Zomato to Nykaa: 4 retail-tech stocks in focus as India retail heads to Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market to roughly double to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. The piece audits four enablers—Eternal (Zomato), Nykaa, Delhivery and IndiaMART—with Eternal posting Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, and quick commerce nearing breakeven.
What happened
BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Article audits four retail-tech enablers—Zomato (Eternal), Nykaa, Delhivery,
Key facts
- Rs 210-215 trillion 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 new stores
- share price up 13.5%
Why this matters
A doubling retail market by 2035 favors consolidation across delivery, beauty, and B2B logistics, making the four named enablers both potential acquirers and attractive targets for platform roll-ups.
What to watch
- Eternal q-comm segment turning EBITDA-positive in next quarterly report
- Nykaa BPC vs fashion margin trajectory and GMV growth
- Delhivery volume/yield trends and Ecom Express integration signals
- IndiaMART paying-supplier additions and churn
- Any moderation in the 201.9% headline once base effects normalize
- Competitive intensity/discounting in quick commerce (Blinkit vs Zepto vs Instamart)
- Sell-side upgrades citing BCG-RAI Rs 215tn TAM to justify target-price hikes on Eternal, Nykaa, Delhivery, IndiaMART
- Institutional rotation into retail-tech basket ahead of Q4 FY26 prints
- Eternal/peers to emphasize q-comm profitability and dark-store density in guidance
- New entrant capex announcements in tier-2/3 city logistics and quick commerce