Results · Mobility & Logistics

Euler Motors doubles revenue but widens net loss in FY26

What they do

Euler Motors manufactures and sells commercial electric vehicles including cargo and passenger models

FY26 operating revenue doubled to Rs 402 Cr while vehicle sales volume rose to 7,576 units

Net loss widened by 21% to Rs 315 Cr from Rs 261 Cr in the previous year

Euler Motors reported its FY26 financial results showing significant growth in top-line metrics.
Operating revenue doubled to Rs 402 Cr compared to Rs 191 Cr in the previous year.
Total revenue reached Rs 433 Cr which included Rs 31 Cr of non-operating income.
Vehicle sales volume increased to 7,576 units from 4,172 units in FY25.
The company sold 3,088 three-wheeler cargo units and 2,728 four-wheeler cargo units.
Sales of 1,760 three-wheeler passenger vehicles contributed to the overall unit mix.
Net loss widened by 21% to Rs 315 Cr from Rs 261 Cr in FY25.
EBITDA margin stood at -64.43% with a Return on Capital Employed of -27.3%.

Material costs surged 85% year-on-year to Rs 356 Cr impacting profitability.
Employee benefits expenditure rose 40% to Rs 104 Cr including Rs 11 Cr in ESOPs.
Advertising and promotion spending increased nearly fourfold to Rs 51 Cr from Rs 13 Cr.
The company spent Rs 1.86 for every Rs 1 of operating income earned.

Euler Motors is a manufacturer and seller of commercial electric vehicles.
Its product portfolio includes three-wheeler cargo and four-wheeler cargo electric vehicles.
The company also sells three-wheeler passenger electric vehicles to customers.
Vehicle sales generated Rs 381 Cr while batteries and accessories brought in Rs 21 Cr.
Current assets as of March 2026 totaled Rs 879 Cr.
Cash and bank balances held were Rs 632 Cr providing liquidity.
Total expenditure for FY26 was Rs 748 Cr representing a 61% increase.
Overheads including finance rent R&D and travel cost Rs 153 Cr.

Hero MotoCorp (lead) — Led the Series D funding round in May 2025 worth Rs 638 Cr.
Lightrock (lead) — Led the Series E funding round in March 2026 worth $47 Mn.
GIC (existing) — An existing investor in Euler Motors.
British International Investment (existing) — An existing investor in Euler Motors.

Product: Manufactures and sells electric commercial vehicles, including cargo three-wheelers and four-wheelers.
Customers: Businesses and fleet operators buying commercial electric vehicles.
How it makes money: It makes money through direct sales of electric commercial vehicles.
What sets it apart: Specialises in the electric cargo segment and is expanding from three-wheelers into four-wheelers.
Operations: Has manufacturing capacity in Palwal, Haryana, and is scaling production across India.