IntrCity SmartBus reported a 40.1% year-on-year rise in operating revenue to Rs 690.9 crore in FY26, while its losses widened during the year as operating expenses grew at a faster pace. The company had reported operating revenue of Rs 493.2 crore in FY25.
Travel-tech platform recorded a loss of Rs 28 crore in FY26, up 76% from the previous year. Its EBITDA loss also widened to Rs 27.69 crore from Rs 16 crore, taking the EBITDA margin to -4%, compared with -3.2% in FY25.
Financial results come after IntrCity raised Rs 250 crore in a Series D funding round led by A91 Partners in October 2025. The company has been using capital to expand its operations and invest in technology.
IntrCity SmartBus Revenue
Bus operations continued to account for most of IntrCity revenue. The segment generated Rs 670.35 crore in FY26, contributing about 97% of operating revenue. Revenue from bus operations increased 42.5% from Rs 470.56 crore in FY25.
The increase reflects growth in the core intercity bus business, which operates through a combination of rented vehicles and partnerships with independent bus operators. IntrCity does not rely on owning its entire fleet.
Commission income, however, declined during the year. It fell 23.6% to Rs 14.18 crore from Rs 18.55 crore in FY25. Revenue from advertising services moved in the opposite direction, nearly doubling to Rs 2.44 crore from Rs 1.27 crore.
Expenses Rise Faster
Bus operating costs increased 43.5% to Rs 539.8 crore in FY26 from Rs 376.13 crore a year earlier. The expense accounted for nearly three-fourths of the total cost base.
IntrCity also spent more on commissions paid to selling agents. Such payments rose 51% to Rs 75.97 crore from Rs 50.35 crore as the company continued to use agents and booking partners for ticket distribution and customer acquisition.
Employee benefit expenses increased 8% to Rs 49.85 crore from Rs 46.17 crore. Advertisement expenses stood at Rs 15.9 crore during the fiscal year.
Total expenses increased 41% to Rs 722.8 crore in FY26 from Rs 512.2 crore in FY25. Legal and professional fees, repairs and maintenance, payment gateway charges, IT costs and other overheads also contributed to the higher expense base.
Including other operating and non-operating income, IntrCity reported total income of Rs 693.6 crore for FY26. The gap between income and expenses resulted in a wider operating loss for the year.
The company is therefore growing its top line while continuing to operate below profitability. Revenue growth in the bus business has been accompanied by higher operating and distribution costs.
About IntrCity SmartBus
IntrCity SmartBus is a travel-tech company that operates an intercity bus platform connecting passengers with bus operators. The company was founded in 2019 by Sudhakar Ramakrishna and Deepak Tiwari, with its business focused on organised intercity bus travel and technology-enabled passenger services.
Platform offers services such as live bus tracking, onboard captains and boarding lounges. Instead of owning a large fleet, the business works with independent operators and uses rented vehicles. This asset-light model allows IntrCity to expand its network without taking on the full cost of owning and maintaining buses.
IntrCity also operates RailYatri, a train travel information and services platform. The company competes in the intercity travel and bus-booking market with players such as Zingbus, Leafybus, AbhiBus and ixigo Freshbus.
IntrCity Core Business
The FY26 numbers show that bus services remain central to IntrCity revenue, while other income streams remain comparatively small. The rise in bus revenue was accompanied by higher bus operating costs, limiting the impact of the top-line growth on profitability.
Company now faces the task of converting its higher operating scale into better margins. For FY26, revenue growth was not enough to prevent a wider loss, with total expenses continuing to rise alongside expansion in the core intercity bus business.
