Zomato to Nykaa: 4 retail-tech stocks in focus as India's retail market races to Rs 215 trillion
A BCG-RAI report projects India's retail market at Rs 210-215 trillion by 2035. Eternal (Zomato) posted Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, with Nykaa, Delhivery and IndiaMART also in the spotlight on store expansion and quick-commerce momentum.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Article profiles four retail-tech stocks: Eternal (Zomato), Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Eternal revenue Rs 16,315 crore up 201.9% YoY
- Eternal net profit Rs 102 crore
- 200+ net stores added
- Nykaa revenue Rs 2,873 crore up 27%
- Nykaa net profit Rs 68 crore up 156%
- 276 stores across 94 cities
- Delhivery revenue Rs 2,798 crore up 18%
Why this matters
The retail-tech consolidation wave across quick-commerce, beauty, logistics, and B2B (Zomato, Nykaa, Delhivery, IndiaMART) signals partnership and acquisition openings to secure fulfillment and category footholds early.
What to watch
- Q4 FY26 guidance and adjusted EBITDA margin trajectory
- New entrant funding rounds or capital raises signaling burn escalation
- Delivery cost inflation from fuel/labor or regulatory gig-worker rules
- M&A or logistics partnership announcements
- Consumer discretionary spending data validating the Rs 215T trajectory
- Track quarterly dark-store/store count additions and per-store contribution margins
- Watch quick-commerce take-rate and ad-monetization trends for margin durability
- Monitor competitive discounting intensity across Eternal, Swiggy, Nykaa
- Position for dispersion: favor profit-inflecting names over GMV-only growth