Waterways Leisure Tourism

Waterways Leisure Tourism IPO

IPO Open Now

₹13,842

0.19 xOver-subscribed

Bidding Dates 23 Jun, 26 -25 Jun, 26

Min Investment ₹13,842

Lot Size18

Price Range ₹769 – ₹808

Issue Size ₹585.00 Cr.

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DRHP

IPO Subscription Details

Retail Subscription Details

0.98 x

Non-Institutional Buyers (sHNI)

0.1 x

Non-Institutional Buyers (bHNI)

0.01 x

Qualified Institutional Buyers (QIB)

0 x

Total

0.19 x

IPO Timeline

IPO Analysis

Strengths

The company is one of the domestic ocean cruise operators in India offering luxurious and inherent Indian experiences. In Fiscal 2025, the company accounted for approximately 79% of the market share in value terms.

The company's cruise experience is designed to cater to the preferences of Indian guests offering an immersive journey into India's rich culture, cuisine, and warm hospitality with diverse culinary options and live entertainment shows.

For Fiscal 2026, 2025 and 2024, the company directly sold 62.25%, 62.98% and 59.96% of the total cabins respectively. Direct bookings reduce commissions paid to travel agents and improve margins.

Risks

The company currently operates through a single cruise vessel, the 'MV Empress', exposing it to significant operational risks. Any disruption due to mechanical failure, accidents, or unforeseen events could lead to operational disruptions, lost revenue, substantial repair costs, and negative publicity that could severely impact business operations and financial condition.

The company derives 91.22%, 89.53% and 87.45% of revenue from cruise ticket sales in Fiscals 2026, 2025 and 2024 respectively. A decline in cruise ticket sales due to economic downturns, competition, changing consumer preferences, health concerns, or geopolitical uncertainties could significantly impact business operations and financial performance.

The company's cruise operations depend on limited third-party service providers for critical services including technical and crew management, hospitality management, and entertainment, representing 23.76% of total expenses in Fiscal 2026. Any disruption in services from these providers could significantly impact ship operations and guest experience.

Objectives

The company proposes to utilize proceeds for deposit/advance lease payment and charter hire charges to Baycruise IFSC for acquisition of vessels Norwegian Sky and Norwegian Sun on lease. The funds will cover advanced lease rental payments and monthly lease rentals post delivery date of the vessels.

The company intends to deploy balance proceeds towards general corporate purposes including rental and administrative payments, wages, salaries, employee benefits, meeting ongoing contingencies and expenses in ordinary course of business, funding growth opportunities and strategic initiatives.

Yearly Financial Results

Annual Financials	Mar 2024	Mar 2025	Mar 2026
Revenue	444.06	590.61	579.75
Expenses	560.40	483.70	508.74
Other Income	8.09	7.08	7.25
Total Revenue	452.15	597.68	586.99
Profit Before Tax	-122.69	189.58	78.81
Net Profit	-122.73	168.19	52.14

Show % Change

Above figures are in Rs. Crores

Balance Sheet

Balance Sheet	Mar 2024	Mar 2025	Mar 2026
Total Assets	399.20	247.37	341.78
Current Assets	42.63	148.52	102.68
Fixed Assets	356.57	98.86	239.10
Total Equity & Liabilities	399.20	247.37	341.78
Total Liabilities	517.27	214.59	261.57
Current Liabilities	274.25	193.56	197.44
Non Current Liabilities	243.02	21.04	64.14
Total Equity	-118.07	32.78	80.20

Show % Change

Above figures are in Rs. Crores

Cash Flow

Cash Flow	Mar 2024	Mar 2025	Mar 2026
Net Cash Flow	9.21	15.66	-27.33
Investing Activities	-74.52	-66.02	10.48
Operating Activities	230.07	129.67	-96.44
Financing Activities	-146.33	-47.99	58.62

Show % Change

Above figures are in Rs. Crores

About Waterways Leisure Tourism

The company is one of the domestic ocean cruise operators in India, offering luxurious and inherent Indian experiences. The company operates the cruise vessel 'MV Empress' with a capacity of up to 2,005 guests, sailing to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, as well...more

Website

www.cordeliacruises.com

Managing Director

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Part of Raise Financial Services

SEBI Stock Broker Registration No: INZ000006031 | Depository Participant (CDSL) ID: IN-DP-289-2016 | SEBI Research Analyst Registration No: INH000023357 Exchange Membership No. : NSE: 90133 | BSE: 6593 | MCX: 56320

Registered Office: Unit No. 2201, 22nd Floor, Gold Medal Avenue, S.V. Road, Beside Patel Petrol Pump, Piramal Nagar, Goregaon West, Mumbai - 400104