India's retail market seen at Rs 215 trillion by 2035; Nykaa, Eternal lead retail-tech watchlist
A BCG-RAI report projects India's retail market more than doubling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Retail-tech names ride the wave: Eternal's Q3 FY26 revenue jumped 201.9% to Rs 16,315 crore, while Nykaa posted 27% revenue growth to Rs 2,873 crore and net profit up 156% to Rs 68 crore.
BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Article highlights four retail-tech stocks—Eternal (Zomato), Nykaa, Delhivery—citing Q3 FY26 earnings, quick commerce breakeven, store expansion and logistics enabling growth.
Why this matters
Nykaa's triple-digit-adjacent growth follows its Kiehl's India takeover in an expanded L'Oreal Luxe deal, reinforcing its retail-tech expansion as India's market nears Rs 215 trillion.
Retail-company theme accelerating at +547500% QoQ.