Euler Motors clocks ₹402 crore revenue in FY26, records 110% growth

Euler Motors has reported strong growth for FY26, with revenue from operations rising 110 per cent year-on-year to ₹402 crore, compared to ₹191 crore in FY25. The electric commercial vehicle manufacturer also witnessed significant growth in vehicle volumes and strengthened its presence in the electric cargo vehicle segment.

According to the company’s standalone financial statements for the year ended March 31, 2026, Euler Motors sold 7,576 electric vehicles during FY26, registering a 181 per cent increase over the previous year. The company attributed the growth to rising demand from logistics and e-commerce operators, where uptime, reliability and operating efficiency remain key considerations.

The company also highlighted consistent quarter-on-quarter growth during FY26, with volumes growing by an average of 38 per cent QoQ and revenue increasing by 43 per cent QoQ.

FY26 proved to be an important year for Euler Motors’ four-wheeler cargo EV business as well. Its Turbo EV1000 recorded sales of 2,084 units, helping the company secure a 25.9 per cent market share in the segment. The penetration of the category also increased from around 1 per cent to 3.4 per cent by March 2026.

The company’s overall sales mix included 3,088 units of three-wheeler cargo EVs, 2,728 units of four-wheeler cargo EVs and 1,760 units of three-wheeler passenger EVs, which is its newest product category. Euler Motors also reported ₹31 crore in non-operating income, taking total income for the financial year to ₹433 crore.

Despite higher investments towards expansion and manufacturing scale-up, Euler Motors improved its operating efficiency during the financial year. EBITDA margins improved from -119 per cent to -62.9 per cent, while losses as a percentage of revenue reduced from -138 per cent in FY25 to -77 per cent in FY26. The company reported a net loss of ₹308 crore for the year.

Commenting on the company’s performance, Saurav Kumar said that FY26 marked Euler Motors’ transition from early adoption to early scale. He also stated that the company is seeing strong product-market fit in the four-wheeler cargo EV space and will continue expanding its manufacturing, service infrastructure and distribution network.

Looking ahead to FY27, Euler Motors expects overall volumes to grow by at least 40 per cent year-on-year, supported by further expansion of its distribution and service network to over 200 touchpoints across the country.