Waterways Leisure Tourism (Cordelia Cruises) Summary
The business operation includes cruise tourism and hospitality through its flag brand "Cordelia Cruises," which is the only upscale cruise operator in India. "Waterways Leisure Tourism" has the cruise ship known as "MV Express" that operates within the domestic destination such as Mumbai (Maharashtra state), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh state), and Puducherry. Apart from domestic destinations, it also offers cruise services on an international basis at various places such as Hambantota, Trincomalee, and Jaffna in Sri Lanka. Cruise tickets have been sold by WLTPL for its maiden trips to various places like Phuket (Thailand), Singapore, Kuala Lumpur, and Langkawi (Malaysia).
In respect of the processes used within the business, the organization uses the cruise ship "MV Express" to provide exciting cruises along with various facilities. The organization deals with numerous customers from the local and international segment. The organization can generate regular income as the firm is a pioneer in providing ocean cruise tourism in India with various facilities, operates in the India segment of cruise tourism, has numerous direct bookings for maximizing margins, outsources various functions for effectiveness, and has experienced management generating profits.
BSE, NSE book-built issue by Waterways Leisure Tourism Ltd., wherein face value is ₹10 per share with the price band of ₹769.00–₹808.00 per share. Issue size of ₹585.00 Cr (entirely fresh issue). Issue is bifurcated between QIBs (not less than 75% of the issue), Retail Investors (not more than 10% of the issue), and NII Investors (not more than 15% of the issue), and tentative listing of the stock will be on BSE, NSE on 1st July 2026.
Waterways Leisure Tourism (Cordelia Cruises) IPO Details:
Waterways Leisure Tourism (Cordelia Cruises) Limited Issue Management:
Motilal Oswal Investment Advisors Ltd., Intensive Fiscal Services and Centrum Capital acts as the book-running lead manager for Waterways Leisure Tourism (Cordelia Cruises) NSE BSE Mainboard IPO, managing underwriting and compliance.
Waterways Leisure Tourism (Cordelia Cruises) Limited IPO RTA (Registrar) Details:
MUFG Intime India Pvt.Ltd. handles allotment, refunds, and demat credits - contact at +91-22-4918 6270 or waterwaysleisure.ipo@in.mpms.mufg.com.
Waterways Leisure Tourism (Cordelia Cruises) Limited IPO Allotment Status:
To check your IPO allotment status:
Visit the MUFG Intime India Pvt.Ltd. IPO Application Status page.
Select the company name from the dropdown menu.
Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Click Submit to view your allotment status.
Waterways Leisure Tourism BSE, NSE IPO totals ₹585.00 Cr (entirely fresh issue). The face value is ₹10 per share and the price band is ₹769.00–₹808.00 per share (book-built issue on BSE, NSE Mainboard).
Waterways Leisure Tourism (Cordelia Cruises) Limited IPO proceeds from the fresh issue will be deployed towards:
Waterways Leisure Tourism (Cordelia Cruises) IPO offers 72,40,099 equity shares (fresh issue ₹585.00 Cr only)
The anchor bidding for Waterways Leisure Tourism Ltd. BSE, NSE IPO is scheduled one working day before the issue opens on 23rd June 2026 (i.e., 22nd June 2026). Anchor investors will be allotted shares from the QIB portion (within the overall QIB tranche, as per mainboard IPO structure). As per the IPO reservation details, the QIB portion accounts for not less than 75% of the issue, with anchor investors getting a part of this QIB portion. The NII (HNI) portion is not more than 15% and the Retail portion is not more than 10%.
Lock-in: The anchor allocation follows standard mainboard IPO norms, where 50% of the anchor shares are locked in for 3 months and the remaining 50% for 6 months from the listing date. The issue is scheduled to list on 1st July 2026 on BSE, NSE.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening. Motilal Oswal Investment Advisors is the Book Running Lead Manager (BRLM) to the issue, and the registrar for the IPO is MUFG Intime India Pvt. Ltd.
Waterways Leisure Tourism Ltd.'s revenue decreased by 2% and profit after tax (PAT) dropped by 69% between the financial year ending with March 31, 2026 and March 31, 2025. Profit generated by Waterways Leisure Tourism Ltd. is through cruise tourism and hospitality operations under Cordelia Cruises brand, offering domestic and international cruise itineraries.
