1,051 Views| 02 Oct 2026
Cult.Fit IPO Details
Issue Date
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Price Band
--
Lot Size
-- Shares
IPO Size
N/A
Listing At
BSE, NSE
Overall Subscription
--x
About Cult.fit IPO
The public issue of the Cult.fit IPO, a Mainboard IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.
The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include [TBA] shares aggregating up to ₹950 crores. The offer for sale portion includes 17,86,09,200 shares of ₹1 aggregating up to ₹[TBA] crores. The total number of shares and aggregate amount are yet to be finalised.
Cult.fit IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) based on upper prices. The minimum lot size investment for HNI is TBA.
Cult.fit is India’s largest fitness and active lifestyle platform in terms of the number of fitness centres in their network as of March 31, 2026, according to the Redseer Report. They offer fitness services and active lifestyle products through their platform that comprises an integrated app (the Cult.fit app), website (the Cult.fit website) and other online and offline channels.
Objectives of Cult.fit IPO
- Capital expenditure towards setting up of new Cult Elite and Cult Neo centres (collectively, Cult Centres.
- Expenditure towards lease/rent/license agreement related payment of existing identified centres operated by the company.
- Repayment / prepayment, in full or in part, of certain borrowings availed of by the company.
- Brand marketing, advertising and business promotion to enhance brand awareness.
- Investment in their subsidiary, Cultsport Private Limited for capital expenditure towards setting up of new Exclusive Brand Outlets (EBOs).
- General corporate purposes.
Cult.fit IPO Valuation
Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | [TBA] shares (aggregating up to ₹950 crores) |
Offer for Sale | 17,86,09,200 shares of ₹1 (aggregating up to ₹[TBA] crores) |
EPS Diluted (in ₹) for FY26 | (3.27) |
Note: () denotes negative
Share Offer and Subscription Details
Investor Category | Shares Offered |
|---|---|
QIBs | Not less than 75% of the net offer |
Non-institutional Investors (NIIs) | Not less than 15% of the net offer |
Retail-individual Investors (RIIs) | Not more than 10% of the net offer |
Cult.fit IPO Lot Size
Application | Lots | Shares | Amount |
|---|---|---|---|
Individual investors (Retail) (Min) | TBA | TBA | TBA |
Individual investors (Retail) (Max) | TBA | TBA | TBA |
S-HNI (Min) | TBA | TBA | TBA |
S-HNI (Max) | TBA | TBA | TBA |
B-HNI (Min) | TBA | TBA | TBA |
Industry Outlook
In India, the fitness and active lifestyle market remains structurally fragmented across both services and products, with a long tail of unorganised supply and a relatively smaller set of scaled, organised participants. Within fitness services, the organised layer is represented by a mix of franchise-led gym operators and digital-first platforms, with key players including Anytime India Fitness Private Limited, Crunch Holdings LLC, Fitpass Business Ventures Private Limited, HealthifyMe Wellness Private Limited, and Snap Fitness (India) Private Limited, amongst others. The broader market continues to be anchored by unorganised gyms, sports facilities and local studios, but organised models are scaling by solving for consistency, network access and guided engagement, which are critical adoption levers in an earlier-cycle market like India. In fitness products, the competitive set is wider and more crowded across activewear, equipment, and accessories, with key players including Adidas India Marketing Private Limited, Blissclub Fitness Private Limited, Campus Activewear Limited, Cosco India Limited, Asian Footwears Private Limited, Decathlon Sports India Private Limited, Flegg Online Retail Private Limited, HRX Sports Private Limited, Johnson Health Tech India Private Limited, Puma Sports India Private Limited, Relaxo Footwears Limited, Technogym India Private Limited, amongst others. These product companies compete on portfolio breadth, pricing architecture, distribution reach and brand-led differentiation, while equipment players also compete on reliability, aftersales service and institutional relationships.
About Cult.fit
Cult.fit is India’s largest fitness and active lifestyle platform in terms of the number of fitness centres in their network as of March 31, 2026, according to the Redseer Report. They offer fitness services and active lifestyle products through their platform that comprises an integrated app (the Cult.fit app), website (the Cult.fit website) and other online and offline channels. They were also the only fitness and active lifestyle platform in India with a presence across both fitness services and fitness products as of March 31, 2026, according to the Redseer Report. They use technology as an enabler to deliver consistent experience across their network of fitness centres and leverage their technology platform to provide an integrated framework for distribution of their fitness products. They strive to be the preferred destination for any individual seeking a fit and active lifestyle.
Strengths of Cult.fit
- Category creator and leader in the complex fitness services market in India through innovation and by increasing accessibility, awareness and affordability.
- Franchise model powering asset light expansion of fitness services.
- Operational and technological capabilities at the core of their platform to deliver customer experience and operational efficiency.
- Data and insight-led product development in fitness products.
- Omnichannel distribution of fitness products.
- Strong synergies across services and products.
- Well recognized Cult.fit brand synonymous with fitness with strong brand affinity.
- Scalable and resilient business model.
Risks of Cult.fit
- Acquiring new consumers and retaining existing ones are critical for their growth and success.
- Their brands are critical for their growth and success.
- They rely on the usage of intellectual property, including that belonging to third parties, for their business operations.
