Delhi-NCR-based electric commercial vehicle manufacturer Euler Motors has announced its revenue from operations reached INR 4.02 billion, up from INR 1.91 billion in FY2025, supported by a significant acceleration in sales volumes.

The company sold 7,576 electric vehicles in FY2026, up 181 percent YoY, albeit a low-year ago base. The Turbo EV 1000 gained substantial traction with 2,084 units sold, allowing the company to capture a 25.9 percent market share in this category.

In terms of segment-wise performance, the company sold 3,088 units of 3W cargo, 2,728 units of 4W cargo and 1,760 units of 3W passenger vehicles.

Growth was primarily driven by logistics and e-commerce operators focused on vehicle uptime and earnings potential.

For FY2026, total income reached INR 4.33 billion, which includes INR 310 million in non-operating income following a Series D fundraise. EBITDA margin improved from 119 percent in FY2025 to -62.9 percent in FY2026. Net loss for the period was INR 3.08 billion, which marks 61 percentage points reduction in losses as a percentage of revenue. Expenses was reduced to INR 1.84 per rupee of revenue, compared to INR 2.42 in the previous financial year.

During the fiscal, the total costs rose to INR 7.41 billion as the company invested in manufacturing and infrastructure: Material costs came at INR 3.56 billion, tracking the increase in sales volumes. Employee benefits rose by 40 percent to INR 1.04 billion to support headcount additions for aftersales and manufacturing.

Going forward, the company plans to expand its distribution and service network to over 200 touchpoints in FY2027. Euler Motors projects that volumes across its portfolio will grow by at least 40 percent YoY, with an increasing contribution from the 4W cargo EV segment.

Saurav Kumar, Founder & CEO, Euler Motors, said, “FY26 marks our transition from early adoption to early scale, with revenue more than doubling and EBITDA margins improving meaningfully as unit economics strengthen. While absolute losses have increased in line with our investments in scale, the underlying efficiency of the business has improved significantly. In 3W Cargo EV, we have built a strong foundation, with over 10,000 HiLoad EVs sold cumulatively. We are also expanding thoughtfully into the 3W passenger EV segment — focusing on understanding customer needs while shaping a differentiated value proposition. In the 4W cargo EV market, despite being a relatively late entrant, we are now seeing clear product-market fit. The Turbo EV1000 has validated that demand in this segment is real, scalable, and repeatable. Our focus now is to deepen this advantage — by expanding distribution, strengthening service infrastructure, and scaling manufacturing — to build a durable leadership position in India’s emerging electric commercial vehicle market.”

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Automotive and aerospace component manufacturer Belrise Industries has announced the acquisition of the Tipper Body Business of Hyva India, a subsidiary of JOST Werke.

The transaction carries a total purchase consideration of approximately USD 5.65 million, representing an Enterprise Value to EBITDA multiple of approximately 3.60x.

Hyva India manufactures tipping solutions used across construction, mining, defence and infrastructure sectors, supplying the top five commercial vehicle original equipment manufacturers in India. The business reported EBITDA of approximately USD 1.57 million for calendar year 2025, alongside a return on average capital employed of around 20 percent.

Through the acquisition, Belrise expands its manufacturing footprint by adding three production plants located in Pune, Jamshedpur and Bengaluru. The deal also incorporates a European commercial vehicle original equipment manufacturer into Belrise's client portfolio as part of its positioning as a Tier-0.5 supplier.

Swastid Badve, General Manager, Belrise Industries, said, “We are pleased to welcome Hyva India’s Tipper Body Business into the Belrise family. This acquisition is a strong strategic fit and complements our manufacturing and engineering strengths. It enhances our position in the commercial vehicle value chain and supports our vision of becoming a diversified, global mobility solutions provider. Belrise remains committed to ensuring a seamless transition for customers, employees, suppliers, and business partners, while investing in the future growth and development of the business.”

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Logistics company Flytta Green has introduced a fleet of heavy-duty electric trucks for Dalmia Cement's clinker transportation operations in Assam. The deployment is being executed in partnership with Drivn, which is providing financing and leasing options for the vehicles.

The initiative follows Flytta Green's introduction of retrofitted electric trucks for Dalmia Cement in October 2025. The company's strategy focuses on deploying new electric trucks with a gross vehicle weight of 55-tonnes and above, alongside developing charging infrastructure and exploring solar power integration for fleet operations.

