Euler Motors reported impressive growth in FY26 as demand for electric commercial vehicles continued to rise across India. The company more than doubled its revenue during the year and also expanded its product lineup, manufacturing capacity, and customer support services.
Revenue Doubles as EV Sales Jump
The company’s operational revenue grew by 110% year-on-year, increasing from ₹191 crore in FY25 to ₹402 crore in FY26. Including other income such as interest earned from deposits, Euler Motors reported a total income of ₹433 crore.
Vehicle sales also grew sharply during the year. The company sold 7,576 electric vehicles in FY26, compared to 4,172 units in FY25. The growth was mainly driven by strong demand from logistics companies, delivery businesses, and fleet operators.
Losses Increase but Business Efficiency Improves
Even though revenue increased significantly, Euler Motors’ losses also rose because of its expansion plans and investments. The company’s net loss stood between ₹308 crore and ₹315 crore in FY26.
However, there were positive signs in its overall business performance. The company’s EBITDA margin improved to -62.9%, while losses as a percentage of revenue reduced from 138% to 77%. Euler Motors is now aiming to double its revenue again in FY27 and reach EBITDA break-even by 2029.
Fresh Funding to Support Expansion
Euler Motors has raised more than $200 million so far to grow its business. Recently, the company completed a ₹687.5 crore funding round, including ₹437.5 crore in equity and ₹250 crore in debt. Hero MotoCorp invested up to ₹275 crore in the round.
The company is also raising another ₹220 crore through venture debt. The first tranche of ₹105 crore is being backed by BlackSoil Capital and Trifecta Venture. The funds will be used for working capital, expansion projects, and repayment of existing borrowings.
New Electric Vehicles Enter the Market
Euler Motors recently launched the Turbo EV 1000, which it says is the world’s first 1-tonne electric mini truck. The vehicle starts at ₹5.99 lakh and is designed to offer lower running costs than traditional diesel trucks.
The company has also entered the passenger transport segment with the launch of Neo HiRANGE, an electric three-wheeler aimed at ride-hailing drivers, fleet operators, and first-time EV buyers.
Bigger Manufacturing Plans Ahead
To meet growing demand, Euler Motors has opened a new 5 lakh sq. ft. manufacturing and R&D facility in Palwal, Haryana. Built with an investment of ₹100 crore, the plant can produce 36,000 vehicles annually per shift and uses AI-based systems for quality checks.
The company plans to invest another ₹200-400 crore in FY27 to set up a new factory and double its production capacity. Euler Motors currently holds around 25-26% market share in the electric four-wheeler cargo segment. However, it still faces tough competition in the electric three-wheeler market from established players like Bajaj Auto and TVS Motor.
With strong revenue growth, fresh funding, new vehicle launches, and expansion plans, Euler Motors is strengthening its position in India’s growing electric vehicle market.