Euler Motors Doubles Revenue to INR 402 Crore in FY26 on Strong EV Demand

Euler Motors, an electric commercial vehicle startup more than doubled its revenue in FY26, by acceleration in volumes across its product portfolio. The company's revenue from operations rose 110 percent year-on-year to Rs 402 crore from Rs 191 crore in FY25, according to its standalone financial statements for the year ended March 31, 2026.

The company sold 7,576 electric vehicles in FY26, a 181 percent increase from 4,172 units in FY25, marking an acceleration from its earlier stage of scale. This growth was supported by strong demand from logistics and e-commerce operators, where vehicle uptime, reliability, and earnings potential remain key decision drivers. The company also recorded consistent quarter-on-quarter growth in FY26, with volumes growing by average (38 percent) QoQ and revenue increasing by (43 percent) QoQ, reflecting sustained demand momentum.

FY26 also marked a pivotal year in Euler Motors’ 4W category expansion journey, with its Turbo EV 1000 gaining early traction with 2084 units sold. The segment scaled from approximately 1 percent to 3.4 percent penetration in March’26, with the company emerging as a leading player and capturing a 25.9 percent market share.

The volume mix comprised 3,088 units of 3W cargo, 2,728 units of 4W cargo, and 1,760 units of 3W passenger- its newest product category. The company also earned INR 31 crore in non-operating income, largely interest on bank deposits following its Series D fundraise, taking total income to INR 433 crore for the year.

On the expenses side, total costs rose to INR 741 crore in FY26 from INR 464 crore in FY25 inclusive of material costs, the largest cost head, stood at INR 356 crore, tracking the near doubling of volumes. Employee benefit expenses rose 40 percent to INR 104 crore, reflecting headcount additions to support manufacturing scale-up and after-sales infrastructure. Depreciation and amortisation grew 98 percent to INR 50 crore and finance costs rose 57 percent to INR 37 crore, both a direct result of the expanded asset base following the Series D capital deployment.

The company has cut down losses by 61 percentage points (as a percentage of revenue) from -138 percent in FY25 to -77 percent in FY26 and logged in a net loss of INR 308 crore in FY26. Euler Motors demonstrated improving operating efficiency, with EBITDA margins improving by 56 percentage points to -62.9 percent, reflecting strong operating leverage as scale increases. On a unit economics basis, the company reduced its spend to INR 1.84 per rupee of revenue, compared to INR 2.42 in FY25.

Commenting on the performance and outlook, Saurav Kumar, Founder and CEO, 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.”

Backed by investors including Hero MotoCorp, GIC, Lightrock and British International Investment, Euler Motors has raised over USD 200 million to date. Capital infusion, including its Series D and Series E, has enabled the company to accelerate manufacturing capacity, expand its distribution and service network and invest in product innovation.

Looking ahead to FY27, Euler Motors expects the 4W cargo EV segment to scale, with volumes across the portfolio projected to grow by at least 40 percent year-on-year, increasing its contribution to overall sales. The company will continue to invest in expanding its distribution and service network to 200 plus touchpoints, while further improving unit economics through cost optimisation and operating leverage. With a strong cash position, Euler Motors aims to drive deeper penetration across key logistics and e-commerce segments while progressing towards a more efficient and sustainable cost structure.