About
Waterways Leisure Tourism Limited operates cruise tourism services in India under the “Cordelia Cruises” brand. The company currently conducts its cruise operations through the vessel MV Empress. It offers cruise vacations that include accommodation, meals at select onboard restaurants, entertainment, and access to various onboard facilities. Its business is primarily focused on operating and managing cruise voyages for leisure travellers. The company generates most of its revenue from cruise ticket sales, which contributed over 91% of revenue from operations in Fiscal 2026. In addition, it earns onboard revenue from speciality dining, paid entertainment, shore excursions, Wi-Fi packages, spa and salon services, adventure activities, and other guest services offered during cruises. The company also earns limited commission income from certain shore excursion services. As of the date of the RHP, it operates one cruise vessel and plans to expand its fleet by leasing additional vessels to support future growth.
IPO schedule
| Issue open date | 2026-06-23 |
|---|---|
| Issue close date | 2026-06-25 |
| UPI mandate deadline | 2026-06-25 (5 PM) |
| Allotment finalization | 2026-06-29 |
| Refund initiation | 2026-06-30 |
| Share credit | 2026-06-30 |
| Listing date | 2026-07-01 |
| Mandate end date | 2026-07-10 |
| Lock-in end date for anchor investors (50%) | 2026-07-28 |
| Lock-in end date for anchor investors (remaining) | 2026-09-26 |
Financials
| Financial Year Ended | March 2024 | March 2025 | March 2026 |
|---|---|---|---|
| Total Assets | 399.2 | 247.37 | 341.78 |
| Revenue | 452.15 | 597.68 | 586.99 |
| Profit After Tax | -122.73 | 168.19 | 52.14 |
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Total issue size | 585 |
| Fresh issue- proceeds go to company | 585 |
Utilisation of proceeds
| Purpose | INR crores (%) |
|---|---|
| Payment towards deposit, advance lease rental and monthly lease payments to Baycruise Shipping and Leasing (IFSC) Pvt. Ltd. | 480.01 (82.05%) |
| General corporate purposes | 104.99 (17.95%) |
Strengths
- Operates the Cordelia Cruises brand in India’s ocean cruise tourism market.
- Generates the majority of its revenue from cruise ticket sales, providing a focused revenue stream.
- Offers multiple onboard services and experiences that create additional revenue opportunities.
- Has plans to expand capacity through the introduction of two additional cruise vessels.
- Led by an experienced senior management team with backgrounds in the cruise, shipping, and tourism industries.
Risks
- The company currently relies on a single operating cruise vessel, MV Empress.
- A significant portion of revenue comes from cruise ticket sales, making earnings sensitive to demand fluctuations.
- Cruise operations depend on third-party service providers for key functions such as vessel management and hospitality services.
- Expansion plans depend on successfully acquiring and operating additional cruise vessels.
- The cruise tourism industry in India is still at a nascent stage and faces infrastructure and regulatory challenges.
Allotment Status for Waterways Leisure Tourism (Cordelia Cruises)
To check your IPO allotment status:
- Visit the MUFG Intime India IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.