Business Profile of Cult. Fit Limited
Cult.Fit Limited was incorporated in 2016 and it is India’s largest fitness and active lifestyle platform by the number of fitness centres, offering an integrated ecosystem of fitness services and fitness products through its digital platform and extensive offline network. The company operates 708 fitness centres across 77 cities in India under brands including Cult.fit, Fitness First, Gold’s Gym, and Pilates Circle by Cult, providing gym memberships, trainer-led group classes, sports facilities, online fitness programs, and premium wellness experiences. In addition to fitness services, Cult.Fit designs, develops, and sells a wide range of active lifestyle products, including fitness equipment, recovery products, fitness accessories, activewear, and footwear under its proprietary brands.
Objective of Cult. Fit Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨1.00 each aggregating up to ₹ 9,500.00 million and OFS consists 178,609,200 shares at face value of ₨ 1.00 each aggregating up to ₹ XXXX million. There are fresh shares issues and OFS by company and main objective of company is re-payment of outstanding borrowings, Capital expenditure, Brand marketing, Investment in subsidiary and general corporate purposes.
Details of Cult. Fit Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity Shares |
| Aggregating up to ₨ XXXX million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 9,500 million. | |
| Offer For Sale | Up 178,609,200 Equity Shares |
| Aggregating up to ₨ XXXX million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Cult. Fit Limited IPO: Issue Price & Size
The issue price of CULT. FIT LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of Cult. Fit Limited IPO
The IPO opening date of CULT. FIT LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Cult. Fit Limited
| Particulars | Ended 31 March 2026 | Ended 31 March 2025 | Ended 31 March 2024 |
| Income | |||
| Revenue from operations | 17,206.06 | 12,155.36 | 9,266.62 |
| Other income | 812.10 | 564.97 | 1,004.56 |
| Total Income | 18,018.16 | 12,720.33 | 10,271.18 |
| Expenses | |||
| Purchases of stock – in – trade | 3,869.68 | 3,249.14 | 2,226.88 |
| Changes in inventories of stock – in – trade | ( 242.45 ) | ( 690.19 ) | ( 15632 ) |
| Service Cost | 3,560.20 | 2,600.76 | 1,854.17 |
| Employee benefits expense | 3,051.66 | 3,474.19 | 3,240.62 |
| Finance costs | 1,254.49 | 1,094.92 | 878.20 |
| Depreciation and amortisation expense | 2,271.06 | 2,376.40 | 2,123.23 |
| Other expenses | 6,510.98 | 5,410.84 | 5,460.28 |
| Total expenses | 20,275.62 | 17,516.06 | 15,627.06 |
| Loss before exceptional items , share of loss of associates and tax | -2,257.46 | ( 4,795.73 ) | -5,355.88 |
| Exceptional items | 241.31 | – | 3.326.30 |
| Loss before share of loss of associates and tax | -2,498.77 | ( 4,795.73 ) | ( 8,682.18 ) |
| Share of loss of associates | – | 40.63 | 198.47 |
| Loss before tax | ( 2,498.77 ) | ( 4,836.36 ) | ( 8,880.65 ) |
| Tax expense ( credit ) | |||
| -Current tax | – | – | . |
| -Deferred tax | 19.81 | ( 28.10 ) | 426 |
| Total tax expense / ( credit ) | 19.81 | ( 28.10 ) | 4.26 |
| Loss for the year | (2,518.58) | ( 4,808.26 ) | (8,884.91) |
Key financial ratios of Cult. Fit Limited
| Particulars | Units | As of For the Ended | ||
| 2026 | 2025 | 2024 | ||
| Revenue from operations | million | 17,206.06 | 12,155.36 | 9,266.62 |
| Growth in revenue from operations | % | 41.55 % | 31.17 % | NA |
| Revenue from Operations Services | million | 11,978.32 | 8,890.86 | 6,698.86 |
| Revenue from Operations – Products | million | 5,227.74 | 3,264.50 | 2,567.76 |
| Adjusted EBITDA | million | 1,447.80 | ( 335.32 ) | ( 1,401.90 ) |
| Adjusted EBITDA Margin ( % ) | % | 8.41 % | ( 2.76 ) % | ( 15.13 ) % |
| Segment results- Services | million | 2,100.81 | 548.31 | ( 75.58 ) |
| Segment results- Services ( % ) | % | 17.54 % | 6.17 % | ( 1.13 ) % |
| Segment results- Products | million | ( 573.71 ) | ( 799.43 ) | ( 1,222.69 ) |
| Number of paid members | 987 | 833 | 631 | |
| Number of centres | 708 | 690 | 588 | |
Promoters & Shareholding Cult. Fit Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | 83,963,9 97 | 100.00 |
| Public | – | – |
| Total (A+B) | 83,963,9 97 | 100.00 |
Should You Subscribe To Cult. Fit Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Cult. Fit Limited IPO
Fitness Market Leader
They were the largest fitness service provider in India as of March 31, 2026, with 708 fitness centers spread across 77 cities, which was four times the scale of the next largest player. The company serviced 987,020 members, with an average of approximately 141,563 members working out at our centers daily in fiscal year 2026. The top 4 cities in India (i.e., Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Hyderabad) account for 40% to 42% of India’s overall fitness services market. Fitness centers located in these top 4 cities contributed 90.44% of revenue from operation.
