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Waterways Leisure Tourism Limited IPO
Status: Closed
Overview
IPO date
23 Jun 2026 to 25 Jun 2026
Face value
₹ 10 per share
Price
₹ 769 to ₹808 per share
Issue Size
7,240,099 shares
(aggregating up to ₹ 585 Cr)
(aggregating up to ₹ 585 Cr)
Allotment Date
29 Jun 2026
Listing at
NSE
Issue type
Book Building
Sector
Hotels & Restaurants
Unlock Stock of the Month
T&C*
Strengths vs Risks of Waterways Leisure Tourism Limited
Know the pros & cons
Strengths
- Pioneer in the ocean cruise tourism in India, well-positioned to capitalize on industry tailwinds.
- India-focused cruise experience with diverse amenities.
- Significant direct bookings optimizing margins.
- Outsourced critical cruise operations enhancing efficiency and scalability.
- Seasoned management team delivering financial growth.
Risks
- The company currently undertake its operations through a single cruise vessel, the `MV Empress'. Any disruption to the company cruise vessel could lead to operational disruptions and adversely impact its business, results of operations, financial condition and cash flows.
- A significant portion of the company revenue is derived from its cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of the company revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in its cruise ticket sales may adversely impact the company business, financial condition, results of operations, cash flows and prospects.
- The Company operates as the vessel operating entity, while the vessel owning entity is Bay Cruise Investment Inc. Any legal, financial, or regulatory issues faced by Bay Cruise Investment Inc. could indirectly impact its business and results of operations.
- The company growth strategy relies on the acquisition of new vessels to expand its operations. The company inability to expand its operations by acquiring new vessels could significantly impact the company business, financial condition, and results of operations.
- The company Statutory Auditors has included certain adverse remarks, emphasis of matters and qualifications in their auditor's report. In particular, its Statutory Auditors included a remark in the audit report for Fiscal 2024 pertaining to the material uncertainty related to going concern.
- An increase in cruise capacity without a corresponding increase in demand and infrastructure could adversely affect the company business, results of operations, financial condition and cash flows.
- The company cruise operations depends on limited third-party service providers for critical services and amenities, including technical and crew management, hospitality management, general purchasing and logistics management and entertainment. Any disruption in the services offered by these third-party service providers may adversely impact its business, results of operations, financial condition and cash flows.
- The company has a limited operating history and its historical performance may not be indicative of the company future growth or financial results.
- The company inability to ensure high cruise occupancy rates could result in significant financial losses and adversely impact its business, results of operations, financial condition and cash flows.
- The company has in the past entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- The company business and results of operations is significantly dependent on its "Cordelia" brand and any dilution or damage to the company brand in any manner may adversely affect its business reputation, results of operations, financial condition and cash flows.
- The company has acquired two new cruise vessels on lease and its inability to adhere to the terms of the lease agreements (including the company inability to pay the lease rentals) could lead to the termination of agreements which could has an adverse impact on the company business, results of operations, financial condition and cash flows.
- Adverse incidents involving the operation of the company cruise vessel, including adverse weather conditions or other natural disasters, may requires its to alter the company itineraries or cancel existing cruises which could has an adverse impact on the company business, results of operations, financial condition and cash flows.
- The company has incurred losses in the past and its may continue to incur losses in the future. The company reported a profit of Rs. 1,681.85 million for Fiscal 2025 which is significantly higher than the profits reported during the preceding three Fiscals, primarily dues to the recognition of exceptional items during the period. As such exceptional items is non-recurring in nature and does not arise from its core operating activities, such financial performance may not be indicative of the company historical operating performance or future results of operations.
- Any significant malfunction or breakdown of the company cruise vessel may cause interruptions to its cruise operations and may involve high repair and maintenance costs, both of which could has an adverse impact on the company business, financial condition, results of operations and cash flows.
- The company operating costs may increase as its cruise vessel ages and the company may has to make unexpected capital expenditures in order to maintain its fleet or comply with evolving regulatory requirements.
- The company cruises relies on access to ports of call in India. The availability and suitability of these ports can be affected by a variety of factors, which may negatively impact its operations and guest experience. A significant majority of the company passenger bookings and port calls originate from or depends on Mumbai, Maharashtra. Any prolonged disruption that specifically affects Mumbai would disproportionately reduce the company occupancy rates which in turn would impact its business, results of operations, financial condition and cash flows.
