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Waterways Leisure Tourism Limited IPO
Waterways Leisure Tourism Limited
₹13,842 /18 sharesMinimum investment
IPO details
Minimum investment
₹13,842
Price range
₹769 - ₹808
Lot size
18
Issue size
585 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
23 Jun 2026
IPO open date
25 Jun 2026
IPO close date
29 Jun 2026
Allotment date
29 Jun 2026
Funds unblock or debit
1 Jul 2026
Tentative listing date
About
Founded in
2020
MD/CEO
Mr Jurgen Bailom
Parent organisation
Waterways Leisure Tourism Limited
Waterways Leisure Tourism Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
According to the company and the CRISIL report cited in its prospectus, Waterways Leisure Tourism is a domestic ocean cruise operator in India. The company operates the MV Empress, which can accommodate up to 2,005 guests and offers voyages across domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, along with select international destinations including Sri Lanka, Malaysia, Thailand, and Singapore.
The company claims to offer an India-focused cruise experience through a combination of accommodation, dining, entertainment, and onboard amenities. Its cruise vessel features multiple dining venues, a casino, theatre, spa, swimming pools, children's academy, gaming arcade, fitness centre and rock-climbing wall, while also catering to weddings, MICE events, and chartered experiences.
The company has maintained a significant proportion of direct bookings, which may help improve margins and strengthen customer relationships. Cabins sold directly by the company increased from 36,769 in FY24 to 47,195 in FY25 and 47,895 in FY26, accounting for 59.96%, 62.98% and 62.25% of total cabins sold, respectively.
The company generates revenue from both cruise ticket sales and onboard services. Cruise ticket revenue stood at Rs 388.33 crore in FY24, Rs 528.79 crore in FY25 and Rs 528.86 crore in FY26, while onboard revenue stood at Rs 51.04 crore, Rs 53.37 crore and Rs 50.58 crore, respectively.
The company claims to have adopted an asset-light operating model by outsourcing several critical functions, including food and beverages, housekeeping, crewing, technical management, and entertainment to specialised service providers. This approach may help improve operational efficiency, scalability, and resource utilisation while allowing the management to focus on core business activities.
Waterways Leisure Tourism currently operates only one cruise vessel, MV Empress. Any mechanical failure, accident, prolonged maintenance requirement, or operational disruption involving this vessel could significantly affect revenue and operations, as the company currently lacks an alternative operating vessel.
The company derives a substantial portion of its revenue from cruise ticket sales. Cruise ticket revenue stood at Rs 388.33 crore in FY24, Rs 528.79 crore in FY25 and Rs 528.86 crore in FY26, contributing 87.45%, 89.53% and 91.22% of revenue from operations, respectively. Any decline in cruise ticket sales due to lower demand, pricing pressure, economic downturn, or changing consumer preferences could adversely affect the company's business, financial condition, and profitability.
The company has a limited operating history, having commenced cruise operations in September 2021. Given its relatively short operating track record, investors may find it difficult to assess the sustainability of its long-term growth and profitability.
The company has incurred losses in the past. It reported a loss of Rs 122.73 crore in FY24. Further, profit after tax declined from Rs 168.18 crore in FY25 to Rs 52.14 crore in FY26. Recurrence of losses or inability to maintain profitability in the future could adversely affect the company's financial condition, cash flows, and growth prospects.
The company reported negative cash flow from operating activities of Rs 96.43 crore in FY26, primarily due to an advance release rental payment of approximately Rs 86.38 crore (USD 10 million) for its new cruise vessel, Norwegian Sky. Although the company generated positive operating cash flows in FY25 and FY24, there can be no assurance that it will continue to do so in the future. Any sustained negative operating cash flows could adversely affect the company’s liquidity, financial condition, and results of operations.
The company's passenger load factor stood at 78.54% in FY24, 91.63% in FY25, and 84.99% in FY26. Failure to maintain high occupancy levels could adversely affect its financial performance, as cruise operations involve high fixed operating costs.
The company relies extensively on third-party service providers for critical functions, including hospitality management, logistics, procurement, and entertainment services. Expenses incurred towards key service providers amounted to Rs 114.58 crore in FY24, Rs 110.92 crore in FY25 and Rs 120.90 crore in FY26, representing 20.45%, 23.93% and 23.76% of total expenses, respectively. Any disruption or failure by these service providers could adversely affect operations and customer experience.
The company has acquired two new cruise vessels on lease and intends to fund a portion of the lease obligations through IPO proceeds. The company proposes to utilise approximately Rs 307.71 crore towards lease rentals for Norwegian Sky and Rs 76.92 crore towards lease rentals for Norwegian Sun. Any inability to make lease payments on time could lead to termination of lease agreements and adversely affect operations.
The company's business is heavily dependent on the Cordelia brand. Sales and marketing expenses stood at Rs 18.50 crore in FY24, Rs 21.43 crore in FY25, and Rs 19.88 crore in FY26. Any adverse publicity, deterioration in service quality, or damage to brand reputation could hurt customer demand and financial performance.
Cruise operations are exposed to adverse weather conditions, natural disasters, maritime incidents, and other unforeseen events. Such disruptions may result in itinerary changes, cruise cancellations, refunds, higher operating costs, and reputational damage, which could adversely affect the company's business and financial performance.
Application details
For Waterways Leisure Tourism IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹769 - ₹808 | Upto ₹2 Lakhs | 18 |
| High Networth Individual | ₹769 - ₹808 | ₹2 - ₹5 Lakhs | 18 |