across 94 cities
- Nykaa share up 31.7%
- Eternal share up 13.5%
Why this matters
The strong Q3 FY26 prints across delivery, beauty commerce, and B2B marketplaces signal a maturing enabler ecosystem ripe for partnership or acquisition plays ahead of the 2035 retail expansion.
What to watch
- Eternal/Blinkit quarterly EBITDA margin trajectory and cash burn
- Nykaa same-store sales and store-expansion economics per city
- Delhivery volume growth and IndiaMART paying-supplier additions
- Quick-commerce competitive intensity and discounting depth
- FII flows into Indian consumer-tech and any regulatory moves on quick-commerce
- Brokerages issue TAM-anchored upgrades and raise price targets on Eternal and Nykaa
- Retail investors rotate into the four-stock basket via thematic buying
- Competitors (Amazon, Reliance, Flipkart) accelerate quick-commerce and beauty-vertical spend
- Management commentary pivots to profitability guidance to defend multiples
- Passive/thematic ETFs and mutual funds increase retail-tech weightings