- Their intellectual properties and brands are essential for the success of their businesses.
- They have significant goodwill and intangible assets on their balance sheet, which may be subject to impairment.
- They import some of their fitness products from suppliers based outside India, including the People’s Republic of China.
- They are dependent on a limited number of third‑party suppliers for their fitness products.
- Their company and certain of their subsidiaries have incurred losses in the past three fiscal years.
Cult.fit Financials (in ₹ crores)
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Year | Year Data |
|---|---|
FY24 | 926.66 |
FY25 | 1,215.54 |
FY26 | 1,720.61 |
Peer Comparison
Since there are no listed peer companies in India or globally that engage in a business similar to that of the company. Accordingly, it is not possible to provide an industry comparison in relation to the company.
Anchor Investor Bidding Date: TBA
Registrar Details
Kfin Technologies Ltd.
Email: cultfit.ipo@kfintech.com
Tel.: 040-79615565
Book Running Lead Managers
- Axis Capital Ltd.
- Goldman Sachs (India) Securities Pvt.Ltd.
- Jefferies India Pvt.Ltd.
- JM Financial Ltd.
- Morgan Stanley India Co.Pvt.Ltd.
Cult.fit Contact Details
3rd Floor, Plot No. 269, Sy. No. 439/1B, Rajiv Gandhi Road,
Chennai, Sholinganallur, Saidapet, Kanchipuram, Tamil Nadu, 600119
Email: secretarial@cult.fit
Phone: 9187219018
Cult.fit Business Model
The company earns its revenue by being a fitness and active lifestyle platform. They offer fitness services and active lifestyle products through their platform that comprises an integrated app (the Cult.fit app), website (the Cult.fit website) and other online and offline channels.
Cult.fit Growth Trajectory
Cult.fit’s Total Income for FY26 was ₹1801.82 crores, whereas in FY25 and FY24 it was ₹1272.03 crores and ₹1027.12 crores, respectively.
The Loss After Tax for FY26 was ₹(251.86) crores, whereas in FY25 and FY24 it was ₹(480.83) crores and ₹(888.59) crores, respectively.
Their Adjusted EBITDA for FY26 was ₹144.78 crores, whereas in FY25 and FY24 it was ₹(33.53) crores and ₹(140.19) crores, respectively.
Note: () denotes negative
Cult.fit Market Position
Cult.fit was the largest fitness and active lifestyle platform in India as of March 31, 2026, with 708 fitness centres spread across 77 cities in India, and is a leader in the complex fitness services market in India in terms of number of fitness centres as of March 31, 2026, according to the Redseer Report.
As of 31 March 2026, the company’s Total Income, Loss After Tax, and Adjusted EBITDA were ₹1801.82 crores, ₹(251.86) crores, and ₹144.78 crores, respectively.
Note: () denotes negative
Cult.fit Profit and Loss Statement (in ₹ crores)
Parameter | FY 26 | FY 25 | FY 24 |
|---|---|---|---|
Total Income | 1801.82 | 1272.03 | 1027.12 |
Loss Before Tax | (249.88) | (483.64) | (888.06) |
Loss After Tax | (251.86) | (480.83) | (888.59) |
EPS (Diluted) ₹ | (3.27) | (6.40) | (11.92) |
Adjusted EBITDA | 144.78 | (33.53) | (140.19) |
Note: () denotes negative
Cult.fit Balance Sheet (in ₹ crores)
Parameter | FY 26 | FY 25 | FY 24 |
|---|---|---|---|
Loss Before Tax | (249.88) | (483.64) | (888.06) |
Net Cash from Operating Activities | 94.12 | 11.99 | (230.73) |
Net Cash from Investing Activities | (124.16) | 63.45 | 266.21 |
Net Cash from Financing Activities | 211.22 | (129.89) | (182.51) |
Cash & Cash Equivalents | 172.89 | (8.61) | 45.14 |
Note: () denotes negative
How to apply for Om Power Transmission IPO?
- Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.
Cult.Fit IPO FAQs
The Cult.Fit IPO opens for subscription from [-] to [-], with a total issue size of [-]. The IPO price band is ₹[-] per share with a lot size of [-]. The company aims to list the shares on BSE & NSE on [-].
The Cult.Fit IPO will open for subscription on [-] and will close on [-] for investors.
The minimum lot size for the Cult.Fit IPO is [-] equity shares, requiring a minimum investment of ₹[-] for retail investors applying in the IPO.
The price band of the Cult.Fit IPO has been fixed at ₹[-] per equity share.
You can apply for the Cult.Fit IPO online through the Kotak Neo Website or the Kotak Neo App using UPI or ASBA during the IPO subscription period.
Cult.Fit IPO allotment will take place on [-].
You can check the Cult.Fit IPO allotment status online on the registrar’s website or on the NSE and BSE IPO allotment pages using your application number, PAN, or demat account details.
Cult.Fit shares will list on the stock exchanges on [-].
You can find detailed information about the Cult.Fit IPO, including its business operations, financial performance, risk factors, and IPO objectives, in the Draft or Red Herring Prospectus (RHP).
Mukesh Bansal is the Managing Director and Executive Chairman of Cult.fit.
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This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.
