Yulu Bikes Reports ₹281 Crore Revenue in FY26, Narrows Net Loss to ₹97 Crore

Bengaluru-headquartered electric mobility startup Yulu Bikes has disclosed its consolidated financial performance for the fiscal year ending March 31, 2026. The company registered an 18.6% surge in revenue from operations, reaching ₹281 crore in FY26 compared to ₹237 crore in FY25. Side-by-side with its top-line growth, Yulu succeeded in narrowing its net losses by 23% to ₹96.6 crore (roughly ₹97 crore), down from ₹126 crore reported in the previous fiscal year.

Electric Vehicle Rentals Drive Core Top-Line Growth

The core catalyst behind Yulu's revenue growth was its primary revenue stream—electric vehicle rentals. Income generated from renting EVs jumped 30.3% to ₹262 crore in FY26 from ₹201 crore in FY25. The EV rental vertical accounted for over 93% of the company's total operating revenue during the fiscal year, heavily propelled by sustained demand among gig-economy delivery executives and commercial hyper-local logistics workers.

Conversely, secondary revenue segments experienced steep contractions:

• Sale of Goods: Dropped by 59.3% to ₹9.2 crore in FY26, down from previous operational levels.

• Manpower Services: Declined 57% to ₹5.7 crore from ₹13.2 crore in FY25.

+--------------------------------+-------------------+-------------------+---------------+
| Metric                         | FY25              | FY26              | YoY Change    |
+--------------------------------+-------------------+-------------------+---------------+
| Revenue from Operations        | ₹237 Crore        | ₹281 Crore        | +18.6%        |
| EV Rental Income               | ₹201 Crore        | ₹262 Crore        | +30.3%        |
| Net Loss                       | ₹126 Crore        | ₹96.6 (~₹97) Cr   | -23.3%        |
| Employee Benefit Expenses      | ₹88 Crore         | ₹94 Crore         | +6.8%         |
+--------------------------------+-------------------+-------------------+---------------+

Managed Cost Drivers and Strategic Outlook

The bottom-line recovery was driven by strict operational discipline as expenditure growth lagged overall revenue gains. Employee benefit expenses, representing Yulu's single largest operational cost head, saw a controlled rise of 6.8% to ₹94 crore in FY26 compared to ₹88 crore in FY25.

While the company originally launched with a consumer-centric rental model in 2017, its strategic tilt toward high-utilization B2B commercial delivery fleets has solidified its unit economics. Moving forward into FY27, Yulu plans to expand its EV fleet and scale up its battery-swapping infrastructure network to capture expanding demand across major urban markets.