Waterways Leisure Tourism
Waterways Leisure Tourism
Consumer DiscretionaryKey Fundamentals
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AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoWaterways Leisure Tourism (Cordelia Cruises) is India's dominant domestic ocean cruise operator with ~79% market share, trading at a PE of ~109x after its July 2026 IPO. The company reported FY26 revenue of ₹580 crore (down ~1.8% YoY) and net profit of ₹52 crore (down ~69% YoY), while carrying a debt-to-equity ratio of 1.47 and expanding capacity with a new vessel (Cordelia Sky) arriving in late 2026.
- Dominant market position with ~79% share of India's domestic overnight ocean cruise market, operating as effectively a monopoly player
- India's cruise market is projected to grow at a 14.6% CAGR from 2026 to 2033 (to US$468 million), representing a large underpenetrated opportunity with cruise penetration at only 8-10% among international holidaymakers
- FY25 operating profit margin expanded sharply to 34.9% from 22.8% in FY24, showing the business model's operating leverage potential
- Q1 FY27 revenue grew 7.95% YoY to ₹190 crore with a 105% load factor, indicating strong consumer demand for cruise leisure in India
- Capacity expansion underway with Cordelia Sky arriving September-October 2026, which should drive revenue growth from FY27 onwards
- IPO raised ₹585 crore in fresh capital earmarked for growth initiatives and debt reduction, strengthening the balance sheet
- Last year ROE of 92% suggests high profitability on the existing equity base in the transition year following recapitalization
- India targeting 1 million cruise passengers by 2029 (from ~4.7 lakh currently), with government policy support for cruise tourism infrastructure
- Extremely expensive valuation at ~109x trailing PE, making it one of the priciest offerings in the hospitality and leisure segment
- FY26 net profit declined 69% YoY to ₹52 crore despite relatively flat revenue, indicating significant earnings volatility
- Debt-to-equity ratio of 1.47 is elevated for a consumer discretionary company, with interest costs of ₹38.5 crore in FY25 consuming meaningful profitability
- TTM sales declined 2% and TTM profit declined 38%, showing the business is currently in a contraction phase rather than growth
- Q1 FY27 net profit fell 34.5% YoY to ₹22.8 crore with EBITDA margin contracting 775 basis points to 23.5% due to rising fuel and operational costs
- Zero dividend yield with 0% payout, offering no income return to shareholders at current elevated valuations
- Single-vessel concentration risk (MV Empress) until Cordelia Sky launches, meaning any dry-docking or mechanical issue halts virtually all revenue
- Listed at a 16% discount to IPO price of ₹808, signaling weak initial market sentiment despite subsequent recovery
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
| Particulars | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Sales | 176 | 154 | 190 |
| Expenses | 121 | 117 | 145 |
| Operating Profit | 55 | 37 | 45 |
| OPM % | 31% | 24% | 24% |
| Other Income | 1 | 1 | 2 |
| Interest | 1 | 3 | 4 |
| Depreciation | 7 | 8 | 9 |
| PBT | 47 | 26 | 33 |
| Tax % | 27% | 32% | 31% |
| Net Profit | 35 | 18 | 23 |
| EPS in Rs | 0.53 | 0.28 | 0.31 |
Profit & Loss
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 444 | 591 | 580 |
| Expenses | 337 | 377 | 465 |
| Operating Profit | 107 | 213 | 115 |
| OPM % | 24% | 36% | 20% |
| Other Income | -6 | 83 | 7 |
| Interest | 39 | 43 | 13 |
| Depreciation | 184 | 63 | 30 |
| PBT | -123 | 190 | 78 |
| Tax % | 0% | 11% | 33% |
| Net Profit | -123 | 168 | 52 |
| EPS in Rs | -1.9 | 2.6 | 0.8 |
| Div. Payout % | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 65 | 65 | 65 |
| Reserves | -183 | -32 | 15 |
| Borrowings | 293 | 56 | 118 |
| Other Liabilities | 224 | 159 | 144 |
| Total Liabilities | 399 | 247 | 342 |
| Fixed Assets | 318 | 91 | 75 |
| CWIP | 0 | 2 | 0 |
| Investments | 0 | 0 | 0 |
| Other Assets | 82 | 154 | 266 |
| Total Assets | 399 | 247 | 342 |
Cash Flow
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating | 230 | 130 | -96 |
| Investing | -75 | -66 | 10 |
| Financing | -146 | -48 | 59 |
| Net Cash Flow | 9 | 16 | -27 |
| Free Cash Flow | 157 | 114 | -111 |
| CFO/OP | 216 | 60 | -67 |
Ratios
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Debtor Days | 2 | 2 | 3 |
| Cash Conversion Cycle | 2 | 2 | 3 |
| Working Capital Days | -205 | -48 | -63 |
| ROCE % | — | 119% | 64% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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32 extracted metrics + investor summaries across FY24–FY27.
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Company Information
Waterways Leisure Tourism Limited (WLTL) is the pioneer in delivering luxury cruise holidays for Indians in India. A multi-destination cruise operator, WLTL brings the international cruising experience to India through excellence in service and niche itineraries. India’s finest entertainment shows, exquisite cuisines, and unmatched hospitality have been curated for Indian and international travellers. WLTL operates Cordelia Cruises in India.
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