Company Overview

Waterways Leisure Tourism Limited (formerly Waterways Leisure Tourism Private Limited), operating as Cordelia Cruises, is India's only domestic ocean cruise operator as of December 31, 2024. The company offers premium cruising with Indian hospitality and cultural experiences, with extensive domestic itineraries covering Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, and international itineraries covering Sri Lanka (Hambantota, Trincomalee & Jaffna) and destinations including Phuket, Singapore, Kuala Lumpur, and Langkawi.

Financial Performance - Q2 FY27

For the second quarter ended September 30, 2026, the company reported:

  • Revenue from operations: ₹1,329 million, representing 31% year-over-year growth
  • EBITDA*: ₹777 million, representing 3,337% year-over-year growth
  • EBITDA Margin*: 58.45%, an increase of 61 basis points year-over-year
  • PAT: ₹585 million, representing 755% year-over-year growth
  • PAT Margin: 44.02%, an increase of 53 basis points year-over-year
  • EPS: ₹0.85 (not annualized)

Financial Performance - H1 FY27

For the half year ended September 30, 2026, the company reported:

  • Revenue from operations: ₹3,230 million, representing 16% year-over-year growth
  • EBITDA*: ₹1,242 million, representing 131% year-over-year growth
  • EBITDA Margin*: 38.45%, an increase of 19 basis points year-over-year
  • PAT: ₹813 million, representing 215% year-over-year growth
  • PAT Margin: 25.16%, an increase of 16 basis points year-over-year
  • EPS: ₹1.20 (not annualized)

Operational Metrics

Key operating metrics for H1 FY27:

  • Load Factor: 91.2%
  • Available Passenger Cruise Days (APCD): 249,798 days
  • Passenger Cruise Days (PCD): Not explicitly stated but implied from other metrics
  • Revenue per PCD: ₹12,931
  • Gross Ticket Revenue: ₹3,266 million
  • Net Revenue (Gross Ticket Revenue excluding GST): ₹2,768 million
  • Average Ticket Price: ₹11,082

Fleet Expansion and Vessel Details

The company has significantly expanded its fleet:

MV Empress (in operations since 2021):

  • Total Staterooms: 796
  • Stateroom categories: Chairman's Suite (1), Suite (5), Mini Suite (63), Ocean View (416), Interior (311)

Norwegian Sky (sailing from October 23, 2026):

  • Capacity: 2,004 guests at double occupancy
  • Total Staterooms: 1,002
  • Dining options: 10
  • Bars and lounges: 11
  • Stateroom categories: Chairman's Suite (4), Penthouse Suite (11), Mini Suite (245), Ocean View (319), Interior (423)
  • Amenities: 2 swimming pools, 5 hot tubs, spa & salon, fitness center, medical center, casino, 930-seat theatre, kids academy, teen club, gaming arcade, and sports court

Norwegian Sun:

  • Capacity: 1,936 guests at double occupancy
  • Total Staterooms: 968
  • Dining options: 12
  • Bars and lounges: 12
  • Stateroom categories: Chairman's Suite (2), Penthouse Suite (18), Mini Suite (412), Ocean View (243), Interior (293)
  • Amenities: 2 swimming pools, 5 hot tubs, spa & salon, fitness center, medical center, casino, 930-seat theatre, kids academy, teen club, gaming arcade, and sports court

Fleet Comparison:

  • Current Fleet (Empress + Sky): 1,798 staterooms (126% increase with addition of Sky)
  • Fleet at Full Scale (Empress + Sky + Sun): 2,766 staterooms

Corporate Structure and Agreements

The company's subsidiaries have entered into Bareboat Charter Agreements with Norwegian Sky Limited and Norwegian Sun Limited. The company has also entered into time charter agreements with Baycruise IFSC for chartering the new vessels "Norwegian Sky" and "Norwegian Sun".

Balance Sheet Highlights (Consolidated)

As of September 30, 2026:

  • Total Assets: ₹13,484 million (vs. ₹3,418 million as of March 31, 2026)
  • Non-current assets: ₹7,661 million (includes Property, Plant and Equipment: ₹544 million, Capital Work-in-Progress: ₹367 million, Right of use assets: ₹299 million, Loans and advances: ₹4,348 million)
  • Current assets: ₹5,824 million (includes Trade receivables: ₹315 million, Cash and cash equivalents: ₹70 million, Bank balance other than cash: ₹2,112 million)
  • Total Equity: ₹7,273 million (vs. ₹802 million as of March 31, 2026)
  • Non-current liabilities: ₹939 million
  • Current liabilities: ₹5,272 million

Board of Directors

  • Chairman of the Board, Executive Director and CEO: Founding member of Indian Cruise Line Association with experience in cruise line, shipping, hospitality, resort and tourism industry
  • Anil Kumar Chopra: Independent Director with over 3 years of experience in steel processing and 39 years in Indian Navy
  • Aditya Gupta: Executive Director with over 19 years of experience in marketing and sales in tourism sector
  • Roopa Iyer: Independent Director with over 8 years of experience in event management and film production
  • Coralie Annamichele Ansari: Executive Director with over 12 years of experience in human resources
  • Suranjan Bhattacharjee: Independent Director with over 5 years of experience in sports agency sector

Industry Context

  • Highly consolidated global market with major cruise players accounting for 70-80%+ of the industry
  • High entry barriers due to capital-intensive operations and stringent regulations
  • India's overnight ocean & coastal cruise market grew from ₹5,764 million (FY20) to ₹8,301 million (FY25) at ~8% CAGR
  • Estimated to reach ₹7,325 million in FY26E and ₹18,200-22,500 million in FY31P with ~20-25% CAGR
  • Significant growth potential with cruise penetration in India at ~0.01% compared to ~5.7% in North America