Hero MotoCorp-backed EV startup Euler Motors plans to invest Rs 300–400 crore in FY27 to double its manufacturing capacity and broaden its product range. Additionally, the company aims to scale its retail presence to 200 touchpoints, up from its projected 118 outlets at the close of FY26.
“From producing 1000-1200 EVs (electric three-wheelers and electric cargo four-wheelers) per month, we would be rolling out about 2,000 EVs a month in a single shift by the middle of FY27. The capacity can be increased to 3,000-4,000 units by increasing shifts. We are investing to be future-ready as demand for e-3Ws and e-4Ws is expected to remain robust,” Saurav Kumar, Founder & CEO, Euler Motors told TNIE.
So far, Euler has raised about $200 million from investors including Hero MotoCorp, GIC, Lightrock and British International Investment.
According to Kumar, the majority of raised capital has been directed toward capacity expansion and product development, with a further Rs 300–400 crore earmarked for capital expenditure in FY27.
The startup’s standalone financial statements for the year ended March 31, 2026, reveal a 110% surge in revenue, climbing to Rs 402 crore from Rs 191 crore in FY25. This financial growth was fueled by a significant jump in sales; Euler Motors delivered 7,576 electric vehicles in FY26—a 181% increase over the previous year's 4,172 units—signaling a major acceleration in its market scale.
“There would be years when we would like to grow at the current pace. The intent, however, would be to grow responsibly, not growing just for the sake of growing,” said Kumar, adding that Euler would break even in the next three years.
Euler Motors significantly improved its bottom line in FY26, narrowing losses by 61 percentage points (as a % of revenue) from -138% to -77%, resulting in a net loss of Rs 308 crore. Operational efficiency also saw a boost as Euler Motors’ EBITDA margins improved by 56 points to -62.9%. On a unit economics basis, the company optimized spending to Rs 1.84 per rupee of revenue, down from Rs 2.42 in FY25.
For FY27, Euler anticipates a scale-up in the 4W cargo EV segment, with total portfolio volumes projected to grow by at least 40% year-on-year. Addressing competition from legacy giants like Mahindra & Mahindra, TVS Motor, and Bajaj Auto, Kumar emphasized that Euler aims to lead the market by offering superior performance at a competitive price point.
“We might not be the player who has the cheapest products in the segment but we offer one of the best value-for-money products. Our products have the highest payload and best range on a single charge…It is because of these reasons that buyers are willing to pay an extra premium,” said Kumar.
