Euler Motors reports Rs 191 Cr revenue and Rs 200 Cr loss in FY25

Commercial electric vehicle startup Euler Motors raised Rs 638 crore in its Series D round in May 2025, led by Hero MotoCorp. While the impact of this funding is likely to reflect in its FY26 numbers, Euler’s revenue grew by 12% during the fiscal year ending March 2025. The Delhi-based firm also managed to limit losses at a similar rate during the year.

Euler Motors’ revenue grew 12% year-on-year to Rs 192.26 crore during last fiscal year as compared to Rs 170.82 crore in FY24, according to the company’s annual financial statement with the RoC.

The company primarily manufactures and sells electric vehicles. According to Vahan data, it sold around 3,305 electric vehicles in FY25, generating Rs 173 crore from vehicle sales, while battery, accessories, and other operating income contributed an additional Rs 12 crore to its total operating revenue.

Euler Motors also earned Rs 14.73 crore in non-operating income including interest income, which pushed its total revenue to Rs 206 crore in FY25.

On the expense side, material costs remained the biggest expenditure, making up 47.5% of total expenses at Rs 192 crore in FY25. This cost was reduced by 10% compared to FY24.

Employee benefit expenses rose 46% year-on-year to Rs 74.4 crore in FY25. Security and manpower service costs also jumped 55% to Rs 24.44 crore during the year, while finance costs and depreciation and amortization expenses stood at Rs 17.3 crore and Rs 18.46 crore, respectively.

Further, advertising expenses surged 4.6X to Rs 12.77 crore in FY25 from Rs 2.75 crore in FY24. Other overheads including rent, R&D, travel, professional fees, transportation, repair and maintenance, software, and other expenses added Rs 64.8 crore to the total cost. Overall expenditure remained flat compared to FY24, at around Rs 404 crore.

In the end, a 12% rise in operating revenue, coupled with higher non-operating income and controlled spending, helped the Hero MotoCorp-backed company reduce its losses by 12% to Rs 200 crore in FY25.

On a unit level, Euler spent Rs 2.11 to earn a rupee of operating income. Its EBITDA margin and ROCE improved to -92.6% and -93.7% respectively. As on March 2025, the company’s current assets stood at Rs 214.3 crore, including cash and bank balances of Rs 95 crore.

According to startup data platform TheKredible, the Delhi-based firm has raised over $200 million to date, with Hero MotoCorp, GIC, and British International Investment among its lead investors.

The firm would seem to be carrying hopes of replicating the success achieved by investors who backed Ather in the electric two wheeler space, especially with Hero Motocorp as the common investor in both. However, as the numbers demonstrate, the commercial segment is a wholly different kettle of fish, and Euler has a much more arduous climb than Ather. Finding a solution to the problem of charging is one, as is the much more difficult task of driving change among users without the backing of clear government directives to transition to electric vehicles. The firm has done a good job of delivering a product that has delivered until now, and the funding that is supposed to support higher volumes going ahead will be key in the next two years. It will be hoping that the almost stalled spread of EV charging stations will start to move again soon, besides passing on the benefits of lower battery costs to its customers to drive volumes.