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

But the 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 over 90% of fitness center revenues in 2025-26. While their share has increased in the last two years, the share of smaller city clusters has decreased. This skew underscores the narrow addressable market in India, where discretionary spending on premium and recurring fitness subscriptions is concentrated in affluent urban and corporate centres. Even in these markets, apartment complexes are increasingly offering gym amenities, intensifying competition. This is the demand side.