Eternal, Nykaa lead Q3 FY26 retail-tech pack as India market targets Rs 215 trillion by 2035
BCG-RAI projects India's retail market swelling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Eternal posted Q3 FY26 revenue of Rs 16,315 crore (up 201.9% YoY) and added 200+ net stores, while Nykaa delivered Rs 2,873 crore revenue (up 27%) at 45.2% gross margin across 276 stores in 94 cities.
Q3 FY26 audit of four Indian retail-tech enablers—Eternal (Zomato), Nykaa, Delhivery, IndiaMART—as BCG-RAI projects India's retail market to hit Rs 215 trillion by 2035, contrasting scale players versus high-margin performers.