- The company has experienced negative cash flows from operating activities in Fiscal 2026. Its may continue to has negative cash flows in the future.
- The company business is susceptible to negative publicity and reputational damage, which can impact consumer confidence and the demand for its cruises and adversely affect the company results of operations and financial performance.
- The company Registered and Corporate Office and all its branches are leased. If the company fail to renew these leases on competitive terms or if the company is unable to manage its rental costs, the company business and results of operations would be materially and adversely affected.
- The company requires certain licenses, permits and approvals in the ordinary course of business, and the failures to obtain or retain them in a timely manner may materially adversely affect its operations.
- The company depends on its senior management and employees, and if the company is unable to recruit and retain such personnel, its business, results of operations, financial condition and cash flows may be adversely affected.
- The Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may has an adverse effect on its business, financial condition, cash flows and results of operations.
- Disease outbreaks or pandemics has had, and in the future could has, a significant impact on the cruise industry generally and on the company business and results of operations.
- Changes in fuel prices would affect the cost of the company cruise operations, which could has an adverse impact on its business, results of operations, financial condition and cash flows. Further, the company depends on a limited number of suppliers for its fuel requirements. Any interruption in the availability of fuel could adversely affect the company business, results of operations, cash flows and financial condition.
- A portion of the company cabin bookings originate from travel agents (37.75%, 37.02% and 40.04% of its total cabins sold in Fiscal 2026, Fiscal 2025 and Fiscal 2024 was through travel agents). In the event such companies continue to gain market share compared to direct booking channels, the company may be required to incur higher commission charges dues to which its business and results of operations may be adversely affected.
- Security threats, regional conflicts, and terrorist activities and piracy in or around India could disrupt the company cruise operations and adversely affect the demand for cruises.
- The company is subject to various laws and regulations, including environmental laws and regulations, which could adversely affect its operations and any changes in the current laws and regulations could adversely impact the company business.
- Any strike, work stoppage or increased wages demand by the company employees or any other kind of disputes with its employees could adversely affect the company business, financial condition, results of operations and cash flows.
- Intensifying competition from new domestic entrants and established international cruise lines could erode the company market share, pricing power and profitability.
- The company business is subject to fluctuations in the Indian economy, including factors such as economic downturns, increased competition, changes in consumer preferences, health and safety concerns, geopolitical instability, and environmental regulations, all of which can significantly impact consumer spending, cruise ticket sales, and its overall financial performance.
- The cruise tourism in India is still nascent. Any shortfall in consumer uptake, infrastructure delivery or regulatory support could adversely impact the company business, results of operations, financial condition and cash flows.
- Any failures to protect the company intellectual property rights could adversely affect its competitive position, business, financial condition and results of operations.
- If the company inadvertently infringe on the intellectual property rights of others, its business and results of operations may be adversely affected.
- The company operations could be impaired by breaches in data security or other disturbances to its information technology systems and networks, which could adversely affect the company business, financial condition and results of operations.
- The company is one of the domestic ocean cruise operators in India, however, there are no direct Indian listed industry peers of its Company. Prospective investors must undertake their own independent assessment of the Company without the benefit of direct Indian listed peer comparisons typically available in other sectors.
- The company is subject to various safety, health, environmental, labour, workplace and related laws and regulations which may increase its compliance costs and as such adversely affect the company business, results of operations and financial condition.
- The Company does not has any direct comparable Indian listed peers and therefore, it may be difficult to benchmark and evaluate its key performance indicators against other listed companies.
- Internal or external fraud or misconduct or misrepresentation or mis-selling by the company employees could adversely affect its reputation and the company results of operations.
- The company has incurred indebtedness and are required to comply with certain restrictive covenants under its financing agreements. Any non-compliance under such agreements and an inability to comply with repayment and other covenants in the company financing agreements could adversely affect its business, results of operations, cash flows and financial condition.
- Exchange rate fluctuations may adversely affect the company business, results of operations, financial conditions and cash flows.
- The company insurance coverage may not adequately protect its against all losses or the insurance cover may not be available for all the losses as per the insurance policy, which could adversely affect business, results of operations and financial condition.
- The company funding requirements and proposed deployment of the Net Proceeds is not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
- Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for by the company exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The company Promoters will continue to hold a significant equity stake in its Company after the Issue and their interests may differ from those of the other shareholders.