The initial delivery of 15 trucks, manufactured by Montra Electric, was completed last week. An additional 45 vehicles are scheduled for delivery during August and September.

Flytta Green has received expressions of interest for approximately 1,000 heavy-duty electric trucks, with planned deployments spanning the next 18 months across the cement, mining and metals sectors. The initiative is being managed by Ashwin Dichpally, Chief Operating Officer of Flytta Green.

In collaboration with Drivn, Flytta Green plans to deploy 200 trucks during the current financial year, with financing for subsequent vehicles to be funded by international investors. Deployment operations will prioritise the North-East, East and South-East regions of India.

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Switch Mobility, the electric vehicle subsidiary of Hinduja Group, has secured an order to supply 650 electric buses to transport operator Sai Green Projects. The e-buses will be deployed for public transit operations in Mumbai and Pune under Phase II of the Government of India's PM E-Drive scheme.

Under the supply agreement, Switch Mobility will deliver 9-metre electric buses procured through the CESL PM E-Drive Phase II tender framework. Sai Green Projects won the operational rights to run the fleet, which comprises air-conditioned and non-air-conditioned variants. The buses will serve routes managed by the Brihanmumbai Electric Supply and Transport (BEST) undertaking in Mumbai and Pune Mahanagar Parivahan Mahamandal (PMPML) in Pune.

Ganesh Mani, Chief Executive Officer, Switch Mobility, said, "The deployment of 650 electric buses is a significant step towards India’s ambition to reduce emissions, improve operating economics, and modernise public transport systems. At Switch Mobility, we remain focused on delivering reliable and efficient electric mobility solutions that enable operators to transition towards cleaner public transport while ensuring a superior passenger experience. With a growing product portfolio, we are well positioned to support the evolving mobility requirements of cities across India."

"We are pleased to partner with Sai Green Projects in supporting large-scale deployments in Mumbai and Pune under the PM E-Drive initiative. This is the beginning of a long-term partnership where we look forward to covering many green miles together," added Mani.

RG Venkataraman, Chief Commercial Officer, Switch Mobility, said, "This development is a strong testament to our commercial proposition and our ability to deliver at scale for operators across the country. At Switch Mobility, we go way beyond manufacturing great products. Our focus is to make sustainability commercially viable to the operators so they can run efficient, profitable fleets."

Vikas Gupta, CEO, Sai Green Projects, said, "Sustainable living is at the core of what we do at Sai Green Projects. We are proud to partner with a leading OEM like Switch Mobility to take India's vision for clean, efficient, and future-ready public mobility forward. We are confident that these electric buses will enhance the everyday experience of commuters in Mumbai and Pune."

The contract expands Switch Mobility's operational footprint in India, where the manufacturer has supplied over 2,500 electric buses to date across city, intercity and specialised transport segments.

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Chennai-headquartered commercial vehicle major Ashok Leyland has signed a Memorandum of Understanding with Shriram Automall India to establish a platform for certified pre-owned CVs. The agreement was signed by Viplav Shah, Head - LCV, Ashok Leyland and Sameer Malhotra, Director & CEO, SAMIL.

The partnership combines Ashok Leyland's commercial vehicle network with Shriram Automall's auction and remarketing infrastructure to facilitate vehicle exchange, disposal and inspection services for fleet operators and single-truck owners across India.

Viplav Shah, said, “We are delighted to partner with Shriram Automall to strengthen our presence in the pre-owned commercial vehicle market. As we continue our journey towards becoming a comprehensive mobility solutions provider, this collaboration marks an important step in expanding our footprint across the entire commercial vehicle lifecycle. By combining Ashok Leyland's deep expertise in the commercial vehicle industry with Shriram Automall's strong network and customer base in the used vehicle segment, we aim to create greater value and a seamless ownership experience for customers.”

Sameer Malhotra, said, "At SAMIL, our vision has always been to build an organised and trusted marketplace for pre-owned vehicles, equipment, and other assets in India. Partnering with Ashok Leyland marks another significant milestone in that journey. Ashok Leyland has earned the trust of millions through its quality, durability, and innovation, and we are proud to collaborate with such an iconic brand. Together, we aim to create greater value for customers by providing a transparent, efficient, and reliable platform that simplifies the buying and selling of pre-owned commercial vehicles across the country."

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