Company Overview
Waterways Leisure Tourism Limited operates as India's leading domestic ocean cruise operator under the 'Cordelia' brand, holding 79% market share in Fiscal 2025. The company currently operates one vessel 'MV Empress' with capacity for 2,005 guests and plans to expand by leasing two additional vessels ('Norwegian Sky' and 'Norwegian Sun') by 2027-2028. Incorporated in November 2020, the company converted to public limited status in March 2025 and maintains subsidiaries including Bay Cruise Investments Inc. (vessel ownership) and Baycruise Shipping and Leasing (IFSC) Private Limited (leasing operations).
Offer Details
The company proposes an Initial Public Offering (IPO) of up to ₹5,850 million through a fresh issue of equity shares. The price band will be announced two working days prior to the issue opening date, with the cap price set between 105-120% of the floor price. The issue opens on June 23, 2026 and closes on June 25, 2026, with anchor investor bidding on June 22, 2026. Allocation will follow SEBI ICDR Regulation 6(2) requirements: 75% to QIBs, 15% to NIBs, and 10% to RIBs.
Financial Performance
The company reported revenue of ₹5,797.45 million in Fiscal 2026, with profit of ₹521.43 million, showing recovery from previous losses. EBITDA stood at ₹1,174.80 million (20.3% margin), while total debt reached ₹1,019.01 million with a debt-to-equity ratio of 127.05% as of March 31, 2026. Key performance indicators include an 84.99% occupancy rate, average ticket price of ₹10,979.86 per passenger, and revenue per passenger of ₹12,036.39.
Use of Proceeds
Net proceeds of ₹5,850 million will be allocated primarily for vessel expansion: ₹3,846.34 million for lease payments to Baycruise IFSC for two new vessels, and ₹2,003.66 million for general corporate purposes. The lease commitments total approximately $320 million for the Norwegian Sky and Norwegian Sun vessels, with utilization scheduled across Fiscal 2027-2029.
Risk Factors
Significant risks include dependence on single-vessel operations, capital-intensive expansion requirements, vulnerability to economic conditions affecting discretionary travel, and regulatory compliance with maritime laws. The company faces tax demands of ₹252.03 million (direct) and ₹3.43 million (indirect), along with ongoing legal proceedings including TAMP claims for ₹120.96 million in passenger facilitation charges.
Market & Industry Context
India's ocean and coastal cruise industry was valued at ₹8,301 million in Fiscal 2025 and is projected to grow at 20-25% CAGR to ₹18,200-22,500 million by Fiscal 2031. Growth drivers include government initiatives (Cruise Bharat Mission, Maritime India Vision 2030), increasing disposable income, and infrastructure development through Sagarmala scheme. The company competes with global players like Carnival Corporation, Norwegian Cruise Line, and Royal Caribbean.
Management & Corporate Structure
Promoters include Global Shipping and Leisure Limited (99.27% pre-IPO holding) and Rajesh Chandumal Hotwani. Management is led by Jurgen Bailom (Chairman & CEO) with executive directors Aditya Gupta and Coralie Annamichele Ansari, supported by CFO Nishikant Upadhyay. The company employs 245 permanent staff and holds 26 registered trademarks with 18 applications pending.