- Certain non-GAAP financial measures and certain other statistical information relating to its operations and financial performance such as EBITDA and EBITDA margin has been included in this Red Herring Prospectus. These non-GAAP financial measures is not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- The company ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of the company financing arrangements.
- The company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Issue Price.
- Some of the company Promoters and Directors, could has interest in its other than normal remuneration benefits or reimbursements of expenses incurred.
- Certain of the company Directors does not possess experience of being on the board of any listed company.
- The determination of the Price Band is based on various factors and assumptions and the Issue Price, enterprise value to EBITDA, price to earnings ratio and market capitalization to revenue multiple based on the Issue Price of the Company, may not be indicative of the market price of the Company on listing or thereafter.
- The company has certain contingent liabilities that has been disclosed in the Restated Consolidated Financial Information, which if they materialize, may adversely affect its business, cash flows, financial condition and results of operations.
Waterways Leisure Tourism Limited Peer Comparison
Understand the company’s industry standing
Waterways leisure tourism Limited
Chalet Hotels Limited
Lemon Tree Hotels Limited
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
579.75
2769.75
1444.45
EPS-Basis
8.02
29.5
2.87
EPS-Diluted
8.02
29.46
2.87
NAV Per Share
12.31
168.83
26.25
P/E-Basic EPS
---
25.73
40.98
P/E-Diluted EPS
---
---
---
RONW(%)
92.7
19.4
11.73
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 23 Jun 2026 & closes on 25 Jun 2026.
Waterways Leisure Tourism Limited was originally incorporated as 'Waterways Leisure Tourism Private Limited', a private Company on November 2, 2020, pursuant to a certificate of Incorporation dated November 5, 2020 at RoC, New Delhi. Company was converted from a private company to a public company and name of the Company was changed to 'Waterways Leisure Tourism Limited' via fresh certificate of incorporation issued by the Registrar of Companies, Central Processing Unit, Manesar on March 12, 2025.
The Company started sailing from Mumbai port, with prior approval from the Directorate General of Shipping, Mumbai for chartering of the foreign flag passenger cruise ship, MV Empress in FY 2021. It then started international cruise sailing to Hambantota and Trincomalee ports (Sri Lanka) in 2023.
The Company is engaged in the business of cruise lines, shipping, organizing, and conducting cruises, tours, holidays, maintaining and providing related services. The Company's cruise vessel, the MV Empress', has a capacity to accommodate up to 2,005 guests with several cabins featuring private balconies that offer ocean views. It provide a range of amenities, including multiple dining venues, a casino, a theater, a spa, swimming pools and various entertainment options such as live music, magic shows, and professional theatrical performances. The MV Empress' sails along the Indian coastline and surrounding islands, offering a variety of itineraries.
Cruise vessel primarily sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. Company offer international itineraries, including Hambantota, Trincomalee, and Jaffna (Sri Lanka) and Kuala Lumpur and Langkawi (Malaysia) and have also sold cruise tickets for its first-time sail to destinations such as Phuket (Thailand) and Singapore. These itineraries are designed to showcase India's coastal regions and cultural heritage, providing guests with an enriching travel experience.
Company is planning the IPO by raising funds aggregating up to Rs 727 Cr equity shares of Face Value Rs 10 each through fresh issue.
Waterways Leisure Tourism Limited IPO will close on 25 Jun 2026.
- Pioneer in the ocean cruise tourism in India, well-positioned to capitalize on industry tailwinds.
- India-focused cruise experience with diverse amenities.
- Significant direct bookings optimizing margins.
- Outsourced critical cruise operations enhancing efficiency and scalability.
- Seasoned management team delivering financial growth.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Global Shipping And Leisure Li | 64681880 | 99.27 | 64681880 | 89.35 |
| 2 | Rajesh Chandumal Hotwani | 100 | --- | 100 | --- |
- The company currently undertake its operations through a single cruise vessel, the `MV Empress'. Any disruption to the company cruise vessel could lead to operational disruptions and adversely impact its business, results of operations, financial condition and cash flows.
- A significant portion of the company revenue is derived from its cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of the company revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in its cruise ticket sales may adversely impact the company business, financial condition, results of operations, cash flows and prospects.
- The Company operates as the vessel operating entity, while the vessel owning entity is Bay Cruise Investment Inc. Any legal, financial, or regulatory issues faced by Bay Cruise Investment Inc. could indirectly impact its business and results of operations.
- The company growth strategy relies on the acquisition of new vessels to expand its operations. The company inability to expand its operations by acquiring new vessels could significantly impact the company business, financial condition, and results of operations.
