Euler Motors FY26 Revenue Surges 110% as 4W Cargo EV Market Share Grows

By Amit Jangra | Published Date : May 07, 2026

Euler Motors reported 110% revenue growth in FY26 as sales of electric cargo vehicles and four-wheeler EVs increased strongly across logistics markets.

Euler Motors recorded strong business growth in FY26. The company reported revenue of ₹402 crore during the financial year, while last year revenue was ₹191 crore. This shows a growth of around 110%. The company is still in losses, but the situation improved compared to FY25. Net loss stood at ₹308 crore and the company said losses reduced compared to overall revenue performance.

The company also improved its EBITDA margin during the year. This happened because vehicle sales increased and operations became better as production volumes went up.

Sales of Vehicles Increased Fast

Table of contents

1. Sales of Vehicles Increased Fast

2. Cargo EV Segment Growing Quickly

3. Different Vehicle Categories Helped Sales

4. Expenses Went Up During Expansion

5. Company Planning Bigger Expansion

► Read More: Electric SCV Demand Surges as Tata Motors and Euler Motors Lead April e-CV Sales

Euler Motors sold 7,576 vehicles in FY26. Last year the company sold 4,172 units, so growth remained very strong. Demand from logistics companies and e-commerce delivery operators supported this increase.

The company said it saw regular growth every quarter during FY26. Revenue and sales volumes both moved higher during the year. Many businesses are now showing interest in electric commercial vehicles because running cost is lower compared to diesel vehicles.

Cargo EV Segment Growing Quickly

One important area for the company was the four-wheeler cargo EV business. Euler Motors sold 2,084 units of its Turbo EV 1000 model in FY26. The company’s market share in this segment reached nearly 26%.

Demand for electric mini trucks and mini trucks is growing in cities because many delivery companies now prefer electric vehicles for daily transport work. Small businesses are also looking at pickups and cargo EVs for short-distance transportation.

Industry demand is increasing slowly as more companies move toward cleaner mobility solutions.

Different Vehicle Categories Helped Sales

The company sold vehicles in different categories during FY26. This included three-wheeler cargo vehicles, four-wheeler cargo EVs and passenger vehicles. According to the company, all segments supported overall business growth.

Non-operating income also contributed to total earnings during the financial year. Overall income crossed ₹433 crore.

Expenses Went Up During Expansion

As the company expanded operations, total expenses also increased. Material costs, employee expenses, finance costs and depreciation all moved higher during FY26. Still, the company improved spending efficiency compared to last year.

Euler Motors said it reduced spending per rupee of revenue, which shows business operations are becoming more balanced while scaling up production.

Company Planning Bigger Expansion

Founder and CEO Saurav Kumar said demand visibility is improving across segments. The company now expects volumes to grow at least 40% in FY27.

Euler Motors is also planning to expand its distribution and service network to more than 200 touchpoints in the coming period. The company wants to strengthen its position in the growing market of Euler mini trucks, electric mini trucks and commercial pickups.

Backed by investors including Hero MotoCorp, GIC, Lightrock and British International Investment, Euler Motors has already raised more than $200 million till now.

► Also  Read: Montra Electric Launches New EVIATOR Variants for City and Intercity Cargo

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Frequently Asked Questions on Commercial Vehicles

1. How much revenue did Euler Motors report in FY26?

Ans: Euler Motors reported revenue of ₹402 crore in FY26.

2. How many vehicles were sold by the company in FY26?

Ans: The company sold 7,576 vehicles during FY26.

3. Which EV model helped growth in the cargo segment?

Ans: The Turbo EV 1000 model supported growth in the four-wheeler cargo EV segment.

4. What is the company’s expansion plan for FY27?

Ans: Euler Motors plans to expand its service and distribution network to over 200 touchpoints and expects at least 40% volume growth.

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