Sun Mobility Quadruples R&D Spend to Rs 35.4 Crore in FY26; Revenue Jumps 79%, Losses Shrink Nearly 90%

Key Highlights

• R&D spending increased 354% to Rs 35.4 crore in FY26.

• Revenue jumped 79% to Rs 594.88 crore.

• Net loss reduced nearly 90% to Rs 9.33 crore.

• R&D intensity rose from 2.35% to nearly 6% of revenue.

• Company plans expansion across more cities and customer segments.

Battery-swapping and smart-battery company Sun Mobility Private Limited has significantly increased its investment in research and development (R&D) during FY 2025-26. At the same time, the company reported its highest-ever revenue growth and reduced its net losses by nearly 90%, according to audited financial statements filed with the Registrar of Companies.

Sun Mobility Increases R&D Investment by 354%

Sun Mobility's R&D expenditure reached Rs 35.4 crore in FY26, compared to Rs 7.8 crore in FY25. This represents a 354% increase, or nearly 4.5 times higher than the previous year's spending.

The company reported R&D expenses as a separate line item under "Other Expenses" in its audited Statement of Profit and Loss. The sharp rise made R&D one of the biggest contributors to the company's overall expense growth during the financial year.

R&D Spending Ratio Reaches Nearly 6%

The higher investment also increased the company's R&D intensity—the share of R&D spending in total revenue, to nearly 6% in FY26, up from 2.35% in FY25.

This level of research investment is considerably higher than what is generally seen among Indian auto-component manufacturers or EV infrastructure companies of a similar size. The increase reflects Sun Mobility's focus on developing new products and technologies as it prepares to expand into more cities, serve new customers, and enter additional customer segments in the coming year.

Strong Revenue Growth in FY26

Alongside higher technology investments, Sun Mobility delivered strong financial growth during FY26.

The company's total revenue increased 79% to Rs 594.88 crore, compared to Rs 331.71 crore in the previous financial year, according to filings with the Ministry of Corporate Affairs.

Despite operating in a capital-intensive business, Sun Mobility managed to control its costs effectively. Total expenditure rose to Rs 621.74 crore in FY26, up from Rs 430.74 crore in FY25, but the increase was much lower than the growth in revenue.

Net Losses Fall Nearly 90%

Sun Mobility reported a net loss of Rs 9.33 crore during FY26, a significant improvement from the Rs 92.43 crore loss recorded in FY25.

The sharp reduction in losses suggests the Bengaluru-based company is beginning to benefit from economies of scale, as expanding operations and higher revenues help offset the costs of building and operating its battery-swapping infrastructure.

Sun Mobility's EV Technology Platform

Sun Mobility operates across several key areas of the electric mobility ecosystem. Its business includes:

• Smart battery design and manufacturing

• Quick-interchange battery swapping stations

• Battery-vehicle integration solutions

• IoT-based cloud platform for energy infrastructure management

• Electric Vehicle Mobility-as-a-Service (EV MaaS)

• A proprietary energy infrastructure platform supporting its battery-swapping ecosystem

Outlook

Sun Mobility's FY26 performance highlights a strategic shift toward technology-led growth. By sharply increasing its R&D investments while delivering strong revenue growth and significantly reducing losses, the company appears to be strengthening its foundation for future expansion. With plans to grow across more cities, customer categories, and mobility segments, the company is positioning itself to play a larger role in India's rapidly evolving electric vehicle and battery-swapping ecosystem.

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CMV360 Says

Sun Mobility delivered a strong financial performance in FY26 by combining rapid revenue growth with a sharp reduction in losses while significantly increasing its investment in research and development. The company's focus on smart battery technology, battery-swapping infrastructure, and digital energy platforms reflects its long-term expansion strategy. With higher R&D spending and improving operational efficiency, Sun Mobility is well positioned to strengthen its presence in India's fast-growing electric mobility ecosystem.