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Waterways Leisure Tourism Limited
1.45xsubscribed

Waterways Leisure Tourism Limited

Travel Services
listed
₹13,842Min. investment

Waterways Leisure Tourism Limited IPO Details

SectorTravel Services
Price range₹769 – ₹808
IPO type
Regular
Lot size18 shares
Issue size₹585Cr
Red Herring Prospectus
Read
Market cap
₹5,849.48CrHigher than sector avg
RevenueApr 2025 - Mar 2026
₹579.74CrLower than sector avg
Growth rate3Y CAGR
14.26%

Waterways Leisure Tourism Limited Subscription Status

Date
QIB
NII
Retail
Total
23-Jun-26
0.0 times (X)
0.04 times (X)
1.0 times (X)
0.19 times (X)
24-Jun-26
0.0X
0.32X
2.34X
0.51X
25-Jun-26
0.52X
1.17X
4.15X
1.45X

As on 23-Jun-26, 5:30 PM

Waterways Leisure Tourism Limited Timeline

  1. Pre-apply
    19 Jun 2026
  2. Bid start
    23 Jun 2026
  3. