Euler Motors targets to double revenue in FY27

Hero MotoCorp-backed electric commercial vehicle maker Euler Motors is targeting to double its revenue to around Rs 800 crore during the current financial year as it scales its four-wheeler business while expanding its retail network, according to a senior company official.

The company, which reported revenue of around Rs 402 crore in the previous financial year, is eyeing around 100 per cent growth this year as the topline has already surpassed the full-year revenue in FY26.

"Our expectation is to grow 100 per cent. We grew to around Rs 400 crore last year from Rs 190 crore. This year, we would look to grow 100 per cent further. We want to push it to Rs 800 crore plus this year," Euler Motors founder and CEO Saurav Kumar told PTI.


The Delhi-based automaker sells both electric three- and four-wheelers. Its business is now being increasingly driven by the two four-wheeler models in its portfolio - the 1.5-tonne Storm EV and the one-tonne Turbo EV.

Kumar noted that the electric four-wheeler business now accounts for around 70-75 per cent of its revenue, compared to about 15-20 per cent during 6-7 quarters ago. The higher contribution from four-wheelers is largely because of their higher selling price compared to three-wheelers.

Euler sold around 7,576 vehicles in the financial year 2025-26 and expects to sell around 15,000 units in the current financial year, according to Kumar.

The company said it has become the second-largest player in the electric four-wheeler cargo segment in the light commercial vehicle category during the January-September period with retail sales of 5,700 units and a market share of around 28 per cent.

On the capacity side, Euler has a capacity to produce around 1,000 three-wheelers and 2,000 four-wheelers in a month at its Plawal facility in Haryana. The company recently expanded the capacity there with a dedicated production line for four-wheelers with an investment of around Rs 100 crore.

"Currently, we are selling close to 1,500 vehicles a month. So, till 3,000 units a month, we have installed capacity," he said.

Meanwhile, the company is aggressively expanding its retail footprint. Euler had around 90 touch points at the end of FY26. It currently has about 120 and plans to add another 100 touch points during the current financial year.

Hero MotoCorp is the largest shareholder in Euler Motors with a stake of around 36 per cent.