From the performance point of view, there has been a decline in performance of the firm as seen from the fall in Total Income from ₹452.15 crore in FY24 to ₹597.68 crore in FY25 and then fell to ₹586.99 crore in FY26 (-2% growth between FY25 and FY26). From the profit point of view, the PAT of the firm rose from -₹122.73 crore loss in FY24 to ₹168.19 crore in FY25, but fell sharply to ₹52.14 crore in FY26 (-69% growth between FY25 and FY26). On the other hand, from the perspective of EBITDA, the figure has been ₹111.15 crore in FY24, ₹215.46 crore in FY25 and fell to ₹117.48 crore in FY26. It should be noted that the margins have been poor because the EBITDA and PAT margins were 0.20% and 0.09%, respectively, in FY26. The ROE and ROCE of the firm have been very poor at 0.92% and 1.14%, respectively, in FY26. The RoNW is 92.70% (FY26). Coming to net worth, the figure rose from negative -₹118.07 crore in FY24 to ₹32.78 crore in FY25 and ₹80.20 crore in FY26.
Action Links:
To apply for Waterways Leisure Tourism (Cordelia Cruises) Limited IPO, open a demat account here
Waterways Leisure Tourism (Cordelia Cruises) Limited IPO Subscription Status: Check live subscription here
Waterways Leisure Tourism (Cordelia Cruises) Limited IPO GMP Update: Check latest grey market premium here
Waterways Leisure Tourism (Cordelia Cruises) Key Highlights:
Waterways Leisure Tourism Ltd operates in cruise tourism and hospitality under its flagship brand Cordelia Cruises — India's only premium cruise line.
The strengths of the Waterways Leisure Tourism Limited include being a pioneer and strategically positioned in Ocean Cruise Tourism in India, provision of India-based cruises with different facilities, substantial direct bookings that maximize profits, outsourcing of key cruise operations in order to enhance efficiency and effectiveness, and an experienced management team resulting in financial success. MV Express cruise ship travels both within India (Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry) and internationally (Sri Lanka, Thailand, Singapore, Malaysia).
However, recently, the company has been exhibiting inefficiency in terms of its performance in finances, which states that the total profits earned by the firm come out to be ₹452.15 crore for FY24, ₹597.68 crore for FY25, and ₹586.99 crore for FY26 (-2% decline). Meanwhile, PAT has recorded improvement by going from ₹122.73 crore loss in FY24 to ₹168.19 crore in FY25 but declined to ₹52.14 crore in FY26 (-69%) while EBITDA has shown improvement by going from ₹111.15 crore in FY24 to ₹215.46 crore in FY25 but went down to ₹117.48 crore in FY26. The net worth has improved significantly, from -₹118.07 crore (negative net worth) in FY24 to ₹32.78 crore in FY25 and ₹80.20 crore in FY26. ROE and ROCE levels are extremely low at 0.92% and 1.14%,
Waterways Leisure Tourism (Cordelia Cruises) Risk Factors:
The risks of Waterways Leisure Tourism (Cordelia Cruises) Limited IPO are mentioned below:
Cruise Tourism & Travel Industry Dependency: The dependency on the domestic and international tourists' booking of cruises. Reduction in tourism activities and travel restrictions could negatively impact their revenues.
Risk due to Price Volatility of Key Operating Expenses: Dependency on fuel expenses, lease expenses, and operational costs. If there is any change in the cost of fuel and lease expense, then it would be a huge blow to their profitability.
Environmental Regulations Risks: In cruise operations, the company faces issues such as emissions, waste disposal, water usage, and non-compliance risk with the regulation of the marine environment.
Market Risk due to Listing: Although the company is listed on BSE and NSE Mainboard, the operations are vulnerable to market fluctuation.
High Level of Borrowing: Borrowings increased by ₹101.90 crore for FY26, whereas borrowings were ₹30.44 crore in FY25 and ₹5.18 crore in FY24.
Post-IPO Promoters Equity Risk: Post IPO, the promoters' stake in the company will decrease by 9.92% from their present holding of 99.27% to 89.35%.
Risk associated with Lease Payments: The use of Rs. 480.01 Cr (82%) towards lease payments for subsidiaries suggests high lease burden and reliance on leasing out vessels.
Risk of Dependence on a Few Customers: Dependence on direct bookings; the seasonality of the demand for cruise tours might affect the consistency of revenue generation.
