Eternal, Nykaa lead retail-tech pack as India retail eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market at Rs 210-215 trillion by 2035. Four enablers post strong Q3 FY26: Eternal revenue up 201.9% to Rs 16,315 crore, Nykaa revenue up 27% to Rs 2,873 crore with net profit up 156% and 45.2% gross margin across 276 stores in 94 cities.
BCG-RAI report projects India retail hitting Rs 215 trillion by 2035. Analysis highlights four retail-tech enablers—Eternal (Zomato), Nykaa, Delhivery, IndiaMART—with strong Q3 FY26 results driven by quick commerce, owned brands and monetisation.
Why this matters
Eternal's 201.9% revenue surge to Rs 16,315 crore positions it at the front of India's retail-tech expansion, alongside Nykaa's profit jump, as the sector races toward a projected Rs 215 trillion market.
Retail-company signals accelerating at +763100% QoQ.