Zomato to Nykaa: 4 retail-tech stocks in focus as India's retail market eyes Rs 215 trillion by 2035
Q3 FY26 prints show Eternal revenue up 201.9% YoY to Rs 16,315 crore and Nykaa net profit up 156% to Rs 68 crore on 45.2% gross margins. With Nykaa at 276 stores across 94 cities and quick-commerce nearing breakeven, retail-tech enablers ride a market projected to hit Rs 215 trillion.
What happened
Zomato (Eternal) · Analysis of four Indian retail-tech enablers—Eternal/Zomato, Nykaa, Delhivery, IndiaMART—amid a projected Rs 215 trillion retail market by
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% YoY
- Eternal added 200+ net stores
- Eternal share up 13.5% YoY
- Nykaa revenue Rs 2,873 crore up 27% YoY
- Nykaa net profit Rs 68 crore up 156%
- Nykaa gross margin 45.2%
- Nykaa 276 stores across 94 cities
- Nykaa B2B 4.8 lakh retailers across 1,100 cities
- Nykaa share up 31.7% YoY
Why this matters
The consolidating retail-tech enabler landscape and quick-commerce breakeven trajectory create windows for strategic partnerships or acquisitions among the four in-focus players jockeying for share of a Rs 215 trillion market.
What to watch
- Next Eternal/Nykaa guidance on take-rates and contribution margins
- New QC entrant capital raises signaling renewed discount wars
- Regulatory moves on quick-commerce dark stores/gig labor
- Festive-season GMV data and repeat-order frequency trends
- Any GAAP revenue restatement clarifying the 201.9% growth composition
- Track consecutive quarters of Blinkit/QC breakeven to confirm structural vs one-off margin gains
- Monitor Nykaa store rollout pace beyond 276 stores and offline contribution to margin mix
- Watch competitive discounting intensity across quick-commerce as proxy for burn resumption
- Position for dispersion trade: overweight margin-visible beauty/vertical retail, underweight undifferentiated QC