Waterways Leisure Tourism Q2 FY27: PAT jumps to ₹58.5 crore

Result announcement and why it matters

Waterways Leisure Tourism, the operator of Cordelia Cruises, declared its consolidated results for Q2 FY27 on 9 October 2026, covering the July to September 2026 quarter. The company reported a sharp swing to profit versus the year-ago period, alongside year-on-year growth in revenue from operations. At the same time, the quarter showed a steep sequential decline in revenue and operating profit versus Q1 FY27, pointing to a mixed operating picture.

The September quarter is notable because the reported profit included a large exceptional gain booked by a subsidiary. Investors typically separate such one-off items from core operating performance when assessing consistency. The company also scheduled an investor conference call on October 9 to discuss Q2 and the first half performance.

Q2 FY27 headline numbers

For Q2 FY27, Waterways Leisure Tourism reported consolidated net profit of ₹58.49 crore. This compares with a consolidated loss of ₹8.9 crore in the year-ago quarter. Revenue from operations rose over 30 percent year-on-year to about ₹133 crore in Q2 FY27, up from about ₹102 crore in the corresponding quarter last fiscal.

Operating performance improved year-on-year as EBITDA turned positive. One disclosure cited EBITDA of ₹9.7 crore versus an EBITDA loss of ₹6.5 crore a year earlier. Another summary put EBITDA at ₹9.4 crore versus a loss of ₹5.9 crore and reported an EBITDA margin of 7.1%.

Sequential trend: Q2 versus Q1 FY27

On a quarter-on-quarter basis, the reported numbers showed a sharp divergence between profit and operating line items. In the July-September 2026 quarter, revenue came in at ₹132.90 crore, down 30.05% QoQ. Consolidated operating profit was reported at ₹6.23 crore, down 86.16% QoQ.

Despite the decline in revenue and operating profit, net profit increased sharply to ₹58.5 crore, up 154.35% QoQ. The company had posted net profit of about ₹23 crore in the April-June quarter of FY27.

Exceptional gain that boosted reported profit

The September quarter profit included an exceptional gain of ₹49.5 crore. This gain was recorded by the subsidiary Bay Cruise Investments Inc. as compensation received without obligation for the early delivery of the vessel Sky.

This disclosure matters because it helps explain why net profit rose strongly even as revenue and operating profit fell sequentially. Investors typically track whether profits are being generated from normal operations, or whether one-off items are driving quarter-to-quarter volatility.

First-half FY27 performance

For the six months ended September 30, the company reported a consolidated net profit of ₹81.3 crore, compared with ₹25.8 crore in the year-ago period. Revenue for the six-month period rose to ₹323 crore from ₹277.9 crore.

These first-half numbers indicate that, despite quarterly swings, the company reported higher revenue and profit compared with the first half of the prior year.

Q1 FY27 context: fuel costs and operating metrics

For the quarter ended June 2026 (Q1 FY27), the company reported consolidated revenue from operations of ₹190.11 crore and consolidated net profit of ₹22.77 crore. The company flagged higher fuel costs during the quarter while also reporting a consolidated net profit margin of around 12% for that period.

Operationally, the company reported a load factor of 105% for Q1, with average ticket price up 4.3% versus Q1 2025. It also reported serving more than 55,700 guests and 24,245 staterooms booked during the quarter, reflecting growth of around 10% over last year’s Q1.

Balance sheet expansion as of September 2026

The September 2026 balance sheet figures in the filing pointed to a sharp increase in the company’s financial position compared with end-March 2026. Total assets increased to ₹1,348.43 crore as of September 30, 2026, from ₹341.78 crore at the end of March 2026. Total equity rose to ₹727.34 crore from ₹80.20 crore over the same period.

Non-current financial assets, including loans and advances, increased to ₹434.81 crore from ₹13 crore.

Stock reaction and key market data (Oct 9)

Waterways Leisure Tourism shares fell on October 9, closing 2.13% lower at ₹100.85 versus the previous close of ₹103.05. The stock’s 52-week high was ₹118.55 and its 52-week low was ₹62.33.

The company’s market capitalisation was reported at ₹7,300.99 crore and free-float market cap at ₹401.59 crore. Trading volume during the day was 1.53 lakh shares with turnover of ₹1.57 crore.

Investor call scheduled on Oct 9

Waterways Leisure Tourism said it would hold an investor conference call on Friday, October 9, 2026, at 5:30 pm. The session was set to cover the company’s financial performance for Q2 FY27 and H1 FY27.

For market participants, such calls can help clarify how much of the quarter’s profit was attributable to exceptional items, and what management sees as the key operational drivers.

Market impact

The Q2 FY27 headline profit figure was supported by an exceptional gain of ₹49.5 crore, while sequential revenue fell from about ₹190 crore in Q1 FY27 to about ₹133 crore in Q2 FY27. Operating profit, as reported in the QoQ comparison, also dropped sharply from about ₹45 crore to about ₹6.23 crore. At the same time, EBITDA was reported as positive in Q2 FY27 at about ₹9.4-₹9.7 crore versus an EBITDA loss in the year-ago quarter.

This mix of stronger year-on-year revenue, positive EBITDA, and an exceptional gain-driven profit can influence how investors interpret earnings quality. It also frames the key questions for the scheduled investor call.

Conclusion

Waterways Leisure Tourism reported a September-quarter consolidated profit of ₹58.49 crore, reversing a year-ago loss, with revenue from operations rising to about ₹133 crore and EBITDA turning positive. The quarter also showed a sharp QoQ decline in revenue and operating profit, while profit was boosted by a ₹49.5 crore exceptional gain. The company’s investor conference call on October 9 is the next scheduled event for additional detail on Q2 and first-half performance.