Waterways Leisure Tourism Ltd (MAINBOARD)

Incorporated in 2020 and popularly known by its prominent brand name "Cordelia Cruises", Waterways Leisure Tourism Limited is India’s largest cruise operator. The company holds an approximate 79% market share in the Indian cruise leisure ecosystem as of FY25. It specializes in offering premium experiential holiday voyages, combining international maritime standards with custom Indian hospitality, multi-cuisine dining, and onboard entertainment.

Business Verticals

• Leisure & Destination Cruising: Operating standard and premium maritime tourism itineraries across domestic coastal destinations (Mumbai, Goa, Lakshadweep, Kochi, Chennai) and cross-border circuits (Sri Lanka, Thailand, Malaysia).

• Corporate & Event Charters: Providing institutional hospitality frameworks for large-scale MICE events (Meetings, Incentives, Conferences, Exhibitions), private destination weddings, and corporate brand launches onboard.

Track Record

• Fleet Capacity: Currently operates the flagship vessel MV Empress, which has hosted over 7.3 lakh guests. The company is actively expanding its operational footprint by acquiring additional vessels like Norwegian Sky and Norwegian Sun to add nearly 2,000 cabins.

• Financial Turnaround: Operational revenues grew steadily from ₹444.00 Cr in FY24 to ₹580.00 Cr in FY26.

• Profitability: Successfully executed a sharp structural turnaround, reporting a net profit (PAT) of ₹52.00 Cr in FY26 against a net loss of ₹123.00 Cr in FY24.

Waterways Leisure Tourism Ltd IPO Allotment Status

The allotment is scheduled to be finalized on June 29, 2026.

Check Waterways Leisure Allotment Status

To check your status online, visit the official tracking channels of the assigned registrar: Intime India Investor Portal

You can verify your status via:

• Registrar's website (MUFG Intime India Private Limited)

• BSE and NSE official mainboard tracking portals

• Using your PAN number, Application ID, or DP ID/Client ID

Strengths

• Dominant Market Share: Commands a powerful monopoly-like footprint, capturing nearly 79% of the premium organized cruise tourism market in India.

• Immediate Capacity Scaling: Upcoming integration of two newly added vessels ensures an immediate 3,900+ passenger capacity boost to capture growing premium travel demands.

• Excellent Operational Turnaround: Successfully wiped out pandemic-era asset drags to post healthy multi-crore net profits and robust cash inflows in FY26.

Weaknesses

• High Infrastructure Dependence: Growth timelines remain strictly capped by the availability of specialized international cruise terminals across Indian port authorities.

• Complex Maritime Regulations: Subject to strict multi-jurisdictional coastal environmental laws, maritime compliance codes, and variable luxury tax/GST brackets.

How the Company Will Use IPO Money

The fresh issue proceeds (₹585.00 Cr) will be utilized for:

• Lease & Fleet Infrastructure: Funding deposits, advance lease rentals, and monthly maritime lease payments to its step-down subsidiary, Baycruise IFSC (₹480.00 Cr).

• General Corporate Purposes: Meeting regular strategic media branding, technological backend installations, and standard public issue management expenses.

Lead Manager & Registrar

• Book Running Lead Managers: Centrum Capital Limited, Motilal Oswal Investment Advisors Limited, and Intensive Fiscal Services Private Limited

• Registrar: MUFG Intime India Private Limited

  Phone: +91 22 4918 6270

  Email: waterways.ipo@linkintime.co.in