Waterways Leisure Tourism Limited are the only domestic ocean cruise operator in India as of December 31, 2024 (Source: CRISIL Report), offering luxurious and inherent Indian experiences. The company currently operates the cruise vessel ‘MV Empress,’ which has hosted 5,49,051 guests and covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands since its launch. In Fiscal 2024, it accounted for approximately 65% of the market share in value terms (Source: CRISIL Report). The cruise vessel primarily sails to domestic destinations, including Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. Additionally, international itineraries feature destinations such as Hambantota, Trincomalee, and Jaffna (Sri Lanka), with first-time sailings to locations including Phuket (Thailand), Singapore, Kuala Lumpur, and Langkawi
Weak fundamentals and premium/expensive valuation
Waterways Leisure Tourism Limited is the only domestic ocean cruise operator in India, with a market share of approximately 65% in value terms as of December 31, 2024.
The company has shown strong revenue growth, but profitability has been volatile. The debt-equity ratio is high, and the net worth was negative in FY24.
Some data points, such as anchor investor data and objects of the issue, are missing or not available, which affects the overall assessment.
+-6.3%
Overall demand
Retail Queue
Institutional Queue
Non-Institutional
Subscribed
Waterways Leisure Tourism Limited are the only domestic ocean cruise operator in India as of December 31, 2024 (Source: CRISIL Report), offering luxurious and inherent Indian experiences. The company currently operates the cruise vessel ‘MV Empress,’ which has hosted 5,49,051 guests and covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands since its launch. In Fiscal 2024, it accounted for approximately 65% of the market share in value terms (Source: CRISIL Report). The cruise vessel primarily sails to domestic destinations, including Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. Additionally, international itineraries feature destinations such as Hambantota, Trincomalee, and Jaffna (Sri Lanka), with first-time sailings to locations including Phuket (Thailand), Singapore, Kuala Lumpur, and Langkawi
Travel And Tourism
High growth industry driven by energy transition and carbon mitigation.
Promoters group
Promoter Group holds 72.21% of pre-issue capital.
| Financial Year | Revenue (₹ Cr) | EBITDA Margin (%) | PAT (₹ Cr) | ROCE (%) | ROE (%) | Debt / Equity (x) |
|---|---|---|---|---|---|---|
| FY24 | ₹444.06 Cr | 25.03% | ₹-122.73 Cr | 0.61% | 0.00% | -0.04x |
| FY25 | ₹590.60 Cr | 36.48% | ₹168.18 Cr | 5.03% | 513.06% | 0.93x |
| FY26 | ₹579.74 Cr | 20.26% | ₹52.14 Cr | 1.14% | 65.01% | 1.27x |
| Company | P/E (x) | ROE (%) | Revenue CAGR (3Y) | EBITDA Margin (%) | Market Cap (₹ Cr) |
|---|---|---|---|---|---|
| Waterways Leisure Tourism (IPO) | 100.75x | 65.01% | -1.8% | 20.3% | -- |
| Cox and | 14.7x | -- | -- | -- | ₹695.22 Cr |
| TBO Tek | 48.6x | -- | -- | -- | ₹2,047.395 Cr |
| Yatra Online | -- | -- | -- | -- | ₹570.24 Cr |
Subscription Trend (Times)
GMP Trend (₹)
Ideal for investors who:
