Waterways Leisure Tourism Ltd.

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Overview

Waterways Leisure Tourism Limited operates Cordelia Cruises, a premium domestic ocean cruise line in India delivering culture-led, India-centric cruise vacations on the MV Empress. The company runs coastal and select international itineraries from Indian ports (including Mumbai and Chennai) and monetizes both cruise ticket sales and onboard spending (dining, entertainment, shore excursions and other amenities), while outsourcing several shipboard and technical functions to specialist third-party operators.

Opening Date

Jun 23, 2026

Closing Date

Jun 25, 2026

Listing Date

Jul 01, 2026

IPO Type

Mainboard

IPO Status

Closed

Issue Size

585 Cr

Fresh Issue

585 Cr

Offer for Sale

0 Cr

Price Band

₹769 - ₹808

Lot Size

IPO Price

₹808.00

Listing Price

₹690.00

Listing Gains

-14.60%

Est. Listing Gains

-6.31%

GMP Trend

Listed 8.29% below GMP estimate

IPO Timeline

Jun 23, 2026

Open Date

Jun 25, 2026

Close Date

Jun 29, 2026

Allotment Date

Jun 30, 2026

Initiation of Refunds

Jul 01, 2026

Listing Date

Financials

Revenue

Profit After Tax (PAT)

Use of IPO funds

Total IPO size₹585 Cr

Payment towards deposit/ advanced lease rental and monthly lease payments to our step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited ('Baycruise IFSC').₹480.01 Cr

General corporate purposes—

Key Performance Indicator

P/E Ratio

100.96

EPS

ROE

0.92%

ROCE

1.14%

RONW

92.7%

Debt to Equity Ratio

1.27

PAT Margin

0.09%

EBITDA Margin

0.2%

P/B

65.64

Bull vs Bear

📈

Bull case

•
India-focused cruise product with 796 cabins and 2,005-guest capacity; onboard revenue is 8.72% (₹505.76 million), showing monetization beyond tickets.
•
Distribution advantage: 62.25% of 76,936 cabins sold directly; 148 cruise holiday experts support direct bookings, reducing reliance on 37.75% travel-agent channel.
•
Industry tailwind: overnight ocean/coastal cruise market projected from ₹18,200 million to ₹22,500 million by Fiscal 2031, implying 20%–25% CAGR (CRISIL).

📉

Bear case

•
Operations depend on a single vessel, MV Empress; any disruption could halt service, with no alternative fleet today (fleet size 1; 2,005 capacity).
•
Revenue concentration in cruise ticket sales: 91.22% of FY26 revenue from operations (₹5,288.56 million); weaker ticket demand hits total revenue quickly.
•
Ownership and operation split: MV Empress owned by Bay Cruise Investment Inc. (BVI); legal/regulatory issues at that entity can indirectly affect operations.

Net takeaway

At its core this is a bet on sustaining profitability after FY25 exceptional gains of ₹755.89 million, with FY26 PAT ₹521.43 million on ₹5,797.45 million revenue. If you believe 84.99% passenger load factor can be maintained while capacity expands beyond 1 vessel, upside holds. If not, fixed-cost leverage risk holds. Keep watching occupancy and cash generation: FY26 operating cash flow was (₹964.35) million, driven by USD 10 million (₹863.79 million) advance lease payment.

Subscription Rate

Category	Shares Bid For	Shares Offered	Times Subscribed
Non-Institutional Investors	3.62 L	10.86 L	0.33x
Retail Individual Investors	18.00 L	7.24 L	2.49x
Total	21.64 L	39.82 L	0.54x

Application Details

GMP data not available yet

Frequently Asked Questions

The Waterways Leisure Tourism Ltd. IPO is scheduled to open for subscription on Jun 23, 2026 and close on Jun 25, 2026. Investors can apply for shares during this period through eligible platforms.

The price band for the Waterways Leisure Tourism Ltd. IPO is ₹769 to ₹808. Investors can place bids within this range once the issue opens.

The minimum lot size for the Waterways Leisure Tourism Ltd. IPO is 18 shares. The minimum investment amount ₹14,544.

The total issue size of the Waterways Leisure Tourism Ltd. IPO is approximately ₹585.00. Issue size represents the total value of shares offered to the public.

As per the latest available information, the Waterways Leisure Tourism Ltd. IPO has been subscribed 0.54 times. Subscription levels can change significantly during the offer period.

The Grey Market Premium (GMP) for the Waterways Leisure Tourism Ltd. IPO is ₹[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.

The shares of Waterways Leisure Tourism Ltd. are expected to list on stock exchanges on Jul 01, 2026, subject to completion of the allotment process and regulatory approvals.

The net proceeds from the Waterways Leisure Tourism Ltd. IPO are proposed to be used for Our Company proposes to utilise the Net Proceeds from the Issue towards funding the following objects:, Payment towards deposit/ advanced lease rental and monthly lease payments to our step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited ('Baycruise IFSC')., General corporate purposes.

Before applying for the Waterways Leisure Tourism Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.