Euler Motors, a Delhi-based electric commercial vehicle maker, more than doubled its FY26 revenue to ₹402 crore as deliveries jumped 181% to 7,576 units. Quarterly revenue grew an average of 43% and volumes rose 38%. CEO Saurav Kumar framed the year as a shift "from early adoption to early scale," with EBITDA margins improving even as absolute losses grew alongside investment. The company is absorbing part of a cost squeeze itself while passing some increases to customers, and remains excluded from the government's automotive PLI scheme due to unmet eligibility thresholds — a disadvantage versus larger OEMs. Total expenses rose to ₹741 crore (from ₹464 crore), with staff costs up 40% to ₹104 crore. Founded in 2018, Euler has raised over $200 million to date.
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