Aiming to reach Rs 400 crore revenue in FY26: Euler Motors founder

Currently present in 55-60 cities, the company aims to reach 100 cities by the end of this financial year

Euler Motors is aiming to double its total revenues to around Rs 400 crore in the current financial year, driven by new low-priced commercial vehicle (CV) launches, rising demand, and an expansion of both production capacity and dealerships, a top company executive said on Monday.

 

“Our dealerships are currently present in 55–60 cities. We aim to reach 100 cities by the end of this financial year. Once we have developed that level of depth in India, we could consider starting exports too. However, we would first like to complete our penetration within our country before looking outside,” founder & CEO of Euler Motors, Saurav Kumar, told Business Standard.

 

 

“Our total revenue in FY25 stood at Rs 192 crore. We aim to reach Rs 400 crore in FY26,” he said. Asked about longer-term projections, he added that the company works on a year-on-year plan and does not set revenue targets for FY30.

 

Founded in 2018, Euler Motors launched its first vehicle — a three-wheeler cargo CV called ‘HiLoad’ — in 2021, followed by a four-wheeler cargo CV ‘Storm’, with a carrying capacity of about 1.5 tonnes. On Monday, the company launched Turbo, an electric mini truck priced at Rs 5.99 lakh, offering a certified one-tonne payload, 140–200 km real-world range, and fast charging.

 

Kumar noted that pricing has been a major barrier in the one-tonne segment, with electric CVs typically costing 30–40 per cent more than their internal combustion engine (ICE) counterparts. “The average price of an ICE-run CV in the one-tonne category is ₹6.1 lakh. We have brought down the price of Turbo to the level of a similar ICE-run vehicle through intense research and development (R&D) and localisation. We are now among the world’s first EV companies to launch a one-tonne EV at this price point,” he said.

 

He added that about 80–90 per cent of the cost in an EV goes into the battery, electronics, and drivetrain. “While cells come from outside, we make the battery on our own. The battery management system, liquid cooling, vehicle control unit, telemetry, infotainment — all such components, we build ourselves,” he said.

 

Currently, EV penetration stands at about 22 per cent in the three-wheeler CV segment, compared with just 1.5 per cent in the four-wheeler CV category — mainly due to the price gap between electric and diesel trucks. “We have tried to address this issue. We believe EV penetration in the four-wheeler CV segment will reach about 25 per cent by FY29,” he added.

 

Kumar asserted that Turbo matches diesel-run trucks not just in terms of price, but also performance. He also mentioned that around 40 per cent of sales in the four-wheeler cargo market come from the one-tonne segment.

 

He mentioned that the company aims to reach earnings before interest, taxes, depreciation, and amortisation (Ebitda) breakeven in three to four years.

 

This means Euler Motors expects its core operating profits to cover all business expenses, excluding interest, taxes, depreciation, and amortisation, signalling a shift from losses to sustainable profitability.

 

In May this year, Hero MotoCorp, India’s largest two-wheeler maker, invested about Rs 510 crore in Euler Motors, acquiring a 34 per cent stake in the company. This marked Hero’s entry into the electric CV segment. Kumar stated on Monday that Euler has no immediate plans to raise more money. “However, we continue to chat with our investors,” he added.

 

Euler Motors sold about 3,050 units in FY25. Its current production capacity stands at 2,000 CVs per shift per month, with scope for expansion as demand rises, Kumar said.