Sun Mobility Quadruples R&D Spend to Rs 35 Crore in FY26

Battery-swapping and smart-battery maker Sun Mobility Private Limited sharply stepped up its research and development spending in FY 2025-26, even as the company posted its strongest top-line growth yet and cut its bottom-line losses by nearly 90%, according to financial statements filed with the Registrar of Companies.

R&D expenditure, reported as a standalone line item under "Other expenses" in the company's audited Statement of Profit and Loss, jumped to Rs 35.4 crore in FY26, up from Rs 7.8 crore a year earlier. That is a 354% increase, or roughly 4.5 times the prior-year outlay, making R&D one of the single largest movers in the company's expense base for the year.

The surge lifted R&D intensity spend as a share of total revenue to nearly 6% in FY26, from 2.35% in FY25, a level that puts Sun Mobility's research investment ratio well above what is typical for an Indian auto-component or EV-infrastructure supplier of its scale, and signals a move toward product and technology development ahead of what the company's directors describe as plans to expand to various cities, customers & customer segments in the coming year.

Sun Mobility is involved into smart batteries (manufacturing and design), Quick-interchange/battery-swap stations, Battery-vehicle integration, IoT-based cloud platform for energy infrastructure management, Electric Vehicle Mobility-as-a-Service, built on its proprietary energy infrastructure platform.

The increased investments in R&D comes even as Sun Mobility's total revenue jumped 79% to Rs 594.88 crore, up from Rs 331.71 crore in the previous fiscal year, according to filings with the Ministry of Corporate Affairs. The Bengaluru-based firm reported a net loss of Rs 9.33 crore for FY 2025-26, a sharp decline from the Rs 92.43 crore loss recorded the year prior. This improvement suggests the company is beginning to find economies of scale in its capital-intensive business model. Total expenditure for the year rose more modestly than revenue, reaching Rs 621.74 crore compared to Rs 430.74 crore in the previous period.