Presence of Competing Players in the Business of Ocean Cruises: There might be chances that new players enter into the business of ocean cruises.
Decreasing Operating Results: Revenues fell down by 2% and PAT by 69% from FY25 to FY26, showing problems in operations.
Extremely Low Levels of ROE and ROCE: ROE and ROCE levels of 0.92% and 1.14%, respectively, indicate very poor performance ratios.
Waterways Leisure Tourism (Cordelia Cruises) Expert Analysis:
Waterways Leisure Tourism's BSE, NSE Mainboard IPO is a book-built issue with a price band of ₹769.00–₹808.00 per share (face value ₹10). The total issue size is ₹585.00 Cr (entirely fresh issue). The IPO is structured for QIB (not less than 75%), NII (not more than 15%), and Retail (not more than 10%) investors, with the tentative listing on BSE, NSE on 1st July 2026.
Basic details of the IPO:
Type of IPO: Book‑built Mainboard IPO (BSE, NSE)
Uses of funds: Lease payments to subsidiary Baycruise IFSC (₹480.01 Cr = 82% of proceeds), General corporate purposes (₹104.99 Cr)
Anchor bidding: 22nd June 2026 | Opens 23rd June 2026 | Closes 25th June 2026 | Allotment 29th June 2026 | Listing 1st July 2026 (BSE, NSE)
Lead Manager: Motilal Oswal Investment Advisors | Registrar: MUFG Intime India Pvt. Ltd.
Expert View on the IPO:
However, the firm operates in the area of cruise tourism/hospitality under Cordelia Cruises – only premium cruise line of India. But the firm has deteriorating financial performance as indicated by a fall of 2% in its revenues and 69% in its PAT during FY25-FY26. Furthermore, the share of the firm has a P/E multiple of 100.96x before the IPO that is very high. However, looking at the competitors within the industry including Wonderla Holidays (P/E 40.98x, RoNW 4.64%), Taj GVK Hotels & Resorts (P/E 4.97x, RoNW 39.48%), Samhi Hotels (P/E 6.19x, RoNW 34.07%), Juniper Hotels (P/E 31.9x, RoNW 5.06%), Lemon Tree Hotels (P/E 40.98x, RoNW 11.73%), and Chalet Hotels (P/E 25.73x, RoNW 19.4%), we observe that the profitability indicators of the company are quite worrisome considering its ROE and ROCE being very low (0.92% and 1.14% respectively compared to competitors' 4.64%-39.48%) along with an unusually high RoNW of 92.7%. Besides, the firm has high debt (₹101.90 Cr which is increased from ₹30.44 Cr in FY25), very low ROE/ROCE, declining PAT (-69%), and heavy lease obligations (₹480.01 Cr = 82% of IPO proceeds).
Should you invest in Waterways Leisure Tourism (Cordelia Cruises)?
An investor looking for a cruise tourism company with India's only premium cruise line (Cordelia Cruises) and exposure to domestic/international tourism might find the IPO interesting ONLY IF comfortable with extremely high valuation (P/E 100.96x), declining financial performance (-2% revenue, -69% PAT), very low ROE (0.92%) and ROCE (1.14%), high debt (₹101.90 Cr), heavy lease obligations (82% of IPO for lease payments), and promoter dilution (9.92%). Generally NOT recommended due to poor fundamentals.
Consider investing when:
India’s one-of-its-kind luxury cruise service (Cordelia Cruises) on domestic as well as international routes (Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, Sri Lanka, Thailand, Singapore, Malaysia) should not be a problem for you, along with a very high P/E ratio (100.96x), falling PAT by (-69%), low ROE (0.92%), low ROCE (1.14%), high debt (₹101.90 Cr), and 82% of the issue amount for lease rentals.
According to you, cruise tourism is going to bounce back big time soon.
Your confidence in the management utilizing IPO funds for lease rental payments to subsidiaries (₹480.01 Cr) is also high.
Do not invest when:
Companies engaged in tourism/hotel businesses should exhibit sound fundamentals such as a positive ROE (>10%) and ROCE (>15%), relatively inexpensive valuations (P/E < 40), profit after tax growth, and low levels of debts.
There is an underlying concern regarding weak financials (-2% growth in revenues, -69% fall in PAT), poor ROE/ROCE (<2%), significant debts, substantial lease obligations, and extremely expensive valuation (100.96x P/E).