- The company Statutory Auditors has included certain adverse remarks, emphasis of matters and qualifications in their auditor's report. In particular, its Statutory Auditors included a remark in the audit report for Fiscal 2024 pertaining to the material uncertainty related to going concern.
- An increase in cruise capacity without a corresponding increase in demand and infrastructure could adversely affect the company business, results of operations, financial condition and cash flows.
- The company cruise operations depends on limited third-party service providers for critical services and amenities, including technical and crew management, hospitality management, general purchasing and logistics management and entertainment. Any disruption in the services offered by these third-party service providers may adversely impact its business, results of operations, financial condition and cash flows.
- The company has a limited operating history and its historical performance may not be indicative of the company future growth or financial results.
- The company inability to ensure high cruise occupancy rates could result in significant financial losses and adversely impact its business, results of operations, financial condition and cash flows.
- The company has in the past entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- The company business and results of operations is significantly dependent on its "Cordelia" brand and any dilution or damage to the company brand in any manner may adversely affect its business reputation, results of operations, financial condition and cash flows.
- The company has acquired two new cruise vessels on lease and its inability to adhere to the terms of the lease agreements (including the company inability to pay the lease rentals) could lead to the termination of agreements which could has an adverse impact on the company business, results of operations, financial condition and cash flows.
- Adverse incidents involving the operation of the company cruise vessel, including adverse weather conditions or other natural disasters, may requires its to alter the company itineraries or cancel existing cruises which could has an adverse impact on the company business, results of operations, financial condition and cash flows.
- The company has incurred losses in the past and its may continue to incur losses in the future. The company reported a profit of Rs. 1,681.85 million for Fiscal 2025 which is significantly higher than the profits reported during the preceding three Fiscals, primarily dues to the recognition of exceptional items during the period. As such exceptional items is non-recurring in nature and does not arise from its core operating activities, such financial performance may not be indicative of the company historical operating performance or future results of operations.
- Any significant malfunction or breakdown of the company cruise vessel may cause interruptions to its cruise operations and may involve high repair and maintenance costs, both of which could has an adverse impact on the company business, financial condition, results of operations and cash flows.
- The company operating costs may increase as its cruise vessel ages and the company may has to make unexpected capital expenditures in order to maintain its fleet or comply with evolving regulatory requirements.
- The company cruises relies on access to ports of call in India. The availability and suitability of these ports can be affected by a variety of factors, which may negatively impact its operations and guest experience. A significant majority of the company passenger bookings and port calls originate from or depends on Mumbai, Maharashtra. Any prolonged disruption that specifically affects Mumbai would disproportionately reduce the company occupancy rates which in turn would impact its business, results of operations, financial condition and cash flows.
- The company has experienced negative cash flows from operating activities in Fiscal 2026. Its may continue to has negative cash flows in the future.
- The company business is susceptible to negative publicity and reputational damage, which can impact consumer confidence and the demand for its cruises and adversely affect the company results of operations and financial performance.
- The company Registered and Corporate Office and all its branches are leased. If the company fail to renew these leases on competitive terms or if the company is unable to manage its rental costs, the company business and results of operations would be materially and adversely affected.
- The company requires certain licenses, permits and approvals in the ordinary course of business, and the failures to obtain or retain them in a timely manner may materially adversely affect its operations.
- The company depends on its senior management and employees, and if the company is unable to recruit and retain such personnel, its business, results of operations, financial condition and cash flows may be adversely affected.
- The Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may has an adverse effect on its business, financial condition, cash flows and results of operations.
- Disease outbreaks or pandemics has had, and in the future could has, a significant impact on the cruise industry generally and on the company business and results of operations.
- Changes in fuel prices would affect the cost of the company cruise operations, which could has an adverse impact on its business, results of operations, financial condition and cash flows. Further, the company depends on a limited number of suppliers for its fuel requirements. Any interruption in the availability of fuel could adversely affect the company business, results of operations, cash flows and financial condition.
- A portion of the company cabin bookings originate from travel agents (37.75%, 37.02% and 40.04% of its total cabins sold in Fiscal 2026, Fiscal 2025 and Fiscal 2024 was through travel agents). In the event such companies continue to gain market share compared to direct booking channels, the company may be required to incur higher commission charges dues to which its business and results of operations may be adversely affected.
