Waterways Leisure Tourism Limited operates in the cruise tourism and hospitality segment under its flagship brand Cordelia Cruises, recognized as India’s premium cruise line.
The company blends international luxury cruise experiences with Indian hospitality, cuisine, entertainment, and cultural experiences, helping it build a strong brand in India’s growing cruise tourism market. In FY25, it held nearly 79% market share in value terms in India’s domestic cruise segment.
The company currently operates MV Empress, a premium cruise vessel that has served 730,819+ guests and covered over 321,292 nautical miles as of March 31, 2026. Its cruise network covers domestic destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry. It has also expanded internationally, with cruise itineraries covering Phuket, Singapore, Kuala Lumpur, and Langkawi, as well as destinations in Sri Lanka such as Hambantota, Trincomalee, and Jaffna.
The MV Empress features 796 luxury cabins, including suites, mini-suites, ocean-view and interior rooms, with rates ranging from ₹34,164 to ₹1.51 lakh per night. Beyond ticket sales, the company generates revenue through onboard dining, entertainment, casino gaming, spa services, retail shopping, and premium hospitality services.
Waterways Leisure focuses on building a cruise culture in India by delivering international-standard cruise experiences tailored to Indian customer preferences, particularly in cuisine, hospitality, cultural entertainment, and service quality. The company is backed by experienced promoters from the shipping and leisure sector and operates through subsidiaries including Bay Cruise Investments Inc. and Baycruise Shipping and Leasing (IFSC) Private Limited, supporting its cruise ownership and leasing operations.
Waterways Leisure Tourism IPO – Details
| IPO Opening Date | 23 June 2026 |
| IPO Closing Date | 25 June 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 72,40,099 Shares Worth ₹585.00 Crore Fresh Issue: 72,40,099 Shares Worth ₹585.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹769 – ₹808 per share |
| Market Lot | 18 Shares |
| Min Order | 18 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Waterways Leisure Tourism IPO – Date Schedule
| IPO Open Date | 23 June 2026 |
| IPO Close Date | 25 June 2026 |
| Basis of Allotment | 29 June 2026 |
| Initiation of Refund | 30 June 2026 |
| Credit of Shares to Demat Account | 30 June 2026 |
| IPO Listing Date | 01 July 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 25, 2026 |
Waterways Leisure Tourism IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 18 | ₹14,544 |
| Retail (Max) | 13 | 234 | ₹1,89,072 |
| S-HNI (Min) | 14 | 252 | ₹2,03,616 |
| S-HNI (Max) | 68 | 1,224 | ₹9,88,992 |
| B-HNI (Min) | 69 | 1,242 | ₹10,03,536 |
Competitive Strength
- Leading domestic ocean cruise operator in India with strong market share.
- Pioneer in India-focused luxury cruise tourism.
- Unique blend of Indian culture, cuisine, and entertainment experiences.
- Diverse onboard amenities catering to families, leisure travelers, and corporate groups.
- Strong direct booking network supporting higher margins.
- Asset-light model through outsourced cruise operations.
- Expansion plans with additional cruise vessels and destinations.
Company Promoters
- Global Shipping and Leisure Limited
- Rajesh Chandumal Hotwani
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹452.15 Cr | ₹560.40 Cr | – ₹122.73 Cr | ₹5.18 Cr |
| 31 March 2025 | ₹597.68 Cr | ₹483.70 Cr | ₹168.19 Cr | ₹30.44 Cr |
| 31 March 2026 | ₹586.99 Cr | ₹508.74 Cr | ₹52.14 Cr | ₹101.90 Cr |
Key Performance Indicator
| KPI | Values (Dec 31, 2025) |
|---|---|
| ROE | – |
| ROCE | – |
| RoNW | – |
| PAT Margin | – |
| EBITDA Margin | – |
| Pre IPO | Post IPO | |
| EPS (₹) | – | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt.Ltd. (Baycruise IFSC). | ₹480.01 |
| General corporate purposes. |
Waterways Leisure Tourism IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Chalet Hotels Limited | 25.73 |
| 2 | 10 | Lemon Tree Hotels Limited | 40.98 |
| 3 | 10 | Juniper Hotels Limited | 31.90 |
| 4 | 1 | Samhi Hotels Limited | 6.19 |
| 5 | 2 | Taj GVK Hotels & Resorts Limited | 4.97 |
✅Strengths
• 79% Market Share in India’s domestic cruise market.
• Strong brand with Cordelia Cruises’ premium positioning.
• Revenue from tickets + casino + dining + entertainment.
• Early mover in India’s cruise tourism industry.
⚠️Risks
• Entire business depends on single vessel (MV Empress).
• High operating and maintenance costs.
• Business depends on tourism and customer spending.
• Regulatory and international route approval risks.
Waterways Leisure Tourism IPO Promoter Holding
| Pre-Issue Share Holding | 99.27% |
| Post Issue Share Holding | 89.35% |
Waterways Leisure Tourism IPO Prospectus
Company Contact Information
| Waterways Leisure Tourism Ltd. A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra, 400013 Phone: +9102271541821 Email: cs@waterways-leisure.com Website: https://www.cordeliacruises.com/ |
Waterways Leisure Tourism IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: +91-22-4918 6270 Email: waterwaysleisure.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Waterways Leisure Tourism IPO Lead Manager(s)
| 1. Centrum Broking Limited |
Waterways Leisure Tourism IPO FAQs
| What is the Waterways Leisure Tourism IPO? Waterways Leisure Tourism IPO is a main-board IPO. The issue is priced at ₹769 to ₹808 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Waterways Leisure Tourism IPO open? The IPO is to open on 23 June 2026 for QIB, NII, and Retail Investors. |
| What is Waterways Leisure Tourism IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is the Waterways Leisure Tourism IPO Size? Waterways Leisure Tourism IPO size is ₹585.00 Crore. |
| What is the Waterways Leisure Tourism IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 18 Shares with ₹14,544, while the maximum bid is 234 Shares with ₹1,89,072. |
| What is the Waterways Leisure Tourism IPO Allotment Date? Waterways Leisure Tourism IPO allotment date is 29 June 2026. |
| What is the Waterways Leisure Tourism IPO Listing Date? Waterways Leisure Tourism IPO listing date is 01 July 2026. The IPO is to be listed on the BSE and the NSE. |
