Cult.Fit IPO: can India's gym leader flex its way to sustained profits?

Published 28 July 2026 · local

But its revenue mix also reveals the limits of India's premium fitness market. The top four cities—Delhi NCR, Mumbai Metropolitan Region, Bengaluru and Hyderabad—accounted for

But its revenue mix also reveals the limits of India's premium fitness market. The top four cities—Delhi NCR, Mumbai Metropolitan Region, Bengaluru and Hyderabad—accounted for more than 90% of its fitness centre revenues in 2025-26.

Their share has risen over the past two years, while that of smaller city clusters has declined. This skew highlights the narrow addressable market in India, where discretionary spending on premium, recurring fitness subscriptions remains concentrated in affluent urban and corporate hubs.

Even within these markets, apartment complexes are increasingly offering gym facilities, intensifying competition. That’s the demand side.

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