Waterways Leisure Tourism Q2FY27 Results: Revenue up 31%, EBITDA margin 58.45%
- Revenue from operations rose 31% YoY to ₹1,329 million in Q2FY27
- EBITDA margin stood at 58.45% with profit after tax of ₹585 million
- New vessel Cordelia Sky delivered early, increasing capacity by 126%
- Fuel costs per APCD surged to ₹2,471, impacting half-year margins
*this image is generated using AI for illustrative purposes only.
Waterways Leisure Tourism Limited, operating as Cordelia Cruises, reported a 31% year-on-year increase in revenue from operations to ₹1,329 million for the second quarter of fiscal year 2027. The company posted a profit after tax of ₹585 million, reflecting a robust operational performance driven by improved load factors and average ticket prices.
The quarter’s EBITDA stood at ₹777 million, translating to an EBITDA margin of 58.45%. This strong margin performance occurred despite significant headwinds from rising fuel costs, which the management stated were partially offset by disciplined cost management and fuel surcharges. For the half-year ended September 30, 2026, revenue grew 16% year-on-year to ₹3,230 million, with an EBITDA margin of 38.45%.
Operational Metrics and Capacity Expansion
The company’s load factor improved to 75.53% in Q2FY27, up marginally from the previous year. For the half-year, the load factor increased significantly to 91.23% from 87.79% in the corresponding period last year. Average ticket price rose to ₹10,300 in Q2FY27 from ₹9,529 in Q2FY26, while average revenue per passenger increased to ₹13,645 from ₹10,349.
A key development for the company is the early delivery of its new vessel, Cordelia Sky, which arrived in Mumbai on October 9, 2026, ahead of schedule. The vessel, with a capacity of 2,400 guests across 1,002 staterooms, will commence sailing on October 23, 2026. This addition increases overall fleet capacity by approximately 126%. Revenue contribution from Cordelia Sky is expected to begin in the second half of FY27.
| Metric | Q2FY27 | Q2FY26 | Change |
|---|---|---|---|
| Revenue from Operations | ₹1,329 million | ₹1,015 million | +31% |
| EBITDA | ₹777 million | N/A | N/A |
| EBITDA Margin | 58.45% | N/A | N/A |
| Profit After Tax | ₹585 million | N/A | N/A |
| Load Factor | 75.53% | N/A | Improved |
| Average Ticket Price | ₹10,300 | ₹9,529 | +8.1% |
Cost Pressures and Financial Position
Fuel costs remained a primary challenge, with fuel cost per available passenger cruise day (APCD) rising to ₹2,471 in Q2FY27 from ₹1,434 in Q2FY26. Management estimated the incremental fuel impact for the half-year at approximately ₹28 crore. To mitigate this, the company implemented fuel surcharges of $15-$20 per person per day and optimized itineraries. Despite these pressures, the company maintained a healthy debt-to-equity ratio of 0.57%.
The company received $5.2 million in compensation from Norwegian Sky Limited for the early handover of Cordelia Sky. Additionally, Waterways Leisure Tourism advanced ₹4,290 million towards the acquisition of new vessels, reflecting its aggressive expansion strategy. The company is currently exploring further fleet expansion beyond the upcoming Cordelia Sun, which is scheduled for delivery in 11 months.
What the Numbers Show
A divergence between quarterly and half-year margins highlights the timing of cost absorption and revenue recognition. While Q2FY27 EBITDA margin was exceptionally high at 58.45%, the H1FY27 margin was lower at 38.45%. This suggests that the first quarter may have borne heavier fixed costs or that the second quarter benefited from specific high-margin itineraries or one-off items like the early delivery compensation. Furthermore, the sharp rise in average revenue per passenger (from ₹10,349 to ₹13,645) outpaced the growth in average ticket price, indicating a successful upsell strategy on onboard services and premium cabin categories.
How will the 126% increase in fleet capacity from Cordelia Sky impact load factor sustainability and pricing power in H2FY27?
What is the projected timeline for Cordelia Sun's delivery, and how might its integration affect the company's debt profile given the recent ₹4,290 million capital outlay?
Can Cordelia Cruises maintain its current fuel surcharge strategy without eroding demand if global fuel prices remain elevated through FY28?
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