YuluNov 1, 20263 mins read

Yulu FY26 Results: Revenue Rises to Rs 281 Cr as Loss Narrows to Rs 97 Cr

Yulu Bikes reported 18.6% growth in operating revenue and a 23% reduction in losses in FY26, led by stronger electric vehicle rental income and slower expense growth.

Entrackr

Yulu reports Rs 281 Cr revenue and Rs 97 Cr loss in FY26

EV Rentals Drove Most of Yulu’s FY26 Revenue

Yulu financials — Image credits:Entrackr

Yulu’s revenue from operations rose 18.6% to Rs 281 crore in FY26 from Rs 237 crore in FY25, according to its consolidated financial statements cited by Entrackr. Electric vehicle rentals remained the core business, rising 30.3% to Rs 262 crore and contributing more than 93% of operating revenue. For readers tracking the company, the key takeaway is clear: Yulu’s rental model is now the main engine of its financial performance.

Losses Narrowed as Expenses Grew Slower Than Revenue

Yulu FY26 performance — Image credits:Entrackr

Yulu narrowed its loss by 23% to Rs 96.6 crore in FY26, compared with Rs 126 crore in FY25. Total expenses increased 7.4% to Rs 377 crore, slower than the company’s revenue growth. Employee benefit expenses were the largest cost head at Rs 94 crore, while battery-as-a-service costs rose to Rs 87 crore.

Efficiency Improved, but Key Metrics Still Show Pressure

Yulu improved its operating efficiency, with expenses needed to generate every rupee of operating revenue falling to Rs 1.34 from Rs 1.48. EBITDA margin improved to -5.89% in FY26 from -15.41% in FY25. However, ROCE stood at -119.29%, compared with -27.26% a year earlier, showing that capital efficiency remains a major area to watch.

Expansion Plans Put Cost Control in Focus

Yulu electric mobility expansion — Image credits:Entrackr

Yulu’s FY26 performance comes as it looks to expand its electric two-wheeler rental network. The company raised $93 million in August 2026, operates a fleet of around 50,000 vehicles, and plans to expand to about 20 cities over the next year. It also aims to increase its fleet to 200,000 electric vehicles by 2028, making city selection, infrastructure scaling, and cost control central to its next phase.