Waterways Leisure Tourism Limited, the operator of Cordelia Cruises, will open its ₹585 crore initial public offering on June 23, 2026. The issue will close on June 25, with listing scheduled on the NSE and BSE on July 1.
The IPO consists entirely of a fresh issue of around 0.72 crore equity shares. There is no offer-for-sale component.
IPO details
| Particulars | Details |
|---|---|
| Issue size | ₹585 crore |
| Issue type | Fresh issue |
| Price band | ₹769-808 per share |
| Opening date | June 23, 2026 |
| Closing date | June 25, 2026 |
| Listing date | July 1, 2026 |
| Lead manager | Centrum Broking Limited |
| Registrar | MUFG Intime India Pvt. Ltd. |
As of June 22, shares were trading at around ₹817 in the grey market, implying a premium of ₹9 per share, or about 1.1%, over the upper price band of ₹808.
About the company
Waterways Leisure Tourism is among India’s largest domestic ocean cruise operators.
Its flagship brand, Cordelia Cruises, offers cruise holidays focused on Indian hospitality, entertainment and cultural experiences. The company operates MV Empress, which sails to destinations including:
- Mumbai
- Goa
- Kochi
- Chennai
- Lakshadweep
- Visakhapatnam
- Puducherry
International routes include:
- Sri Lanka
- Thailand
- Singapore
- Malaysia
By March 31, 2026:
- More than 7.3 lakh passengers had travelled on its cruises.
- The vessel had covered about 3.21 lakh nautical miles.
- The company employed 245 permanent employees.
MV Empress features
The ship has:
- 796 cabins and suites
- Restaurants
- Entertainment shows
- Casino
- Spa facilities
- Swimming pools
- Fitness areas
- Children’s activity zones
- Corporate event spaces
- Wedding venues
The company follows an asset-light approach and generates most bookings through:
- Website
- Mobile app
- Call centres
- Customer support channels
According to the company, it held around 79% market share in India’s domestic ocean cruise industry in FY25. It also plans to add Norwegian Sky and Norwegian Sun to its fleet.
Promoters
The promoters are:
- Global Shipping and Leisure Limited
- Rajesh Chandumal Hotwani
No offer for sale
No promoter or investor is selling shares through the IPO. The entire issue comprises newly issued shares.
Use of proceeds
The company plans to deploy the IPO proceeds as follows:
Major allocation
- ₹480.01 crore towards deposit, advance lease rentals and monthly lease payments to step-down subsidiary Baycruise Shipping and Leasing (IFSC) Private Limited.
Remaining funds
The balance amount will be used for:
- General corporate purposes
- Business expansion
- Operational requirements
- Strategic initiatives
Financial performance
Revenue remained largely flat during FY26.
FY26 performance
- Revenue from operations: ₹579.75 crore
- FY25 revenue: ₹590.61 crore
- Decline: 1.84%
Profitability weakened sharply.
- Net profit in FY25: ₹52.14 crore
- Net profit in FY24: ₹168.19 crore
- Decline: 69%
Key ratios
- EBITDA margin: 20%
- PAT margin: 9%
- ROE: 0.92%
- ROCE: 1.14%
- EPS: ₹8
- Debt-to-equity ratio: 1.27x
- Net asset value per share: ₹12.31
Peer comparison
Domestic peers
| Company | Revenue (₹ crore) | RoNW |
|---|---|---|
| Chalet Hotels | 2,769.75 | 19.40% |
| Lemon Tree Hotels | 1,444.45 | 11.73% |
| Juniper Hotels | 1,047.68 | 5.06% |
| Samhi Hotels | 1,247.80 | 34.07% |
| Taj GVK Hotels | 508.45 | 39.48% |
| Wonderla Holidays | 518.77 | 4.64% |
| Imagicaaworld Entertainment | 373.85 | 0.10% |
Global peers
| Company | Revenue (₹ crore) | RoNW |
|---|---|---|
| Royal Caribbean Cruises | 42,401.61 | 9.37% |
| Carnival Corporation & PLC | 58,716.51 | 2.08% |
| Norwegian Cruise Line Holdings | 14,689.32 | 4.52% |
Strengths
Key positives
- Leading player in India’s domestic cruise market.
- Strong brand recall through Cordelia Cruises.
- Wide range of domestic and international routes.
- Diversified onboard offerings.
- Experienced management team.
- Dominant market share.
Risks
Key concerns
- Dependence on discretionary consumer spending.
- High capital and maintenance requirements.
- Travel demand may weaken during economic slowdowns.
- Limited fleet size creates concentration risk.
- Regulatory changes could affect operations and profitability.
Conclusion
Waterways Leisure Tourism offers investors exposure to India’s developing cruise tourism market through the Cordelia Cruises brand. The company enjoys a dominant position in the segment, though profitability has weakened and the business remains capital intensive.
Investors should weigh growth opportunities against industry risks and the company’s financial profile before making an investment decision.
TL;DR
Waterways Leisure Tourism’s ₹585 crore IPO opens on June 23 at a price band of ₹769-808. The issue is entirely a fresh offer. Operator of Cordelia Cruises, the company holds a dominant position in India’s cruise market, though profitability and capital intensity remain key concerns.
AI Summary
- ₹585 crore IPO opens June 23 and closes June 25.
- Price band fixed at ₹769-808 per share.
- No offer-for-sale; entire issue is a fresh issue.
- Cordelia Cruises held about 79% market share in FY25.
- Major risks include high capital requirements and dependence on tourism demand.