Waterways Leisure Tourism Limited reported a consolidated net profit of ₹22.77 crore for the quarter ended June 30, 2026, a decline from ₹34.77 crore in the corresponding period of the previous year. The contraction was primarily driven by a surge in fuel costs due to geopolitical tensions in the Middle East, which impacted EBITDA margins despite strong revenue growth. Revenue from operations rose to ₹1,901.12 million in Q1FY27, up from ₹1,763.15 million in Q1FY26, supported by a load factor of 105% and a 4.3% increase in average ticket prices.

Financial Performance

The company’s standalone net profit stood at ₹273.47 million for Q1FY27, down from ₹373.09 million in Q1FY26. Total income increased to ₹1,924.09 million from ₹1,773.45 million year-on-year. However, total expenses rose sharply to ₹1,547.73 million from ₹1,273.78 million, largely due to fuel and crew-related costs. EBITDA declined to ₹498.91 million from ₹580.91 million, with the EBITDA margin contracting to 26% from 33%. Profit before tax was ₹376.36 million, compared to ₹499.67 million in the prior year.

Operational Highlights

Waterways Leisure served more than 55,700 guests during the quarter, with 24,245 staterooms booked, reflecting a 10% growth over the previous year. The company achieved a load factor of 105%, indicating capacity optimization beyond base berths. Average ticket prices rose by 4.3% to ₹11,581. Gross ticket revenue reached ₹2,082.6 million, including GST. Available Passenger Cruise Days (APCD) were recorded at 144,872, while Passenger Cruise Days (PCD) stood at 152,397.

Cost Pressures and Mitigation

Fuel costs per APCD surged to ₹2,489 from ₹1,507 in the prior year, driven by global price escalation. Crew-related costs per APCD increased by 17% to ₹1,040, following planned salary revisions aligned with international maritime standards. Nishikant Upadhyay, CFO, noted that fuel expenses impacted EBITDA by approximately ₹14 crore. The company plans to recover some fuel costs through surcharges on new bookings, with effects expected to appear in Q2 and Q3FY27. Additionally, finance costs doubled to ₹4 crore due to a loan from IDFC First Bank, taken to maintain credit ratings.

Fleet Expansion and Future Outlook

Jurgen Bailom, CEO, highlighted the upcoming delivery of the new vessel, Cordelia Sky, scheduled for September 25, 2026, with its maiden voyage set for October 23, 2026. The ship will feature 245 suites and balcony cabins, compared to 69 on the current vessel, Empress, potentially doubling revenue per ship. Advanced bookings for Cordelia Sky have reached ₹65 crore, expected to generate ₹110–115 crore in revenue for shorter sailings. The company is also expanding its presence in Lakshadweep and testing new ports on the West Coast. International sailings to Sri Lanka, Maldives, Singapore, Indonesia, and Thailand are planned for FY28.

What the Numbers Show

Despite margin pressure from fuel costs, Waterways Leisure’s operational efficiency remains robust, with a 105% load factor and strong ticket pricing power. The upcoming fleet expansion, particularly the addition of Cordelia Sky, is poised to significantly enhance revenue potential through improved cabin mix and shared fixed costs across multiple vessels. This strategic move should help mitigate per-unit costs and improve long-term profitability.

Waterways Leisure Tourism Limited has submitted a regulatory disclosure to BSE Limited and the National Stock Exchange of India Limited, informing both exchanges of an audio recording from its analyst and investor meet held on July 23, 2026. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Analyst Meet Details

The meeting focused on the company's unaudited financial results for the quarter ended June 30, 2026, covering both consolidated and standalone financials. The key details of the disclosure are outlined below:

Recording Availability

The audio recording of the analyst and investor discussion has been made available on the company's official website under the investor relations section. Stakeholders and investors can access the recording at the following link: https://www.cordeliacruises.com/investor-relation?tab=financialInfo .

The disclosure was signed and submitted by Ankit Satish Shah, Company Secretary and Compliance Officer (ACS: 68732), on behalf of Waterways Leisure Tourism Limited (formerly Waterways Leisure Tourism Private Limited). The company is registered with CIN No. U63030MH2020PLC440323 and is headquartered at A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel East, Delisle Road, Mumbai – 400013.