Yulu Lost Rs 97 Crore in FY26. Its CEO Says It Was EBITDA-Positive. Both Can Be True Only on One Definition

Yulu reported a net loss of Rs 96.6 crore on revenue from operations of Rs 281 crore for the year ended March 2026, according to Entrackr's review of its consolidated financial statements. The same filing data gives an EBITDA margin of negative 5.89%, which sits awkwardly beside what the company said when it raised money in August.

In TechCrunch's report on the $93 million Series C, published August 11, the Bengaluru electric-bike rental company said it reached positive EBITDA last fiscal year and expects to be profitable before interest and taxes next year. The two accounts cannot both describe the same measure. Entrackr does not say how it computes EBITDA, and the company did not share specifics with TechCrunch, so the difference may come from adjustments such as the battery-as-a-service cost, which Entrackr lists at Rs 87 crore.

What the FY26 numbers show

Revenue rose 18.6% from Rs 237 crore in FY25. Net loss narrowed 23% from Rs 126 crore. Total expenses rose 7.4% to Rs 377 crore, so Yulu spent Rs 1.34 for every rupee of operating revenue, down from Rs 1.48.

Line	FY26	FY25
Revenue from operations	Rs 281 crore	Rs 237 crore
Net loss	Rs 96.6 crore	Rs 126 crore
EBITDA margin	-5.89%	-15.41%
Finance costs	Rs 15.5 crore	up 40.9% year on year

EV rentals produced Rs 262 crore, up 30.3%, or more than 93% of operating revenue. Sales of goods fell 59.3% to Rs 9.2 crore and manpower services fell 57% to Rs 5.7 crore, so the mix has moved toward renting bikes to delivery workers. TechCrunch put the share from weekly subscription rentals at about 95% and said Yulu dropped a plan to sell bikes directly to consumers.

Balance sheet and how the round was built

The $93 million is $63 million of equity led by GEF Capital Partners and $30 million of debt, per TechCrunch. About $5.5 million of the equity bought shares from seed investors whose funds were nearing the end of their life. Bajaj Auto and Magna International, existing investors, waived pre-emptive rights and did not take part, which let GEF reach its target stake.

TechCrunch reported a valuation of about $170 million post-money, attributed to people familiar with the matter. Chief Executive Amit Gupta declined to comment and did not dispute it. The Terminal does not convert rupee accounts into dollars, so the valuation cannot be set against FY26 revenue here without introducing an exchange rate neither source supplies.

The FY26 balance sheet is thin for a fleet plan. Cash and bank balances were Rs 11.51 crore against Rs 9.65 crore a year earlier, and return on capital employed was negative 119.29%. Finance costs rose 40.9% in a year before $30 million of new debt arrives. Gupta told TechCrunch this is expected to be the last equity raise before an IPO and that fleet growth will lean on debt and lease financing. That makes finance costs the line to watch.

The fleet plan

Yulu runs about 50,000 vehicles and plans 200,000 over two years, with a third of the target coming from Yulu Express, a full-size, faster scooter from an unnamed Indian manufacturer. About 500 are running in Bengaluru with trials in three more cities. The company operates in 12 cities, with its own operations in Bengaluru, Mumbai, Delhi-NCR and Hyderabad and franchisees in eight others, and aims for about 20 cities within a year.

The next filing, the FY27 accounts due after March 2027, will show whether the EBITDA claim and the accounts converge. For weekly funding context, see this week's trackers disagreeing on Indian funding and Shadowfax's Rs 68 crore quarterly profit, a delivery-sector peer.