Financial Performance Summary

Q2 FY27 Consolidated Results:

  • Revenue: ₹1329.00 Mn (vs ₹1015.36 Mn in Q2 FY26, +31% YoY)
  • EBITDA: ₹776.82 Mn (vs ₹-24.00 Mn in Q2 FY26, +3337% YoY)
  • EBITDA Margins: 58.45% (vs -2.36% in Q2 FY26, +60.81% points)
  • PAT: ₹584.96 Mn (vs ₹-89.34 Mn in Q2 FY26, +755% YoY)
  • PAT Margins: 44.02% (vs -8.80% in Q2 FY26, +52.82% points)

H1 FY27 Consolidated Results:

  • Revenue: ₹3230.12 Mn (vs ₹2778.51 Mn in H1 FY26, +16% YoY)
  • EBITDA: ₹1242.12 Mn (vs ₹537.81 Mn in H1 FY26, +131% YoY)
  • EBITDA Margins: 38.45% (vs 19.36% in H1 FY26, +19.09% points)
  • PAT: ₹812.69 Mn (vs ₹258.34 Mn in H1 FY26, +215% YoY)
  • PAT Margins: 25.16% (vs 9.30% in H1 FY26, +15.86% points)

Operational Performance Drivers

Q2 FY27 Operational Highlights:

  • Revenue from operations reached ₹1329.00 Mn with contributions from ticket revenue and onboard & other revenue
  • Load factor: 75.53%
  • Average ticket price remained almost same YoY, reflecting stable demand and ticket yields
  • Higher utilization and ticket pricing supported growth in ticket revenue

H1 FY27 Operational Highlights:

  • Ticket revenue: ₹2768.14 Mn (primary contributor)
  • Onboard and other revenue: ₹460.08 Mn
  • Load factor: 91.23%
  • Average ticket price increased by 6% YoY, supported by sustained demand and improved ticket yields

Balance Sheet Position

As of September 30, 2026:

  • Total debt: ₹4125.28 Mn
  • Net worth: ₹7315.07 Mn
  • The company maintained a disciplined approach to balance sheet management while supporting ongoing operations

Strategic Developments and Expansion

Fleet Expansion:

  • Cordelia Sky delivered one month ahead of schedule, expanding overall capacity by approximately 126%
  • Operations scheduled to commence on October 23, 2026
  • Encouraging initial bookings reported for Sky
  • Cordelia Sun remains on track for scheduled delivery
  • Company has commenced evaluation of new fleet opportunities to advance long-term expansion roadmap

New Initiatives:

  • Launch of The Chairman's Club loyalty program with three key pillars: Rewards, Loyalty and Referrals
  • Program designed to deepen guest relationships through personalized engagement and meaningful rewards
  • Aims to encourage higher spending, drive repeat bookings through exclusive privileges, and reward guest referrals
  • Program spans bookings, on-board experiences, excursions and referrals

Management Commentary

Jurgen Bailom, Chairman of the Board, Executive Director and CEO commented:

  • Q2 and H1 FY27 were encouraging with continued demand across sailings and healthy ticket yields
  • Focus remained on optimizing capacity utilization, maintaining pricing discipline, and delivering differentiated guest experience
  • Execution with operational and financial discipline translated into strong financial performance
  • Addition of Cordelia Sky strengthens ability to cater to evolving demand for cruise holidays in India
  • Sky will add new dimension with expanded capacity and broader range of accommodation, dining, entertainment and leisure experiences
  • Focus for second half: scaling business sustainably, enhancing guest experience, and creating long-term value for stakeholders

Business Overview

About Cordelia Cruises:

  • India's premium cruise line designed for Indian travel preferences
  • Vision to make cruising a preferred holiday choice in India
  • Offers journeys across domestic and international destinations
  • Combines Indian hospitality with world-class service and onboard experiences

About Waterways Leisure Tourism Limited:

  • India's leading cruise company and pioneer of cruise holidays for Indian travelers
  • Building a cruise culture that is accessible and experience-led
  • Brings together hospitality, entertainment, and destinations in a single format at sea