- Security threats, regional conflicts, and terrorist activities and piracy in or around India could disrupt the company cruise operations and adversely affect the demand for cruises.
- The company is subject to various laws and regulations, including environmental laws and regulations, which could adversely affect its operations and any changes in the current laws and regulations could adversely impact the company business.
- Any strike, work stoppage or increased wages demand by the company employees or any other kind of disputes with its employees could adversely affect the company business, financial condition, results of operations and cash flows.
- Intensifying competition from new domestic entrants and established international cruise lines could erode the company market share, pricing power and profitability.
- The company business is subject to fluctuations in the Indian economy, including factors such as economic downturns, increased competition, changes in consumer preferences, health and safety concerns, geopolitical instability, and environmental regulations, all of which can significantly impact consumer spending, cruise ticket sales, and its overall financial performance.
- The cruise tourism in India is still nascent. Any shortfall in consumer uptake, infrastructure delivery or regulatory support could adversely impact the company business, results of operations, financial condition and cash flows.
- Any failures to protect the company intellectual property rights could adversely affect its competitive position, business, financial condition and results of operations.
- If the company inadvertently infringe on the intellectual property rights of others, its business and results of operations may be adversely affected.
- The company operations could be impaired by breaches in data security or other disturbances to its information technology systems and networks, which could adversely affect the company business, financial condition and results of operations.
- The company is one of the domestic ocean cruise operators in India, however, there are no direct Indian listed industry peers of its Company. Prospective investors must undertake their own independent assessment of the Company without the benefit of direct Indian listed peer comparisons typically available in other sectors.
- The company is subject to various safety, health, environmental, labour, workplace and related laws and regulations which may increase its compliance costs and as such adversely affect the company business, results of operations and financial condition.
- The Company does not has any direct comparable Indian listed peers and therefore, it may be difficult to benchmark and evaluate its key performance indicators against other listed companies.
- Internal or external fraud or misconduct or misrepresentation or mis-selling by the company employees could adversely affect its reputation and the company results of operations.
- The company has incurred indebtedness and are required to comply with certain restrictive covenants under its financing agreements. Any non-compliance under such agreements and an inability to comply with repayment and other covenants in the company financing agreements could adversely affect its business, results of operations, cash flows and financial condition.
- Exchange rate fluctuations may adversely affect the company business, results of operations, financial conditions and cash flows.
- The company insurance coverage may not adequately protect its against all losses or the insurance cover may not be available for all the losses as per the insurance policy, which could adversely affect business, results of operations and financial condition.
- The company funding requirements and proposed deployment of the Net Proceeds is not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
- Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for by the company exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The company Promoters will continue to hold a significant equity stake in its Company after the Issue and their interests may differ from those of the other shareholders.
- Certain non-GAAP financial measures and certain other statistical information relating to its operations and financial performance such as EBITDA and EBITDA margin has been included in this Red Herring Prospectus. These non-GAAP financial measures is not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- The company ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of the company financing arrangements.
- The company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Issue Price.
- Some of the company Promoters and Directors, could has interest in its other than normal remuneration benefits or reimbursements of expenses incurred.
- Certain of the company Directors does not possess experience of being on the board of any listed company.
- The determination of the Price Band is based on various factors and assumptions and the Issue Price, enterprise value to EBITDA, price to earnings ratio and market capitalization to revenue multiple based on the Issue Price of the Company, may not be indicative of the market price of the Company on listing or thereafter.
- The company has certain contingent liabilities that has been disclosed in the Restated Consolidated Financial Information, which if they materialize, may adversely affect its business, cash flows, financial condition and results of operations.
The Issue type of Waterways Leisure Tourism Limited is Book Building.
The minimum application for shares of Waterways Leisure Tourism Limited is 18.
The total shares issue of Waterways Leisure Tourism Limited is 7240099.
Initial public offering of up to 7,240,099 equity shares of face value of Rs. 10/- each ("Equity Shares") of Waterways Leisure Tourism Limited (the "Company" or the "Issuer") for cash at a price of Rs. 808 per equity share (Including a Share Premium of Rs. 798 per Equity Share) ("Issue Price") aggregating up to Rs. 585.00 Crores (the "Issue").
Price Band: Rs. 808 per equity share of face value of Rs. 10 each.
The floor price is 80.80 times the face value of the equity shares.
Bids can be made for a minimum of 18 equity share of face value of Rs. 10 each and in multiples of 18 equity shares of face value of Rs. 10 each thereafter.