Euler Motors FY26 Results: Revenue Jumps 110% to ₹402 Crore, Gains Strong Position in EV Cargo Market

Key Highlights:

• Revenue rises 110% to ₹402 crore in FY26.

• EV sales jump 181% to 7,576 units.

• 4W cargo EV segment captures 25.9% market share.

• EBITDA margin improves sharply to -62.9%.

• Company targets 40% growth and 200+ touchpoints in FY27.

Euler Motors has delivered a strong financial and operational performance in FY26, with revenue more than doubling and growth accelerating across its electric vehicle portfolio. The company is rapidly strengthening its position in India’s electric cargo vehicle market, especially in the 3W and 4W EV segments.

Revenue Doubles with Strong Demand Momentum

Euler Motors reported ₹402 crore revenue from operations in FY26, a sharp 110% growth compared to ₹191 crore in FY25. Including ₹31 crore of non-operating income, mainly from interest on bank deposits, the company’s total income stood at ₹433 crore.

This growth was driven by rising demand from logistics and e-commerce companies, where uptime, reliability, and earnings potential are key factors. The company also maintained strong momentum throughout the year, with average quarter-on-quarter volume growth of 38% and revenue growth of 43%.

Sales Rise: EV Volumes Jump 181%

Euler Motors sold 7,576 electric vehicles in FY26, marking a 181% increase from 4,172 units in FY25. This reflects a major scale-up phase for the company.

The sales mix includes:

• 3W cargo EVs: 3,088 units

• 4W cargo EVs: 2,728 units

• 3W passenger EVs: 1,760 units

The company has also crossed a key milestone, with over 10,000 HiLoad EVs sold cumulatively in the 3W cargo category.

Strong Entry in 4W Cargo EV Segment

FY26 was a breakthrough year for Euler Motors in the 4W cargo EV space. Its flagship model, Turbo EV 1000, gained early traction with 2,084 units sold.

The segment’s market penetration increased from around 1% to 3.4% by March 2026, with Euler Motors capturing an impressive 25.9% market share, making it a key player in this fast-growing category.

Improving Efficiency Despite Higher Investments

The company continues to invest heavily in expansion, which is reflected in rising costs. Total expenses increased to ₹741 crore in FY26, up from ₹464 crore in FY25.

Key cost components include:

• Material costs: ₹356 crore (largest share due to higher production)

• Employee expenses: ₹104 crore (up 40% due to hiring and expansion)

• Depreciation & amortisation: ₹50 crore (up 98%)

• Finance costs: ₹37 crore (up 57%)

Despite this, operational efficiency improved significantly:

• EBITDA margin improved from -119% to -62.9%

• Net loss reduced to -77% of revenue (from -138%)

• Net loss stood at ₹308 crore in FY26

• Spending reduced to ₹1.84 per ₹1 of revenue, compared to ₹2.42 in FY25

These numbers show strong operating leverage as the company scales.

Leadership Commentary on Growth Strategy

Saurav Kumar, Founder & CEO of Euler Motors, said that FY26 marks a shift from early adoption to early scale. He highlighted that while investments have increased, the company has significantly improved efficiency and unit economics.

He also emphasized:

• Strong foundation in 3W cargo EVs

• Expansion into the 3W passenger EV segment with a focused approach

• Clear product-market fit in the 4W cargo EV space with Turbo EV 1000

The company now aims to strengthen its leadership by expanding distribution, enhancing service infrastructure, and scaling manufacturing.

Strong Investor Backing Fuels Expansion

Euler Motors is backed by leading investors such as Hero MotoCorp, GIC, Lightrock, and British International Investment.

The company has raised over $200 million to date, including Series D and Series E funding. This capital has been used to:

• Expand manufacturing capacity

• Grow distribution and service networks

• Invest in new product development

FY27 Outlook: Focus on Scale and Profitability

Looking ahead, Euler Motors expects continued growth in FY27. The company projects:

• At least 40% year-on-year growth in volumes

• Strong expansion of the 4W cargo EV segment

• Increase in distribution and service network to 200+ touchpoints

With a solid cash position, the company plans to deepen its presence in logistics and e-commerce markets while improving cost efficiency and moving towards a more sustainable business model.

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CMV360 Says

Euler Motors FY26 performance highlights a clear shift towards scale, backed by strong demand, rising EV adoption, and strategic investments. With rapid growth in both 3W and 4W cargo segments, improving efficiency, and solid investor support, the company is well-positioned to strengthen its footprint in India’s electric commercial vehicle market in the coming years.