- Price band
- —
- Issue size
- —
- Lot size
- —
- Bidding
- —
- Grey market
- —
Split not disclosed
Listing date to be set
No quote recorded
Market data to 17 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Scaling fast, not yet earning
46% of the scoring model was backed by disclosed data for Cult.fit, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Loss-making in the latest full year
The company reported a net loss of ₹247.5 Cr in FY26. P/E is undefined, so valuation is scored on sales instead of earnings.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2016 · Bengaluru, Karnataka (registered office: Chennai, Tamil Nadu) · 6,331 employees
Cult.fit runs fitness centres and sells fitness and active-lifestyle products in India. Its services arm offers trainer-led group classes, full-service gyms and at-home online workouts, booked through the Cult.fit app and website on a CultPass membership. As of 31 March 2026 it served 987,020 members across a network of 708 fitness centres — 218 company-owned, 288 franchise-owned and 202 third-party "marketplace" gyms — of which 594 were integrated with the app. Bengaluru (247 locations) and Hyderabad (149 centres) are its largest markets. Its products arm, Cultsport, designs and sells indoor and outdoor fitness equipment, massagers and recovery products, apparel and footwear through 29 exclusive branded outlets across four cities, online channels and offline retail. All revenue in FY24-FY26 came from India.
Two reported segments. Services (₹1,197.8 crore, 70% of FY26 revenue) sells memberships with 100% of the fee collected upfront and recognised over the membership term; 85.3% of members hold one-year passes, which gives revenue visibility and positive operating cash flow (₹94.1 crore in FY26). Franchise and marketplace centres carry the fit-out capital, making expansion asset-light. Products (₹522.8 crore) still loses money at segment level: −₹57.4 crore in FY26 against Services' +₹210.1 crore. The structural drag is fixed occupancy and staff cost — employee benefits were 17.74% of FY26 revenue, and depreciation of ₹227.1 crore plus finance costs of ₹125.4 crore, largely lease-related, turned ₹144.8 crore of adjusted EBITDA into a ₹247.5 crore net loss.
The company on paper
- Legal name
- Cult.fit Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 24 May 2016
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999TN2016PLC176669
- Sector
- Consumer Discretionary · Fitness centres, memberships and activewear/equipment retail
- Employees
- 6,331
- Registered office
- Bengaluru, Karnataka (registered office: Chennai, Tamil Nadu)
- Website
- cult.fit
The numbers
Financial performance
Revenue has compounded at 36.3% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.
The company is loss-making, so there are no earnings to price
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- −₹3.27
- EPS, post-issueDiluted for the fresh issue
- —
- Price / sales
- —
- Net asset value per shareBook value behind one share — a floor, not a target
- ₹28.88
What it earns on what it has
Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.
- Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.
- −37.6%
- Return on capital employed
- —
- EBITDA margin
- 8.4%
- Net margin
- −14.4%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equityComputed as total borrowings over net worth attributable to owners, from this record’s own balance sheet.
- 0.39×
Valuation against listed peers
P/E against operating margin
The prospectus for this issue does not name a listed peer group, or it has not been captured yet.
The terms
How the issue is structured
- Fresh issueNew shares — proceeds go to the company
- ₹950 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- —
- Total issue size
- —
- Shares offered in the OFS
- 17,86,09,200
- Pre-issue shares outstanding
- 88,13,12,017
- Employee discount
- —
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- Invested in growth
- General and unallocated
- Repairs the balance sheet
- General corporate purposes - amount left as [●] in the draft, to be finalised on determination of the Offer Price; shall not exceed 25% of the Gross Proceeds — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
53% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
Who owns it before the issue
11 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.
Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples
No dates have been set yet, so bidding has not opened.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
The lot size and price band are not fixed yet, so there is nothing to calculate.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
No grey-market quote has been recorded for this issue.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- Adjusted EBITDA is the company's own non-GAAP measure. FY26's ₹144.78 crore adds back tax, share of associate losses, exceptional items, finance costs, depreciation, share-based payments and FVTPL fair-value losses; the restated loss for the year was ₹247.53 crore. The FY24 and FY25 figures are on the same adjusted basis.
- PAT shown is loss for the year attributable to owners of the Company (the DRHP's restated summary line), not total comprehensive loss.
- Widely reported '~₹4,000 crore total IPO size' is a press estimate. The DRHP states the total offer size as 'Up to ₹[●] million' — it is not fixed until the RHP.
- A Pre-IPO Placement of up to ₹1,900 million may be undertaken before the RHP is filed; if completed it reduces the ₹950 crore fresh issue.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Draft Red Herring Prospectus dated 6 July 2026 (NSE copy, 642 pp)6 Jul 2026The first draft, filed for review. No price band and no dates.Opens on nsearchives.nseindia.com
- Draft Red Herring Prospectus dated 6 July 2026 (BSE copy, 642 pp)6 Jul 2026The first draft, filed for review. No price band and no dates.Opens on bseindia.com
- Abridged Prospectus (SEBI)6 Jul 2026The statutory summary that goes out with the application form — a dozen pages, not the full filing.Opens on sebi.gov.in
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, JM Financial Limited, Morgan Stanley India Company Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Cult.fit's own prospectus and to exchange disclosures, then cross-checked against 2 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Cult.fit Limited — Draft Red Herring Prospectus dated 6 July 2026 (NSE archives, 642 pp) — offer structure, restated financials, segments, centre counts, employees, incorporation history, CIN · read 17 Oct 2026
- Cult.fit Limited — Draft Abridged Prospectus (SEBI) — legal name, CIN, offer table with blank price/dates, BRLMs, registrar, restated summary, no-identifiable-promoter statement · read 17 Oct 2026
- Cult.fit Limited — Draft Red Herring Prospectus dated 6 July 2026 (BSE copy) — cover verified identical to NSE copy · read 17 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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