Euler Motors’ Financial Highlights in FY26

Euler Motors, a leading commercial EV startup, demonstrated remarkable financial growth in FY26, with its operating revenue significantly increasing from the previous year. This impressive growth was largely facilitated by the Rs 638 crore Series D funding round led by Hero MotoCorp in May 2025, which enabled a scaling up of operations. Nevertheless, the accelerated spending on expansion resulted in a 21% rise in net loss, reaching Rs 315 crore for the fiscal year.

Revenue Growth and Sales Performance

Euler Motors’ operating revenue surged to Rs 402 crore for the fiscal year ending March 2026, compared to Rs 191 crore in FY25, as reflected in the company’s annual financial report submitted to the RoC. The company primarily focuses on the manufacture and sale of electric vehicles. It reported an increase in sales, with 7,576 units sold in FY26, up from 4,172 units in FY25. This sales volume comprised 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, marking the introduction of a new product category. Vehicle sales generated Rs 381 crore in revenue, while battery sales and accessories, along with other operating income, contributed Rs 21 crore, encompassing a total operating revenue of Rs 402 crore.

Additional Income and Financial Overview

In addition to operational revenue, Euler Motors garnered Rs 31 crore in non-operating income, primarily from interest accrued on bank deposits after the Series D funding, bringing the company’s total revenue for FY26 to Rs 433 crore. On the expenditure side, material costs represented the largest portion of the company’s expenses, accounting for 47.6% of total expenditure, which amounted to Rs 356 crore for FY26. This cost saw an increase of over 85% compared to the previous fiscal year, aligning with the rise in vehicle sales.

Employee and Marketing Expenses

Employee benefit expenses rose by more than 40% to Rs 104 crore in FY26, which included Rs 11 crore linked to ESOP-related costs. Advertising and promotional expenditures also experienced a significant rise, jumping nearly fourfold to Rs 51 crore from Rs 13 crore in FY25. Additional overhead costs comprising finance, rent, R&D, travel, professional services, transportation, repairs, software, and various other expenses together added Rs 153 crore to the overall costs, leading to an increase in total expenditure by 61% to Rs 748 crore, compared to Rs 464 crore in FY25.

Losses and Financial Metrics

Despite doubling its operational revenue in FY26, Euler Motors continued to report losses, which widened by over 20% to Rs 315 crore from Rs 261 crore in the prior fiscal year. The increased losses were attributed to higher expenditures on materials, employee benefits, and marketing as the company pursued expansion efforts. On a per unit basis, Euler Motors spent Rs 1.86 to generate one rupee of operating income. The company’s EBITDA margin and ROCE improved to -64.43% and -27.3%, respectively. By March 2026, Euler’s current assets were reported at Rs 879 crore, including cash and bank balances of Rs 632 crore.

Funding and Investor Support

To date, Euler Motors has raised over $200 million in funding from investors, including Hero MotoCorp, GIC, and British International Investment. Earlier this year, in March, the company successfully secured $47 million in a Series E round led by Lightrock, featuring a combination of equity and debt financing.