Cult.fit IPO: Key Insights on India’s Fitness and Lifestyle Sector

Cult.fit, a prominent fitness and lifestyle platform, has received feedback from the Securities and Exchange Board of India (SEBI) concerning its planned initial public offering (IPO). Previously known as Curefit Healthcare, the company aims to secure Rs 950 crore through the issuance of new equity shares, along with an offer for sale (OFS) of up to 17.86 crore shares by current shareholders.

The funds obtained from the new issue will be allocated for debt repayment, establishment of additional Cult Elite and Cult Neo fitness centres, expansion of Cultsport’s exclusive brand outlets, covering lease and rental dues for existing centres, and facilitating brand marketing and general corporate needs.

Operational Scope of Cult.fit

According to the company’s draft documentation, as of March 31, 2026, Cult.fit operates 708 fitness centres across 77 cities in India. The fitness services segment boasted nearly 9.87 lakh paying members in FY26, while its fitness products division shipped more than 42.3 lakh products throughout the year.

Revenue Sources and Financial Performance

Cult.fit’s operations are categorised into two main segments: fitness services and fitness products. The fitness services sector contributed approximately 70% to its revenue, whilst fitness products accounted for the rest at 30%. The operating revenue for Cult.fit surged by 36.26% year-on-year to Rs 1,720.61 crore in FY26, an increase from Rs 1,262.93 crore in FY25. Additionally, the company registered an operating revenue of Rs 926.66 crore in FY24.

Profitability Metrics

The adjusted EBITDA margin saw an improvement, rising to 8.41% in FY26 from -2.76% in FY25, according to the draft documents.

Variety of Fitness Centre Formats

Cult.fit presents various formats of fitness centres, including Cult Elite, which merges gym workouts with instructor-led group classes, and Cult Neo, which emphasises equipment-based workouts. The fitness products segment sells apparel, footwear, equipment, and accessories under the Cultsport brand.

Technological Integration

Additionally, Cult.fit has developed a technology-driven platform that links its fitness services and products through its app, website, and offline channels.

Market Growth Potential

The forthcoming IPO aligns with the growing trend in India’s organised fitness sector. A report by Redseer mentioned in the draft documents estimates that India’s fitness services market was valued at Rs 25,600 crore in CY25, with projections to grow to between Rs 48,700 crore and Rs 53,100 crore by CY30.

The equity shares are set to be listed on the BSE and NSE, with Axis Capital, Goldman Sachs India Securities, Jefferies India, JM Financial, and Morgan Stanley India serving as the book-running lead managers for the issuance.