Euler Motors Doubles Revenue Amidst Rising Costs

Euler Motors, a prominent commercial electric vehicle manufacturer, announced a substantial revenue increase in fiscal year 2026, reporting Rs 402 crore, more than double the previous year's figure. This impressive growth is attributed to the accelerating adoption of electric vehicles across diverse market segments.

Despite the revenue milestone, the company's financial performance also showed a widening of its losses, which reached Rs 308 crore. This increase in losses was driven by significant cost pressures experienced across various operational areas. These pressures included a surge in memory chip prices, a rise in lithium battery costs by approximately 4%, and increased expenses for materials like aluminium and copper.

Euler Motors has been actively managing these cost challenges by absorbing some of the impact and implementing price adjustments for its three- and four-wheeler models. The company delivered 7,576 electric vehicles in FY26, a 181% increase from the previous year. A key highlight has been the four-wheeler cargo EV segment, where Euler Motors has secured a significant market share.

Looking ahead, Euler Motors has shifted its focus towards a more balanced approach, prioritizing profitability and sustainable scaling. The company has achieved positive unit economics, meaning it no longer incurs a loss on each vehicle sold. Euler Motors projects that it will achieve break-even within the next two to three years.