As India’s retail sector undergoes a massive structural shift, the “Retail Tech Stack”—the digital infrastructure of logistics, discovery, and marketplaces—is becoming the primary engine of growth. A joint report by BCG and the Retailers Association of India (RAI) projects the market to hit ₹215 trillion by 2035, doubling from its 2025 levels.
This transition is no longer just about opening more physical stores; it is about who controls the speed, cost, and discovery of products. Here is an audit of the four key enablers shaping this future, based on their high-stakes Q3 FY26 performances.
1. Zomato (Eternal): The Speed King
Zomato, now operating under its parent identity Eternal, has transitioned from a food delivery app to a high-frequency retail giant.
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The Q3 Breakout: Eternal reported a massive 201% YoY revenue surge to ₹16,315 crore.
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Blinkit’s Milestone: For the first time, its quick-commerce arm, Blinkit, achieved EBITDA breakeven. With over 2,000 stores and 90% of inventory now owned, it has moved from a “burning cash” experiment to a profitable retail backbone.
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Retail Impact: By hitting its highest-ever food delivery margins (5.4%), Zomato is proving that high-speed “instant” retail is a sustainable business model in urban India.
2. Nykaa: The Discovery Powerhouse
Nykaa remains the undisputed leader in “Specialized Retail,” leveraging the creator economy to drive high-margin sales.
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Financial Growth: In Q3 FY26, Nykaa saw a 143% jump in net profit (₹63 crore) on the back of a 27% revenue increase.
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Omnichannel Dominance: It expanded its physical footprint to 276 stores across 94 cities, proving that the future of retail tech is a hybrid of high-tech discovery and high-touch physical experiences.
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Strategic Moat: With a customer base exceeding 52 million, Nykaa is shifting from a platform that sells brands to a “House of Brands,” where its private labels (like Nykaa Perfumes) are now category leaders.
3. Delhivery: The Logistics Engine
If retail is the body, Delhivery is the nervous system. Without last-mile logistics, the ₹215 trillion vision remains a warehouse dream.
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The Profit Pivot: Delhivery reported a 59% rise in net profit to ₹40 crore for Q3 FY26.
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Scale Efficiency: Despite rising fuel costs, the company managed to increase revenue by 18% (to ₹2,805 crore) while keeping freight handling costs controlled at 70% of total expenditure.
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Retail Impact: As quick commerce and D2C brands expand, Delhivery’s ability to turn a profit while scaling warehousing and “logistics management systems” makes it the essential infrastructure play.
4. IndiaMART: The B2B Marketplace Utility
While others focus on consumers (B2C), IndiaMART underpins the entire supply chain by connecting 8.7 million suppliers.
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Steady Cash Cow: Revenue grew 13% to ₹402 crore in Q3 FY26. While its profit surge (₹188 crore) was aided by “other income,” its operational cash flow remains a fortress at ₹129 crore.
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Visibility: With deferred revenue of ₹1,775 crore (up 19%), IndiaMART offers the most predictable revenue stream in the retail tech stack.
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Retail Impact: As small retailers look to digitize their sourcing to compete with giants, IndiaMART’s platform serves as the primary discovery engine for the “Bharat” retail economy.
Audit Summary: Performance at a Glance (Q3 FY26)
The Verdict
The BCG-RAI report suggests that organized retail is no longer significantly outstripping overall market growth, meaning the “easy” gains from just being a modern chain are over. The future winners are those who embed AI and tech deep into their supply chains.
Zomato and Nykaa are currently the “growth aggressive” picks, while Delhivery and IndiaMART represent the “stable infrastructure” that will carry the weight of India’s consumption for the next decade.