Promoter dilution, lease payments, and customer risks are not your cup of tea.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Waterways Leisure Tourism (Cordelia Cruises) Limited IPO, open a demat account here
Waterways Leisure Tourism (Cordelia Cruises) Limited IPO Subscription Status: Check live subscription here
Waterways Leisure Tourism (Cordelia Cruises) Limited IPO GMP Update: Check latest grey market premium here
1. What is the Waterways Leisure Tourism (Cordelia Cruises) Limited IPO open and close date?
Waterways Leisure Tourism BSE, NSE IPO opens on 23rd June 2026 and closes on 25th June 2026. The tentative listing date on BSE, NSE is 1st July 2026.
Track Waterways Leisure Tourism (Cordelia Cruises) Limited IPO subscription status live here from Finnpick.
2. What is the Waterways Leisure Tourism (Cordelia Cruises) Limited IPO price band and lot size?
The IPO is a book-built mainboard issue with a price band of ₹769.00–₹808.00 per share (face value ₹10). The minimum bid for retail investors is 18 shares (1 lot), with subsequent bids in multiples thereof. Minimum investment is ₹14,544.
3. What is Waterways Leisure Tourism (Cordelia Cruises) Limited IPO total size?
The total issue size is ₹585.00 Cr (entirely fresh issue). The IPO is structured for QIB (not less than 75% of the issue), NII (not more than 15% of the issue), and Retail (not more than 10% of the issue).
4. How to apply for the Waterways Leisure Tourism (Cordelia Cruises) Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by June 25, 4 PM. Monitor Waterways Leisure Tourism (Cordelia Cruises) Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check Waterways Leisure Tourism (Cordelia Cruises) Limited IPO Allotment Status?
The allotment date is on June 29th and can be checked on MUFG Intime India Pvt. Ltd. RTA portal using PAN/DP ID.
6. What is Waterways Leisure Tourism (Cordelia Cruises) Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹54 as of June 18, indicating listing at the price range of ₹862 - check daily updates of Waterways Leisure Tourism (Cordelia Cruises) Limited IPO GMP trends here and live subscription status here from June 25th opening only on Finnpick.
7. What does Waterways Leisure Tourism (Cordelia Cruises) Limited specialize in?
Waterways Leisure Tourism operates cruise tourism and hospitality under its flagship brand Cordelia Cruises — India's only premium cruise line. It operates "MV Express" cruise vessel to domestic destinations (Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry) and international itineraries (Sri Lanka: Hambantota, Trincomalee, Jaffna; Thailand: Phuket; Singapore; Malaysia: Kuala Lumpur, Langkawi). The company offers vibrant cruise culture blending international standards with Indian tastes across cuisine, hospitality, and entertainment.
8. When is the Waterways Leisure Tourism (Cordelia Cruises) Limited IPO listing date?
The IPO is scheduled to list on BSE, NSE on 1st July 2026, subject to final confirmation from the exchange. Basis of allotment is tentatively on 29th June 2026, with refunds and demat credits around 30th June 2026.
9. What are the Waterways Leisure Tourism (Cordelia Cruises) Limited IPO proceeds utilization details?
The IPO proceeds will primarily be utilized towards: Payment towards deposit/advanced lease rental and monthly lease payments to stepdown subsidiary Baycruise IFSC: ₹480.01 Cr (82% of proceeds), General corporate purposes: ₹104.99 Cr
10. Who are the promoters of Waterways Leisure Tourism (Cordelia Cruises) Limited?
The promoters of Waterways Leisure Tourism Ltd. are Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani. Pre-IPO promoter holding is 99.27%, which will dilute to 89.35% post-IPO (9.92% dilution).
11. Should I apply for the Waterways Leisure Tourism (Cordelia Cruises) IPO?
You may consider applying ONLY IF you are comfortable with a mainboard cruise tourism company (Cordelia Cruises — India's only premium cruise line) with extremely high valuation (P/E 100.96x), declining financial performance (-2% revenue, -69% PAT from FY25 to FY26), very low ROE (0.92%) and ROCE (1.14%), high debt (₹101.90 Cr), heavy lease obligations (₹480.01 Cr = 82% of IPO proceeds), and moderate promoter dilution (9.92%). Generally NOT recommended due to poor fundamentals, declining PAT, and extremely high valuation. Avoid if you prefer companies with strong profitability (ROE > 10%), reasonable valuations (P/E < 40), growing PAT, and lower debt. This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