Franchise-Led Growth Strategy
Their business model enables to expand on an asset-light basis through franchising fitness centers using their “gym-in-a-box” approach. Their “gym-in-a-box” solution covers the entire scope of work including location identification based on demand potential, center design and development of layouts, placing orders for equipment, and delivery and installation of equipment. Asset-light centres are owned by partners, who invest capital required for the centre. In fiscal years 2026, 2025 and 2024, 75.86%, 66.47% and 62.12% of the new on-app centers added during the periods were through asset-light models, respectively.
Data-Powered Fitness Innovation
The company approach to product design and development is anchored in leveraging insights generated from its large and engaged fitness services segment. In fiscal years 2026, 2025 and 2024, members of fitness services attended more than 51 million, 44 million and 33 million workout sessions, respectively. Their in‑center interactions and daily digital engagement also support early product testing and rapid iteration, enabling go‑to‑market and regular refinement.
Multi-Channel Distribution Strategy
The omni-channel retail presence of company allows to combine the experience of digital discovery of products with the credibility of physical retail, creating a convenient customer journey across touchpoints. Their D2C online channels, including the CultStore on its website and the Cult.fit app, serve as their primary platforms, offering an assortment of products with detailed product information, personalized recommendations, and access to exclusive launches. The availability of products on quick-commerce platforms, giving customers rapid access to fast-moving products and essential fitness accessories within minutes.
Risk Factors of Cult. Fit Limited IPO
Third-Party IP Dependency Risk
The company relies on the usage of intellectual property, including that belonging to third parties for business operations. Any disputes with licensors regarding royalty calculations, usage scope, audit rights or other terms of licensing arrangements could result in claims for additional royalties or damages, and there can be no assurance that such disputes will be resolved in its favor.
Goodwill and Asset Valuation Risk
They have undertaken acquisitions in the past which have resulted in the recognition of significant goodwill and other intangible assets on our balance sheet. An impairment loss recognised for goodwill is not reversed in subsequent periods. To the extent that the economic benefits associated with past or future acquisitions, investments or intangible assets diminish, may continue to incur impairment charges, which could materially and adversely affect company business.
Geopolitical and Supply Chain Risks
They import some of its fitness products from suppliers based outside India, including the People’s Republic of China, which exposes us to certain geopolitical and foreign exchange risks. Any delay, interruption, restriction or reduction in the supply of such equipment, or adverse movement in foreign exchange rates, could adversely affect their business, financial condition, results of operations and cash flows.
Company Flags Risks from Debt Financing
The requirement of company relies on debt financing arrangement for a portion of its capital expenditure and working capital requirements. As of April 30, 2026, outstanding borrowings (fund based and non-fund based) of Company on a consolidated basis is ₹2,198.59 million, which comprise of term loans, working capital facilities, overdraft facilities and other borrowings. If they are unable to meet obligations therein, including financial information and other covenants, it could adversely affect company business.
Cult. Fit Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the CULT. FIT LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
