Yulu narrows FY26 loss 23% to Rs 96.6 crore on rental growth
Yulu Bikes narrowed its loss by 23% to Rs 96.6 crore in the fiscal year ending March 2026, from about Rs 126 crore a year earlier. Revenue from operations rose 18.6% to Rs 281 crore from Rs 237 crore, according to its consolidated financial statements.
Income from renting electric vehicles, its largest revenue stream, grew 30.3% to Rs 262 crore from Rs 201 crore. That was more than 93% of operating revenue.
Total expenses rose 7.4% to Rs 377 crore from Rs 351 crore, slower than revenue growth. Employee benefit expenses, the largest cost head, increased 6.8% to Rs 94 crore, while finance costs rose 40.9% to Rs 15.5 crore.
Other lines moved sharply. Sale of goods revenue fell 59.3% to Rs 9.2 crore and manpower services revenue fell 57% to Rs 5.7 crore, while delivery services revenue rose more than 22 times to Rs 2.6 crore. The EBITDA margin improved to -5.89% from -15.41%.
Bengaluru-based Yulu runs a rental network of electric two-wheelers. It operates a fleet of around 50,000 vehicles, with battery-as-a-service costs at Rs 87 crore in FY26.
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Expenses incurred for every rupee of operating revenue fell to Rs 1.34 from Rs 1.48.
Return on capital employed stood at -119.29%, compared with -27.26% a year earlier. Cash and bank balance rose to Rs 11.51 crore from Rs 9.65 crore.
The financial performance comes as Yulu looks to expand. It raised $93 million in August 2026 and plans to expand to about 20 cities over the next year, growing its fleet to 200,000 electric vehicles by 2028.
The expansion will require Yulu to scale its fleet and supporting infrastructure, including battery services, while managing the costs associated with operating a larger network.
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