Waterways Leisure Tourism Limited
Waterways Leisure Tourism Limited, operating under the Cordelia Cruises brand, is India's leading domestic ocean cruise operator. The company is launching a mainboard IPO to raise up to ₹585 crores entirely through a fresh issue of shares.
Overview
About the Company
Incorporated in November 2020, Waterways Leisure Tourism Limited is among India's foremost domestic ocean cruise operators, delivering luxury cruise experiences that celebrate Indian culture, cuisine, entertainment, and hospitality under the Cordelia Cruises brand. The company currently operates the vessel MV Empress, which calls at ports including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia. As of March 31, 2026, the company had hosted over 730,000 guests and covered more than 321,000 nautical miles. It commanded roughly 79% of India's domestic ocean cruise market by value in Fiscal 2025. MV Empress offers 796 cabins across suite, ocean-view, and interior categories, along with restaurants, entertainment shows, casino, spa, fitness centre, swimming pools, gaming arcade, children's academy, and MICE and wedding facilities. The company follows an asset-light model by outsourcing cruise functions such as food & beverage, housekeeping, crewing, and entertainment. A majority of bookings are made directly through its website, mobile app, call centres, and customer service channels. As of March 31, 2026, it employed 245 permanent staff. The company plans to expand its fleet with the Norwegian Sky and Norwegian Sun vessels.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Payment of deposit, advance lease rental, and monthly lease payments to the company's step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd., amounting to ₹480.01 crores
- › General corporate purposes
✅ Strengths
- ✓ India's leading domestic ocean cruise operator with an approximately 79% market share by value in the domestic ocean cruise industry as of Fiscal 2025
- ✓ Pioneer in luxury cruise tourism tailored to Indian tastes, culture, and cuisine
- ✓ Diverse onboard amenities spanning restaurants, entertainment, spa, casino, pools, and corporate event facilities catering to a wide range of travellers
- ✓ Strong direct booking network via website, mobile app, and call centres, supporting healthier margins
- ✓ Asset-light operating model through outsourced functions such as food and beverage, housekeeping, crewing, and entertainment enables scalability and cost efficiency
- ✓ Fleet expansion plans with Norwegian Sky and Norwegian Sun vessels to capture growing demand
⚠️ Risks
- ! Currently dependent on a single operating vessel, MV Empress, making revenue vulnerable to any disruption to that ship
- ! A large proportion of revenue is derived from cruise ticket sales, exposing earnings to demand fluctuations and seasonality
- ! Key operational functions are dependent on third-party service providers, including vessel management and hospitality services
- ! Planned fleet expansion is contingent on the successful acquisition and integration of additional cruise vessels
- ! India's cruise tourism sector remains at an early stage of development and faces infrastructure bottlenecks and evolving regulatory requirements