Waterways Leisure Tourism
- P/E
- 10.60
Key Fundamentals
MicrocapTour, Travel Related ServicesConsumer ServicesPrice-based figures as of · TTM
- ROCE
- 64.00%
- Debt to Equity
- 0.61
- EPS (TTM)
- ₹8.40
- Book Value
- ₹10.05
- Market Cap
- —
- P/E (TTM)
- 10.60
- P/B
- 8.86
- ROE
- 92.30%
- Dividend Yield
- 0.00%
- EBITDA
- ₹118 Cr
- 52W High
- ₹118.53
- 52W Low
- ₹62.31
- Volume
- 0
Peer Comparison
Consumer Discretionary › Leisure Services › Tour, Travel Related Services
| ₹450.00 | 25.86 | ₹36,148 Cr | 8.35 | 2.01% | 34.40% | 46.10% | ₹5,425 Cr | ₹1,393 Cr | |
| ₹1,526.30 | 62.63 | ₹17,254 Cr | 9.54 | 0.00% | 17.40% | 18.30% | ₹3,092 Cr | ₹265 Cr | |
| ₹216.73 | 12.64 | ₹8,852 Cr | 3.62 | 1.16% | 32.10% | 29.80% | ₹3,178 Cr | ₹745 Cr | |
| ₹144.65 | 42.42 | ₹6,345 Cr | 2.94 | 0.00% | 4.79% | 6.14% | ₹1,305 Cr | ₹153 Cr | |
| Waterways Leisure Tourism (this company) | ₹89.04 | 10.60 | ₹6,321 Cr | 8.86 | 0.00% | 92.30% | 64.00% | ₹696 Cr | ₹108 Cr |
| ₹89.72 | 19.29 | ₹4,130 Cr | 2.17 | 0.57% | 9.21% | 14.90% | ₹8,082 Cr | ₹211 Cr | |
| ₹6.08 | — | ₹2,391 Cr | 2.16 | 1.68% | −0.46% | 0.61% | ₹557 Cr | −₹60 Cr | |
| Median 7 companies | ₹144.65 | 22.58 | ₹6,345 Cr | 3.62 | 0.57% | 17.40% | 18.30% | ₹3,092 Cr | ₹211 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Key Insights
No strengths listed
Weaknesses
3- Stock is trading at 10.0 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bearish | 7 | 11 | 1 |
| Oscillators | Bearish | 2 | 7 | 0 |
| Moving Averages | Bearish | 5 | 4 | 1 |
Oscillators
Bearish
Overall
Bearish
Moving Averages
Bearish
Key readings
- RSI (14)
- 39.72
- Neutral
- MACD (12,26,9)
- −4.17
- Bearish
- SMA (50)
- 101.58
- Bearish
- SMA (200)
- —
- Neutral
As of
Growth Rate
From the financial statements below. 1Y: fiscal year to Mar 2026 against Mar 2025.
Revenue
| 1Y | −1.86% |
|---|
Net profit
| 1Y | −69.05% |
|---|
Operating cash flow
| 1Y | Turned negative |
|---|
Operating margin· change in pp
| 1Y | −16.21 pp |
|---|
Trailing twelve months: Results are not reported for each of the last eight quarters, so there is no trailing-twelve-month figure.
Revenue by year
| Mar 2024 | ₹444 Cr |
|---|---|
| Mar 2025 | ₹591 Cr |
| Mar 2026 | ₹580 Cr |
Net profit by year
| Mar 2024 | −₹123 Cr |
|---|---|
| Mar 2025 | ₹168 Cr |
| Mar 2026 | ₹52.00 Cr |
AI Analysis — Bull vs Bear
Waterways 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
₹ Cr| Particulars | Jun 2025 | Sep 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|
| Sales | 176 | 102 | 154 | 190 | 133 |
| Expenses | 121 | 108 | 117 | 145 | 123 |
| Operating Profit | 55 | −6 | 37 | 45 | 10 |
| OPM % | 31% | −6% | 24% | 24% | 7% |
| Other Income | 1 | 4 | 1 | 2 | 68 |
| Interest | 1 | 1 | 3 | 4 | 9 |
| Depreciation | 7 | 8 | 8 | 9 | 10 |
| PBT | 47 | −11 | 26 | 33 | 59 |
| Tax % | 27% | −22% | 32% | 31% | 1% |
| Net Profit | 35 | −9 | 18 | 23 | 58 |
| EPS (₹) | 0.53 | −0.14 | 0.28 | 0.31 | 0.81 |
Profit & Loss
₹ Cr| 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 (₹) | −1.9 | 2.6 | 0.8 |
| Div. Payout % | 0% | 0% | 0% |
Balance Sheet
₹ Cr| Particulars | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|
| Equity Capital | 65 | 65 | 65 | 72 |
| Reserves | −183 | −32 | 15 | 655 |
| Borrowings | 293 | 56 | 118 | 443 |
| Other Liabilities | 224 | 159 | 144 | 178 |
| Total Liabilities | 399 | 247 | 342 | 1,348 |
| Fixed Assets | 318 | 91 | 75 | 89 |
| CWIP | 0 | 2 | 0 | 37 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 82 | 154 | 266 | 1,223 |
| Total Assets | 399 | 247 | 342 | 1,348 |
Cash Flow
₹ Cr| 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
Log in to view Waterways Leisure Tourism insights
35 extracted metrics across FY24–FY27.
Documents
- Q1 FY27 concall · Jul 2026Transcript PPT Recording
- 14 Jul 2026
- 10 Jul 2026
- 9 Mar 2026
- 26 Nov 2025
- General announcements 26 Oct 2026
- General announcements 12 Oct 2026
Frequently Asked Questions about Waterways Leisure Tourism
What does Waterways Leisure Tourism Limited do?
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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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