Euler Motors More Than Doubles Revenue to ₹402 Crore in FY26 as E-Commercial Vehicle Sales Grows

Electric commercial vehicle (CV) maker Euler Motors has more than doubled its revenues to ₹402 crore in fiscal year 2026, the company announced on Tuesday, as their demand continued to climb sharply across segments. The Delhi-based manufacturer, which produces electric three- and four-wheelers for commercial use, saw deliveries jump 181 per cent to 7,576 units in FY26, up from 4,172 the previous year. Revenues grew at an average of 43 per cent quarter-on-quarter, with volumes rising 38 per cent over the same period.

The company acknowledged it has been caught in a squeeze on costs, absorbing a portion of the pressure internally while passing the remainder on to customers through price increases across its model range.

“FY26 marks our transition from early adoption to early scale, with revenue more than doubling and EBITDA margins improving meaningfully as unit economics strengthen. While absolute losses have increased in line with our investments in scale, the underlying efficiency of the business has improved significantly," Saurav Kumar, Founder & CEO, Euler Motors, said, in a statement.

The company, however, remains locked out of the government's automotive production-linked incentive (PLI) scheme, owing to eligibility thresholds it has yet to meet. That exclusion places Euler and similar EV-focused startups at a structural cost disadvantage against established original equipment manufacturers who qualify for the subsidy.

Total expenses climbed to ₹741 crore from ₹464 crore a year earlier, with material costs accounting for ₹356 crore of that figure -- broadly in line with higher production volumes. Staff costs rose 40 per cent to ₹104 crore as the firm expanded headcount to support manufacturing scale-up and after-sales operations.

Founded in 2018, Euler Motors has now raised more than $200 million in total since inception.