Euler Motors reported strong financial performance in FY26, with revenue from operations growing 110% year-on-year to ₹402 crore from ₹191 crore in FY25. The growth was driven by a sharp increase in volumes in its electric commercial vehicle portfolio. The company also captured an estimated 25% market share in the four-wheeler EV cargo segment, highlighting its growing presence in the segment.
The company sold 7,576 electric vehicles in FY26, up 181% from 4,172 units in FY25, marking a significant uptake from the first phase of its scale up. This growth was supported by strong demand from logistics and e-commerce operators, where vehicle uptime, reliability and earning potential remain the key decision drivers. The company recorded consistent quarter-on-quarter growth in FY26, with volumes growing by an average of (38%) QoQ and revenues growing by (43%) QoQ, reflecting continued demand momentum.
FY26 also marked an important year in Euler Motors’ 4W range expansion journey, with its Turbo EV 1000 taking the early lead with sales of 2084 units. The penetration of this segment increased from approximately 1% to 3.4% in March’26, with the company emerging as a leading player and capturing 25.9% market share.
The volume mix included 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 Rs 31 crore in non-operating income, which mainly comprised interest on bank deposits, after the Series D fundraise, taking total income for the year to Rs 433 crore.
On the expenditure side, total costs increased to Rs 741 crore in FY2016 from Rs 464 crore in FY2015, including material costs, the largest cost item, tracking almost doubling of volumes, to Rs 356 crore. Employee benefit expense increased 40% to Rs 104 crore, reflecting increase in headcount to support manufacturing scale-up and after-sales infrastructure. Depreciation and amortization increased 98% to Rs 50 crore and finance costs increased 57% to Rs 37 crore, both a direct result of the expanded asset base following the Series D capital deployment.
The company has reduced losses by 61 percentage points (as a percentage of revenue) from -138% in FY25 to -77% in FY26 and reported a net loss of ₹308 crore in FY26. Euler Motors demonstrated improved operating efficiency, with EBITDA margin improving by 56 percentage points to -62.9%, reflecting strong operating leverage with increased scale. On a unit economics basis, the company reduced its expenses per rupee of revenue to ₹1.84, compared to ₹2.42 in FY20.
Commenting on the performance and outlook, Saurav Kumar, Founder and CEO, Euler Motors, said, “FY26 reflects our transition from early adopter to early scale, with revenues more than doubling and EBITDA margins improving meaningfully as unit economics have strengthened. While absolute losses have increased in line with our scale investment, the underlying efficiency of the business has improved significantly.
At 3W Cargo EVs, we have built a strong base, with over 10,000 HiLoad EVs sold cumulatively. We are also expanding thoughtfully into the 3W passenger EV segment – focusing on understanding
Customer needs when shaping a differentiated value proposition. Despite being a relatively late entrant to the 4W cargo EV market, we are now seeing clear product-market fit. The Turbo EV1000 confirms that the demand in this segment is real, scalable and repeatable. Our focus is now on deepening this advantage – by expanding distribution, strengthening service infrastructure and scaling up manufacturing – to create a sustainable 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 $200 million so far. Capital investments, including a Series D and Series E, have enabled the company to accelerate manufacturing capacity, expand its distribution and service network, and invest in product innovation.
Looking to FY27, Euler Motors expects the 4W cargo EV segment to witness massive growth, with volumes across the portfolio projected to grow at least 40% year-on-year, thereby increasing its contribution to overall sales. The company will continue to invest in expanding its distribution and service network to 200+ touchpoints, while further improving unit economics through cost optimization and operating leverage. With a strong cash position, Euler Motors aims to make deeper penetration into key logistics and e-commerce sectors while progressing towards a more efficient and sustainable cost structure.