Commercial EV startup Euler Motors posted a strong financial performance in FY26, with its operating revenue more than doubling from the previous year. The growth was supported by the Rs 638 crore Series D funding round led by Hero MotoCorp in May 2025, which helped the company scale its operations. However, increased spending on expansion pushed its net loss by 21% to Rs 315 crore during the year.
Euler Motors’ revenue from operations more than doubled to Rs 402 crore in the fiscal year ended March 2026 as compared to Rs 191 crore in FY25, according to the company’s annual financial statement with the RoC.
The company primarily manufactures and sells electric vehicles. According to the company, sales rose to 7,576 units in FY26 from 4,172 units in FY25. The volume mix included 3,088 units of three-wheeler cargo vehicles, 2,728 units of four-wheeler cargo vehicles, and 1,760 units of three-wheeler passenger vehicles, its newest product category. Vehicle sales contributed Rs 381 crore to revenue, while battery sales, accessories, and other operating income added Rs 21 crore, taking total operating revenue to Rs 402 crore.
Euler Motors also earned Rs 31 crore in non-operating income, largely interest on bank deposits following its Series D fundraise, which pushed its total revenue to Rs 433 crore in FY26.
On the expenditure front, material costs remained the company’s largest expense, accounting for 47.6% of total spending at Rs 356 crore in FY26. The cost increased by more than 85% from the previous fiscal year, in line with rise in vehicle sales.
Employee benefit expenses increased by over 40% to Rs 104 crore in FY26, including Rs 11 crore in ESOP-related costs. Advertising and promotional spending also saw a sharp rise, which jumped nearly 4 times to Rs 51 crore from Rs 13 crore in FY25.
Other overheads including finance cost, rent, R&D, travel, professional fees, transportation, repair and maintenance, software, and other expenses added Rs 153 crore to the total cost. Overall expenditure for the firm jumped 61% to Rs 748 crore, compared to Rs 464 crore in FY25.
Despite more than doubling its operating revenue in FY26, Euler Motors remained in the red as its losses widened by over 20% to Rs 315 crore from Rs 261 crore in the previous fiscal year. The increase in losses came amid higher spending on materials, employee benefits, and marketing as the company accelerated its expansion efforts.
On a unit level, Euler spent Rs 1.86 to earn a rupee of operating income. Its EBITDA margin and ROCE improved to -64.43%% and -27.3% respectively. As on March 2026, the company’s current assets stood at Rs 879 crore, including cash and bank balances of Rs 632 crore.
Euler Motors has raised more than $200 million in funding to date from investors including Hero MotoCorp, GIC, and British International Investment. Earlier this year in March, the company secured $47 million in a Series E round led by Lightrock, comprising a mix of equity and debt financing.
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