Cult.fit Files DRHP For ₹4,000 Cr IPO; FY26 Revenue Up 42% To ₹1,720.6 Cr
Fitness chain Cult.fit has filed its DRHP for a ₹4,000 Cr IPO, comprising a ₹950 Cr fresh issue and a 17.86 Cr share OFS. Fresh proceeds target new fitness centres and exclusive brand outlets for retail arm Cultsport. FY26 revenue rose 42% to ₹1,720.6 Cr while net loss narrowed to ₹251.8 Cr. The company runs 708 centres across 77 cities plus 29 EBOs.
What happened
Fitness chain Cult.fit filed DRHP for a ₹4,000 Cr IPO (₹950 Cr fresh issue plus OFS). Fresh funds target new fitness centres and exclusive brand outlets. FY26
Key facts
- ₹4,000 Cr IPO
- ₹950 Cr fresh issue
- 17.86 Cr shares OFS
- 708 fitness centres
- 77 cities
- 29 EBOs
- FY26 revenue ₹1,720.6 Cr (+42% YoY)
- net loss ₹251.8 Cr
Why this matters
Cult.fit's dual-engine model of fitness centres plus Cultsport retail expansion signals an omnichannel consolidation play worth watching for partnership, private-label, or acquisition opportunities in India's fragmented fitness market.
What to watch
- SEBI approval timeline and final price band vs implied valuation
- Anchor book quality and subscription multiples across QIB/retail
- Quarterly EBITDA/loss trend proving margin discipline
- Cultsport revenue contribution and same-store growth of mature centres
- Broader consumer-tech IPO sentiment (recent listings' aftermarket performance)
- Cultsport EBO expansion accelerates using fresh-issue proceeds to build retail/product revenue mix and de-risk from services-only losses
- Aggressive centre additions beyond 708 to sustain the 42% growth narrative pre-listing
- Competitive pricing/marketing push against Anytime Fitness, Gold's Gym, and boutique studios
- Anchor investor roadshows emphasizing loss-narrowing trajectory and omnichannel (services + retail) story