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Electric commercial vehicle startup Euler Motors delivered a strong performance in FY26, more than doubling its revenue. The company’s operational revenue вырос 110% year-on-year to ₹402 crore, up from ₹191 crore in FY25. During the year, Euler Motors sold 7,576 electric vehicles, marking a sharp 181% increase compared to 4,172 units in the previous fiscal.
This rapid growth was driven by robust demand from logistics and e-commerce sectors, where vehicle reliability, uptime, and earning potential remain critical factors. The company also recorded consistent quarter-on-quarter growth in FY26, with volumes rising by an average of 38% and revenue growing by 43% QoQ.
FY26 was a pivotal year for Euler Motors’ expansion into the four-wheeler segment. Its Turbo EV 1000 gained early traction, with 2,084 units sold, helping the company secure a 25.9% market share in the segment. The overall sales mix included 3,088 units of 3W cargo vehicles, 2,728 units of 4W cargo vehicles, and 1,760 units of 3W passenger vehicles.
The company reported total income of ₹433 crore, including ₹31 crore in non-operating income, primarily from interest earnings. However, total expenses rose to ₹741 crore, driven largely by material costs of ₹356 crore. Employee benefit expenses increased 40% to ₹104 crore, while depreciation and finance costs rose 98% and 57%, respectively, reflecting expansion and capital deployment.
Despite remaining loss-making, Euler Motors showed significant improvement in efficiency. Its losses narrowed from -138% of revenue in FY25 to -77% in FY26, with a net loss of ₹308 crore. EBITDA margins improved by 56 percentage points to -62.9%, and unit economics strengthened, with spending per ₹1 of revenue reducing from ₹2.42 to ₹1.84.
Commenting on the performance, Founder & CEO Saurav Kumar said FY26 marked the company’s transition from early adoption to early scale. He highlighted strong traction in the 3W cargo segment and emphasized that the Turbo EV 1000 has validated product-market fit in the 4W cargo EV space.
Backed by investors such as Hero MotoCorp, GIC, Lightrock, and British International Investment, Euler Motors has raised over $200 million to date. The capital has been used to scale manufacturing, expand distribution and service networks, and invest in product innovation.
Looking ahead to FY27, the company expects at least 40% year-on-year growth in volumes, with the 4W cargo EV segment playing a larger role. Euler Motors also plans to expand its network to over 200 touchpoints nationwide while continuing to improve cost efficiency and operational leverage.
