Euler Motors, an electric commercial vehicle manufacturer based in Delhi, India, reported a remarkable revenue increase to ₹402 crore in fiscal 2026, more than doubling from the previous year. This growth was largely attributed to the rising adoption of electric vehicles across various sectors. Despite this revenue boost, the company faced a 50% increase in losses, reaching ₹308 crore, due to significant cost pressures from materials like lithium and aluminum, which were influenced by geopolitical factors. Operating margins improved, with an Ebitda margin of -62.9% compared to -119% in FY25, indicating better operational efficiency. Total expenses surged to ₹741 crore, driven by higher material costs and increased employee benefits as the company scaled up operations. Euler Motors delivered 7,576 electric vehicles, a 181% increase from the previous year, capturing a 25-26% market share in the four-wheeler cargo segment. The company aims to shift its focus from aggressive growth to achieving profitability in the coming years, despite being excluded from the government's auto production-linked incentive scheme, which puts it at a competitive disadvantage.