Incorporated in November 2020, Waterways Leisure Tourism Limited is one of India’s leading domestic ocean cruise operators, offering luxury cruise experiences focused on Indian culture, hospitality, entertainment, and cuisine. The company operates the cruise vessel MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia.
As of March 31, 2026, over 730,000 guests had sailed on its cruises, covering more than 321,000 nautical miles. The company held approximately 79% market share by value in India’s domestic ocean cruise industry in Fiscal 2025. MV Empress features 796 cabins, including suites, ocean-view cabins, and interior staterooms, along with amenities such as restaurants, entertainment shows, casino, spa, fitness center, swimming pools, gaming arcade, children’s academy, and MICE and wedding facilities.
The company follows an asset-light operating model by outsourcing key cruise functions such as food & beverage, housekeeping, crewing, and entertainment, enabling operational efficiency and scalability. A majority of bookings are generated directly through its website, mobile application, call centers, and customer service channels. Waterways Leisure Tourism is positioned to benefit from the growing cruise tourism industry in India and plans to expand its fleet with Norwegian Sky and Norwegian Sun.
As of March 31, 2026, the company had 245 permanent employees.
Key Strengths
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.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 341.78 | 247.37 | 399.20 |
| Total Income | 586.99 | 597.68 | 452.15 |
| Profit After Tax | 52.14 | 168.19 | -122.73 |
| EBITDA | 117.48 | 215.46 | 111.15 |
| NET Worth | 80.20 | 32.78 | -118.07 |
| Reserves and Surplus | 15.05 | -31.90 | -182.75 |
| Total Borrowing | 101.90 | 30.44 | 5.18 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|
| UHM Vacation Ltd. | SME | ₹36.00 Cr | ₹166 | ₹126.20 | -23.98% | ₹102.90 (-4.99%) |
| Western Overseas Study Abroad Ltd. | SME | ₹10.07 Cr | ₹56 | ₹52.16 | -6.86% | ₹20.65 (+3.25%) |
| Helloji Holidays Ltd. | SME | ₹10.97 Cr | ₹118 | ₹123.90 | +5.00% | ₹123.90 (-10.22%) |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt.Ltd. (Baycruise IFSC). | 480.01 |
| 2 | General Corporate Purposes | |
| Total | 480.01 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 0.92% |
| ROCE | 1.14% |
| Debt/Equity | 1.27 |
| RoNW | 92.70% |
| PAT Margin | 0.09% |
| EBITDA Margin | 0.20% |
| Price to Book Value | 65.64 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 8.00 | |
| P/E (x) | 100.96 |
| IPO Date | 23 to 25 Jun, 2026 |
| Listing Date | Wed, Jul 1, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹769 to ₹808 |
| Lot Size | 18 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 72,40,099 shares (agg. up to ₹585 Cr) |
| Fresh Issue | 72,40,099 shares (agg. up to ₹585 Cr) |
| Share Holding Pre Issue | 6,51,54,444 shares |
Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani.
| Share Holding Pre Issue | 99.27% |
| Share Holding Post Issue | 89.35% |
As per our analysis and Based on the information we have, this is the output.
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