IPO Overview
Waterways Leisure Tourism Ltd was incorporated in November 2020 and is one of India’s leading domestic ocean cruise operators. The company operates luxury cruise services through its vessel MV Empress, offering voyages across Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, along with international itineraries to Hambantota, Trincomalee, and Jaffna (Sri Lanka), Phuket (Thailand), Singapore, Kuala Lumpur, and Langkawi (Malaysia). Its itineraries are designed to showcase India’s coastal regions and cultural heritage.
As of March 31, 2026, more than 7.30 lakh guests had travelled on the vessel, which has covered over 3.21 lakh nautical miles across India and neighbouring countries. According to a CRISIL report, the company held nearly 79% market share in value terms in FY25, making it a leading player in India’s cruise tourism industry. MV Empress currently offers 796 cabins and can accommodate up to 2,005 guests. The company plans to expand its fleet with Norwegian Sky and Norwegian Sun, which are expected to add nearly 1,970 cabins and capacity for almost 3,940 additional passengers.
The company is launching its ₹585 crore IPO on the NSE and BSE mainboard platforms. The book-built issue is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component. The price band has been fixed at ₹769 to ₹808 per equity share of face value ₹10 each. The IPO opens on 23 June 2026 and closes on 25 June 2026, with listing expected around 1 July 2026 on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Bidding Date | 22 June 2026 |
| IPO Open Date | 23 June 2026 |
| IPO Close Date | 25 June 2026 |
| Allotment Date | 29 June 2026 (Expected) |
| Listing Date | 01 July 2026 (Tentative) |
| Price Band | ₹769 – ₹808 per share |
| Face Value | ₹10 per share |
| Lot Size | 18 shares |
| Minimum Investment (Retail) | ~₹14,544 (1 lot at upper band) |
| Issue Size | ₹585 crore |
| Fresh Issue | ₹585 crore (Full Fresh Issue) |
| Offer For Sale (OFS) | Nil |
Note: The Cordelia Cruises IPO is entirely a fresh issue of ₹585 crore, with no offer for sale component — meaning all net proceeds go to the company rather than to selling shareholders.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~75% |
| Non-Institutional Investors (NII) | ~15% |
| Retail Individual Investors (RII) | ~10% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The promoters of Waterways Leisure Tourism Ltd. are Global Shipping and Leisure Ltd. and Rajesh Chandumal Hotwani. Before the IPO, Global Shipping and Leisure Ltd. held the vast majority of the equity shares, specifically 64,681,880 shares. No promoter shares are being sold; the entire issue is fresh capital.
Objects of the Issue (Fund Utilization)
The proceeds from the fresh issue to the extent of Rs 480 crores will be for payment towards deposit/advance to lease rental and monthly lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (Baycruise IFSC), while the balance proceeds will be utilized for General Corporate Purposes.
- Payment towards deposits/advances and lease rentals for new vessels (via Baycruise IFSC) — ₹480 crore
- General corporate purposes — remaining proceeds (~₹105 crore)
Lead Managers & Registrar
- Book Running Lead Managers: Centrum Capital Ltd., Intensive Fiscal Services Private Ltd., Motilal Oswal Investment Advisors Ltd.
- Registrar to the Issue: MUFG Intime India Private Ltd. (formerly Link Intime India Private Ltd.)
Promoters & Management
The promoters of Waterways Leisure Tourism Ltd. are Global Shipping and Leisure Ltd. and Rajesh Chandumal Hotwani.
Key Management:
- Chairman, ED & CEO: Jurgen Bailom, bringing extensive experience in the global cruise industry
- CFO: Nishikant Upadhyay
- CS & Compliance Officer: Ankit Satish Shah
Company Details
Waterways Leisure Tourism operates the MV Empress, a cruise vessel with 796 cabins and a guest capacity of over 2,000 passengers.
Sectors Served:
- Domestic Cruise Tourism
- International Cruise Tourism (Sri Lanka, Thailand, Malaysia, Singapore)
- Travel & Leisure Hospitality
Key Capabilities:
- Dominant market position, premium customer experience, direct booking strength, and an asset-light operating model.
- Around 90% revenue comes from Cruise Ticket Sales, with the remainder from onboard revenue, commission, etc.
- Fleet expansion plans with two additional vessels (Norwegian Sky and Norwegian Sun)
Operational Scale:
- As of 31 March 2026, the company had 245 permanent employees.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT / (Loss) (₹ Cr) |
| FY24 | ₹452.15 | (₹122.73) |
| FY25 | ₹597.68 | ₹168.19 |
| FY26 | ₹586.99 | ₹52.14 |
Key Financial Metrics
- Revenue grew from ₹452.15 crore in FY24 to ₹597.68 crore in FY25, before easing slightly to ₹586.99 crore in FY26. Net worth turned positive, rising from -₹118.07 crore in FY24 to ₹32.78 crore in FY25 and ₹80.20 crore in FY26.
- It marked de-growth in its top and bottom lines for FY26. For the last three fiscals, the company has posted an average EPS of ₹9.52 and an average RoNW of 214.06%.
- The issue is priced at a P/BV of 65.64 based on its NAV of ₹12.31 as of March 31, 2026. If FY26 earnings are attributed to post-IPO equity, the asking price implies a P/E of 112.22; based on FY25 earnings, P/E stands at 34.78.
- Total borrowings rose from ₹5.18 crore in FY24 to ₹101.90 crore in FY26, alongside the company’s expansion plans.
- Higher debt-equity ratio of 1.27 as of March 31, 2026 raises a concern.
Company Strengths
- According to a CRISIL report, the company held nearly 79% market share in value terms in FY25, making it a leading player in India’s cruise tourism industry.
- Strong market position, premium customer experience, direct booking strength, and an asset-light operating model.
- Company has turned profitable and rebuilt its net worth after FY24 losses.
- Clear fleet expansion roadmap with two new vessels (Norwegian Sky and Norwegian Sun) to significantly increase capacity.
- Growth prospects remain attractive as cruise tourism penetration in India remains relatively low compared to global markets.
- Entire IPO is a fresh issue — no promoter exit, full funds directed to business expansion.
Key Risks & Challenges
- Single-vessel concentration risk: the company operates with one sole cruise vessel, “MV Empress,” and analysts flag high fleet-concentration risk along with heavy fixed lease commitments for upcoming vessels, making occupancy crucial for break-even.
- Profit after tax declined significantly in FY2026 despite stable revenue, and borrowings have increased.
- It marked de-growth in its top and bottom lines for FY26, which raises concern. Contingent liabilities of ₹25.20 crore for an Income Tax matter, as of March 31, 2026, raise alarm.
- The issue appears aggressively priced based on its recent financial data, with a P/E as high as 112.22 on an FY26 earnings basis.
- Revenue and profit have shown inconsistency over recent fiscals rather than steady growth.
- Heavy dependence on lease commitments for new vessels could pressure margins if passenger occupancy targets are not met.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
