Riding e-commerce demand and surging EV adoption, Euler Motors doubles revenue in FY26, expands into four-wheelers, and narrows losses while scaling operations.
Electric commercial vehicle manufacturer Euler Motors reported a sharp rise in revenue for the financial year 2025-26 (FY26), supported by strong vehicle sales growth and increasing demand from logistics and e-commerce operators.
The company’s operational revenue more than doubled to ₹4.02 billion in FY26, compared with ₹1.91 billion in the previous financial year. This growth was underpinned by a 181% increase in vehicle sales, with total volumes reaching 7576 units, up from 4172 units in FY25.
Demand was led primarily by fleet operators in logistics and e-commerce sectors, where vehicle uptime and operating economics remain key considerations. Euler Motors also recorded steady quarter-on-quarter growth throughout the year, with volumes rising by an average of 38% and revenue increasing by 43% sequentially.
FY26 marked the company’s entry into the four-wheeler cargo electric vehicle segment. Its Turbo EV 1000 recorded early adoption, with 2084 units sold during the year, contributing to a 25.9% market share in that category.
The overall sales mix comprised 3088 three-wheeler cargo vehicles, 2728 four-wheeler cargo vehicles, and 1760 three-wheeler passenger vehicles.
Total income for the year stood at ₹4.33 billion, including ₹310 million in non-operating income, largely from interest earnings. However, expenses rose to ₹7.41 billion, driven by higher material costs of ₹3.56 billion. Employee expenses increased to ₹1.04 billion, while depreciation and finance costs also rose significantly, reflecting ongoing expansion.
The company remained loss-making, reporting a net loss of ₹3.08 billion. However, losses narrowed to 77% of revenue, compared with 138% in FY25. EBITDA margins improved to -62.9%, and cost efficiency strengthened, with spending per rupee of revenue declining.
Founder and chief executive Saurav Kumar said the year marked a transition towards scale, with continued focus on expanding manufacturing capacity, distribution networks, and product development.
