Euler Motors FY26 Revenue Jumps 110%; Losses Narrow, 4W Cargo EV Share Nears 26%

Electric commercial vehicle maker Euler Motors reported revenue of ₹402 crore in FY26, up 110% year-on-year from ₹191 crore in FY25, while its net loss stood at ₹308 crore, with losses narrowing to 77% of revenue from 138% a year earlier.

The company’s EBITDA margin improved by 56 percentage points to -62.9% in FY26 from -119% in FY25, indicating operating leverage as volumes scaled.

Vehicle sales rose 181% year-on-year to 7,576 units in FY26 from 4,172 units in FY25. Growth was supported by demand from logistics and e-commerce operators. The company also reported average quarter-on-quarter growth of 38% in volumes and 43% in revenue across FY26.

In the four-wheeler cargo EV segment, Euler Motors sold 2,084 units of its Turbo EV 1000 model. The segment’s penetration increased to 3.4% by March 2026 from about 1% earlier, with the company holding a 25.9% market share.

The overall sales mix in FY26 included 3,088 units of three-wheeler cargo vehicles, 2,728 units of four-wheeler cargo vehicles, and 1,760 units of three-wheeler passenger vehicles. Non-operating income stood at ₹31 crore, taking total income to ₹433 crore.

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

On a unit economics basis, the company reduced spending to ₹1.84 per rupee of revenue from ₹2.42 in FY25.

Founder and CEO Saurav Kumar said the company is seeing improved efficiency as it scales, with demand visibility strengthening across segments.

Euler Motors, backed by investors including Hero MotoCorp, GIC, Lightrock and British International Investment, has raised over $200 million to date.

For FY27, the company expects overall volumes to grow at least 40%, led by the expansion of the four-wheeler cargo EV segment, alongside continued investments in distribution and service network expansion to over 200 touchpoints.