Introduction
The Indian IPO landscape continues to attract strong investor interest, particularly in companies operating within consumer fitness, wellness, and active lifestyle sectors. As more Indians embrace fitness as a daily routine, the demand for high-quality strength and conditioning equipment is rising rapidly. In this environment, Jerai Fitness Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI, positioning itself among the most compelling upcoming unlisted shares in India.
The company’s SEBI filing offers a deep look into its financial performance, operational capabilities, manufacturing strength, and strategic outlook. For investors exploring investment opportunities in unlisted companies, Jerai Fitness presents a unique proposition given its entrenched presence in strength equipment manufacturing, expanding market penetration, and rising profitability.
About Jerai Fitness Limited
Founded in 1994, Jerai Fitness Limited is one of India’s most recognized manufacturers of strength training equipment, gym machines, fitness stations, and custom-built workout solutions. With a strong focus on product engineering, durability, and ergonomic design, the company has built a reputation as a preferred supplier for commercial gyms, institutional fitness centers, armed forces, hospitality chains, and premium training facilities.
The company has positioned itself as a vertically integrated manufacturer, controlling key processes including fabrication, welding, machining, powder coating, product assembly, testing, and quality checks. The result is a consistent product line with high precision and long operational life—both essential factors for commercial fitness equipment buyers.
Promoters and Management
The promoter group consists of experienced industry professionals who have led the company’s growth over multiple business cycles. Their strategic direction, manufacturing focus, and product design capabilities have helped Jerai expand beyond major metros into Tier-II and Tier-III India, where the next wave of fitness infrastructure development is accelerating.
Business Segments
- Strength Training Equipment – Multi-gyms, benches, racks, power stations, free-weight setups.
- Functional Training Machines – Cable-based machines, combo racks, selectorized units.
- Customized Fitness Solutions – Bespoke installations for corporates, armed forces, hotels & luxury complexes.
- Allied Fitness Products – Accessories, attachments, weight stacks, and plates.
Jerai has worked with government clients, elite training institutions, and national sports bodies, further enhancing its credibility.
Financial Overview (₹ Crore)
The financials disclosed in the SEBI filing reflect strong year-on-year growth driven by scale-up of operations, increased demand for strength equipment, and better operating efficiencies.
Year-on-Year Financial Performance
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue from Operations | 128.046 Cr | 96.636 Cr | 70.155 Cr |
| EBITDA | 31.220 Cr | 18.136 Cr | 12.184 Cr |
| PAT | 23.401 Cr | 13.821 Cr | 7.789 Cr |
| EBITDA Margin (%) | 24.4% | 18.8% | 17.4% |
| PAT Margin (%) | 18.2% | 14.3% | 11.1% |
| Net Worth | 74.399 Cr | 49.464 Cr | 35.620 Cr |
| Total Borrowings | 18.219 Cr | 15.143 Cr | 10.205 Cr |
Financial Interpretation
- Revenue CAGR has been strong, reflecting the fitness industry’s expansion in India.
- EBITDA has more than doubled from FY2023 to FY2025.
- PAT margin improvement suggests better cost control, pricing power, and economies of scale.
- Low leverage enhances financial stability and future expansion flexibility.
Peer Comparison (₹ Crore)
Although Jerai operates in a niche manufacturing category, comparable companies include firms from sports infrastructure, wellness equipment, and lifestyle solution manufacturing.
| Company | Revenue FY25 | EBITDA FY25 | PAT FY25 | EBITDA Margin (%) |
|---|---|---|---|---|
| Jerai Fitness Limited | 128.046 Cr | 31.220 Cr | 23.401 Cr | 24.4% |
| Leading Sports Infra OEM | 310–450 Cr | 45–60 Cr | 18–35 Cr | 10–14% |
| Gym Equipment Importer | 150–200 Cr | 8–12 Cr | 4–6 Cr | 5–7% |
*Peer financials are indicative industry benchmarks for comparison (not from SEBI filing).
The comparison clearly shows that Jerai operates at significantly higher margins, reflecting the advantage of domestic manufacturing, strong brand equity, and specialized product engineering.
Market Position & Opportunities
Industry Tailwinds
India’s fitness equipment industry is undergoing rapid formalization, fueled by:
- Growing number of gyms and boutique fitness studios.
- Rising health-consciousness among young consumers.
- Government and defence forces modernizing training infrastructure.
- Demand for locally engineered high-durability equipment.
- Shift from imported equipment to Indian manufacturing.
Competitive Advantages
- Strong engineering capabilities and product quality.
- Diverse product portfolio catering to both commercial and institutional buyers.
- Strong domestic brand recognition in the gym equipment market.
- Higher cost efficiency due to in-house manufacturing.
Risks & Challenges (Based on SEBI Filing)
Regulatory Risks
- Compliance with manufacturing safety standards.
- Environmental and labor regulations.
Operational Risks
- Dependence on steel and raw material price fluctuations.
- Competition from low-cost imported fitness equipment.
- Production capacity constraints during peak demand cycles.
Financial Risks
- Working capital requirements due to manufacturing cycles.
- Exposure to short-term debt facilities.
Market Risks
- Industry cyclicality tied to gym expansion trends.
- Entry of international brands into the Indian fitness ecosystem.
Investment Insights
Jerai Fitness Limited has emerged as a strong pre-IPO candidate due to its financial performance, scalable business model, and improving brand strength. The company demonstrates:
- High EBITDA and PAT margins compared to industry peers.
- Growing demand for Indian-made fitness equipment.
- Long-term structural growth as fitness penetration rises across India.
Listing Gains vs Long-Term Potential
Given the company’s strong profitability metrics and industry positioning, the IPO may attract strong demand from both retail and institutional investors. However, the long-term investment case is particularly compelling due to India’s accelerating fitness infrastructure expansion.
Jerai Fitness Limited Unlisted Share Price – Market Sentiment
The SEBI DRHP does not disclose the Jerai Fitness Limited Unlisted Share Price. However, in the pre-IPO market, fitness equipment companies have been gaining traction among investors due to their high-margin manufacturing model and long-term demand drivers.
With rising interest in investment opportunities in Jerai Fitness Limited unlisted shares, investors are closely tracking business updates, valuation expectations, and IPO timing.
Conclusion
Jerai Fitness Limited stands at the intersection of India’s fitness boom and the manufacturing growth cycle. The company’s strong financials, superior margins, expanding clientele, and increasing market share make it an attractive candidate among the upcoming unlisted shares in India. Its SEBI filing highlights disciplined operations, healthy profitability, and a clear pathway for scaling its product footprint in India’s fast-growing fitness sector.
FAQs
What is Jerai Fitness Limited’s unlisted share price today?
The SEBI filing does not provide this information. Prices vary across unlisted share platforms.
How can I buy Jerai Fitness Limited unlisted shares?
You can purchase pre-IPO shares through SEBI-registered brokers or reliable unlisted share marketplaces.
Is Jerai Fitness a good investment before IPO?
The company’s strong margins, financial growth, and rising brand relevance make it attractive, but investors should carefully evaluate risks.
When will the Jerai Fitness IPO launch?
No official date is mentioned in the SEBI DRHP.
What are the major risks of investing?
Raw material volatility, competition from imports, and working capital requirements.
How does Jerai Fitness compare with peers?
It delivers higher EBITDA margins and profitability compared to many sports and fitness equipment manufacturers.
What is the IPO lot size?
The lot size is not disclosed in the SEBI filing.
Which sectors does Jerai serve?
Commercial gyms, institutions, defence, hospitality, and sports training facilities.