Waterways Leisure Tourism opens ₹480.01 crore IPO to fund fleet expansion
Waterways Leisure Tourism Limited has opened its ₹480.01 crore IPO to fund the acquisition of Norwegian Sky and Norwegian Sun. The company, which operates the Cordelia Cruises brand, reported a turnaround to a profit of ₹52.14 crore in FY26 from a loss in FY24, with revenue reaching ₹579.75 crore.
*this image is generated using AI for illustrative purposes only.
Waterways Leisure Tourism Limited, operator of the Cordelia Cruises brand, has opened its initial public offering (IPO) with a fresh issue size of ₹480.01 crore to fund fleet expansion and general corporate purposes. The IPO opens on June 23, 2026, and closes on June 25, 2026, with allotment scheduled for June 29, 2026, and listing on July 1, 2026. The company commands approximately 79% market share in India's ocean cruise segment by value in Fiscal 2025.
The net proceeds from the issue will be utilized for payment towards deposit, advanced lease rental, and monthly lease payments to step-down subsidiary Baycruise IFSC for the acquisition of vessels Norwegian Sky and Norwegian Sun. The total advance lease rental commitments are USD 32.32 million for Norwegian Sky and USD 8.08 million for Norwegian Sun. The balance proceeds will be allocated to general corporate purposes.
Financial Performance
Waterways Leisure Tourism has demonstrated a significant turnaround in profitability over the last three fiscal years. The company reported a profit after tax (PAT) of ₹52.14 crore in FY26, compared to a profit of ₹168.19 crore in FY25 and a loss of ₹122.73 crore in FY24. Revenue from operations grew from ₹444.06 crore in FY24 to ₹579.75 crore in FY26.
| Metric (₹ Crore) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 444.06 | 590.61 | 579.75 |
| Total Revenue | 452.15 | 597.68 | 586.99 |
| Total Expenses | 560.40 | 483.70 | 508.74 |
| Profit Before Tax | -122.69 | 189.58 | 78.81 |
| Total Profit (PAT) | -122.73 | 168.19 | 52.14 |
The company’s financials reflect volatility, with FY25 profits including exceptional items of ₹75.59 crore. Total equity improved from a negative net worth of -₹118.07 crore in FY24 to ₹80.20 crore in FY26. However, the company faced negative operating cash flow of ₹96.44 crore in FY26, primarily due to an advance lease rental payment of USD 10 million for Norwegian Sky.
Operational Metrics and Risks
The company currently operates a single vessel, MV Empress, which poses a concentration risk. The vessel has a capacity of up to 2,005 guests and serves domestic destinations such as Mumbai, Goa, and Kochi, alongside international destinations including Sri Lanka and Singapore. The load factor (occupancy rate) stood at 84.99% in FY26, down from 91.63% in FY25.
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Load Factor | 78.54% | 91.63% | 84.99% |
| Direct Cabin Sales | 59.96% | 62.98% | 62.25% |
| Cruise Ticket Revenue % | 87.45% | 89.53% | 91.22% |
Statutory auditors had flagged material uncertainty related to going concern in FY24 due to accumulated losses and fully eroded net worth. While the company has since returned to profitability, risks remain regarding the aging fleet—MV Empress is 35 years old—and dependence on cruise ticket sales, which constituted 91.22% of total revenue in FY26.
How will the integration of the Norwegian Sky and Norwegian Sun vessels impact the company's operating margins given the significant advance lease rental commitments?
What strategies does Waterways Leisure Tourism plan to implement to reverse the declining load factor trend observed from FY25 to FY26?
Will the fresh issue proceeds be sufficient to cover the total lease commitments, or will the company require additional debt financing to complete the vessel acquisition?
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