Cult Fit IPO
Cult Fit IPO is a Mainboard book-built issue comprising a Fresh Issue of up to ₹950 crore and an Offer for Sale of up to 17,86,09,200 equity shares. The face value is ₹1 per share. The price band, lot size and IPO dates are yet to be announced.
Cult Fit IPO Details
Cult Fit IPO is an upcoming Mainboard public issue. The IPO comprises a fresh issue of equity shares aggregating up to ₹950 crore and an Offer for Sale of up to 17,86,09,200 equity shares. The price band, IPO opening and closing dates, allotment date, lot size and listing date are yet to be announced.
Cult Fit IPO Timeline (Tentative)
Cult Fit IPO dates are yet to be announced. The company has filed its DRHP with SEBI, while the price band, Bid/Offer Opening Date and Bid/Offer Closing Date will be finalized before the IPO opens.
| Event | Tentative Date |
|---|---|
| IPO Opens | |
| IPO Closes | |
| Basis of Allotment | |
| Refund Initiation | |
| Credit of Shares to Demat | |
| Listing Date |
Cult Fit IPO Lot Size
The Cult Fit IPO lot size has not yet been announced. The price band and minimum bid lot will be disclosed before the IPO opens for subscription.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Cult Fit IPO Reservation
Cult Fit IPO has a proposed reservation structure of 75% for QIBs, 15% for NIIs and 10% for RIIs. The final number of shares available to each category will be determined after the Offer Price and Net Issue are finalized.
Cult Fit IPO Subscription
Cult Fit IPO subscription status is not available as the IPO has not yet opened for bidding.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Cult Fit
Cult.Fit Limited is a fitness and active lifestyle platform offering fitness services and active lifestyle products through an integrated ecosystem comprising the Cult.fit app, website and online and offline channels. Its fitness services include trainer-led group classes, gyms, personal training, sports facilities and at-home digital workouts.
The company also operates a fitness products business offering equipment, recovery products, accessories, activewear and footwear. Its product brands include Cultsport, Avant, Urban Terrain and FitKit. The products are distributed through exclusive brand outlets, direct-to-consumer channels and third-party marketplaces.
As of March 31, 2026, Cult.Fit had 708 fitness centres across 77 cities. The company reported revenue from operations of ₹1,720.61 crore in FY2026, compared with ₹1,215.54 crore in FY2025 and ₹926.66 crore in FY2024.
Strengths
- Integrated fitness and active lifestyle platform combining physical fitness services, digital workouts and fitness products.
- 708 fitness centres across 77 cities as of March 31, 2026.
- Revenue from operations increased from ₹926.66 crore in FY2024 to ₹1,720.61 crore in FY2026.
- Adjusted EBITDA turned positive in FY2026 at ₹144.78 crore.
- Paid members increased to 9.87 lakh in FY2026 from 6.91 lakh in FY2024.
- Presence across fitness services and fitness products provides multiple revenue streams.
- Technology-enabled platform connects fitness centres, digital services and consumer products.
Risks to Consider
- The company has reported net losses in each of FY2024, FY2025 and FY2026.
- A decline in paid members, fitness product sales or active users of the Cult.fit app could adversely affect business performance.
- The company operates in a competitive fitness and active lifestyle market.
- A significant portion of fitness services revenue is concentrated in major cities.
- The company depends on maintaining its brand reputation and customer experience.
- Expansion of fitness centres involves lease, operating and capital expenditure requirements.
- The products business remained loss-making at the segment level in FY2026.
- Technology failures, cybersecurity incidents or data-related issues could affect operations.
Cult Fit Financials (₹ Cr)
Cult.Fit reported revenue from operations of ₹1,720.61 crore in FY2026, compared with ₹1,215.54 crore in FY2025 and ₹926.66 crore in FY2024. The company reported a loss after tax of ₹251.86 crore in FY2026, ₹480.83 crore in FY2025 and ₹888.49 crore in FY2024. Total assets stood at ₹3,103.20 crore and net worth at ₹669.87 crore as of March 31, 2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2026 | 1,720.61 | -251.86 | 3,103.20 | 669.87 |
| FY2025 | 1,215.54 | -480.83 | 2,926.23 | 914.76 |
| FY2024 | 926.66 | -888.49 | 3,031.85 | 1,276.87 |
KPIs & Valuation
At the DRHP stage, the Cult Fit IPO price band has not been finalized. The FY2026 basic EPS was ₹-3.27, RoNW was -37.60%, NAV was ₹28.88 per share and EBITDA margin was 8.41%. The P/E ratio cannot be calculated until the IPO price band is announced.
Objects of the Issue
The ₹950 crore Fresh Issue proceeds are proposed to be used for setting up new Cult Centres, lease and rental payments for existing identified fitness centres, repayment or pre-payment of borrowings, brand marketing and investment in Cultsport for setting up new Exclusive Brand Outlets. The balance is proposed for general corporate purposes. The company proposed to utilise the IPO proceeds for:
- Capital expenditure towards setting up new Cult Centres.
- Lease, rent and licence agreement related payments for existing identified fitness centres.
- Repayment and/or pre-payment, in full or part, of certain borrowings.
- Brand marketing, advertising and business promotion to enhance brand awareness.
- Investment in Cultsport Private Limited for capital expenditure towards setting up new Exclusive Brand Outlets.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Cult.Fit Limited does not have any identifiable promoter as of March 31, 2026. The Book Running Lead Managers to the issue are Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, JM Financial Limited and Morgan Stanley India Company Private Limited. KFin Technologies Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 / 1800 309 4001 |
| cultfit.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Cult Fit IPO Review
Cult.Fit has developed an integrated fitness and active lifestyle platform combining fitness centres, digital workouts and consumer fitness products. Its revenue from operations increased from ₹926.66 crore in FY2024 to ₹1,215.54 crore in FY2025 and ₹1,720.61 crore in FY2026.
The company also reported an improvement in adjusted EBITDA, moving from a negative ₹140.19 crore in FY2024 to negative ₹33.53 crore in FY2025 and positive ₹144.78 crore in FY2026. Operating cash flow also turned positive in FY2025 and increased to ₹94.12 crore in FY2026.
However, Cult.Fit continued to report a net loss of ₹251.86 crore in FY2026. The company also operates across a competitive fitness and active lifestyle market, while its products segment continued to report a negative segment margin. Investors should consider the company's revenue growth, improving operating performance, continuing net losses and expansion requirements when evaluating the IPO.
How to Apply
Cult Fit IPO applications can be made through ASBA and UPI once the IPO opens for subscription. The exact price band, lot size and bidding dates have not yet been announced.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Cult Fit IPO.
- Enter the number of lots you want to apply for.
- Select the bid price.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the Cult.Fit DRHP for detailed information about the company's business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The DRHP was filed with SEBI in July 2026.
Last updated Sep 29, 2026.