Yes. There are budget/low-cost options on the Colombo (CMB) → Chennai (MAA) route — most notably IndiGo, which operates regular low-cost nonstop flights between the two cities. (Full-service carriers on the route include SriLankan Airlines and Air India.) (flightsfrom.com)

Quick tips:

• IndiGo usually offers the cheapest fares but charges extra for add‑ons (checked baggage, seat selection, meals). (Trip.com)
• Flight frequency is high (multiple daily non‑stop flights), so compare times and baggage rules when booking. (flightsfrom.com)

If you want, I can check current fares and next available low‑cost flights for specific travel dates.