Cult.fit files DRHP for Rs 950 crore fresh issue; Temasek, Tata Digital, Hrithik Roshan among OFS sellers
India's largest fitness chain with 708 centres across 77 cities and 987,020 paid members posted FY26 revenue of Rs 1,720.61 crore with first-time positive adjusted EBITDA of Rs 144.78 crore (8.41% margin), though net loss stood at Rs 251.86 crore. Retention rate of 50.88% and 5% market share flag key risks.
What happened
Cult.fit, India's largest fitness chain with 708 centres, filed its DRHP with SEBI for a Rs 950 crore fresh issue plus OFS. Revenue hit Rs 1,720 crore in FY26
Key facts
- Rs 950 crore fresh issue
- 17.86 crore shares OFS
- 708 fitness centres across 77 cities
- 987,020 paid members
- FY26 revenue Rs 1,720.61 crore
- FY26 net loss Rs 251.86 crore
- Adjusted EBITDA Rs 144.78 crore (8.41% margin)
- 5% market share
- 50.88% retention rate
Why this matters
As India's largest fitness chain with 708 centres and 5% market share, Cult.fit's scale plus improving margins make it a category consolidator to track for partnership or M&A angles post-listing.
What to watch
- Final price band and implied revenue multiple vs global fitness comps
- Anchor book composition and QIB subscription levels
- Retention trend (50.88%) and member churn in updated filings
- Size of OFS vs fresh issue and lock-in expiry schedule
- SEBI observations on adjusted-EBITDA vs statutory loss disclosure
- Underwriters emphasize path-to-profitability and adjusted-EBITDA inflection in roadshows
- Cult.fit to push cross-sell (nutrition, apparel, mind) to lift ARPU and retention narrative
- Peers and gyms/wellness startups accelerate fundraising or expansion to capture attention
- Analysts stress-test the gap between adjusted EBITDA and reported net loss