Euler Motors reports 110% YoY revenue growth to ₹402 crore in FY26

Euler Motors reported a 110% year-on-year increase in revenue for FY26, with revenue from operations rising to ₹402 crore from ₹191 crore in FY25, according to its standalone financial statements for the year ended March 31, 2026. The company also reported ₹31 crore in non-operating income, primarily from interest on bank deposits, taking total income to ₹433 crore for the year.

The company sold 7,576 electric vehicles during the year, an 181% increase from 4,172 units in FY25. The growth was supported by demand from logistics and e-commerce operators. The company reported average quarter-on-quarter growth of 38% in volumes and 43% in revenue.

Sales included 3,088 three-wheeler cargo units, 2,728 four-wheeler cargo units, and 1,760 three-wheeler passenger units. In the four-wheeler cargo segment, it sold 2,084 units of the Turbo EV 1000, with segment penetration rising from about 1% to 3.4% by March 2026 and a reported market share of 25.9%.

Total expenses increased to ₹741 crore in FY26 from ₹464 crore in FY25. Material costs stood at ₹356 crore. Employee benefit expenses rose 40% to ₹104 crore. Depreciation and amortisation increased 98% to ₹50 crore, while finance costs rose 57% to ₹37 crore.

Net loss for the year stood at ₹308 crore. Losses as a percentage of revenue declined from -138% in FY25 to -77% in FY26. EBITDA margin improved from -119% to -62.9%. The company reported a reduction in spending per rupee of revenue to ₹1.84 from ₹2.42 in FY25.

Saurav Kumar, Founder and CEO of Euler Motors, said “FY26 marks our transition from early adoption to early scale, with revenue more than doubling and EBITDA margins improving meaningfully as unit economics strengthen. While absolute losses have increased in line with our investments in scale, the underlying efficiency of the business has improved significantly. In 3W Cargo EV, we have built a strong foundation, with over 10,000 HiLoad EVs sold cumulatively. We are also expanding thoughtfully into the 3W passenger EV segment — focusing on understanding customer needs while shaping a differentiated value proposition. In the 4W cargo EV market, despite being a relatively late entrant, we are now seeing clear product-market fit. The Turbo EV1000 has validated that demand in this segment is real, scalable, and repeatable. Our focus now is to deepen this advantage — by expanding distribution, strengthening service infrastructure, and scaling manufacturing — to build a durable leadership position in India’s emerging electric commercial vehicle market.”

Euler Motors has raised over $200 million to date. In May 2025, it secured ₹638 crore in a Series D round led by Hero MotoCorp with participation from British International Investment. In March 2026, it raised ₹437.5 crore in a Series E round led by Lightrock, along with debt funding from BlackSoil, Trifecta, InnoVen, and Alteria Capital. According to the company, the funds have been used to expand manufacturing capacity, distribution, service network, and product development.

The company reported that its vehicles have collectively covered over 11 crore kilometres, with an estimated reduction of approximately 15,000 tonnes of CO₂ emissions. The company manufactures its vehicles at a facility in Palwal, Haryana, with an annual production capacity of 36,000 units.

For FY27, Euler Motors expects overall volumes to grow by at least 40% year-on-year, with the four-wheeler cargo segment contributing a higher share. The company plans to expand its distribution and service network to over 200 touchpoints and focus on cost optimisation and operating leverage.

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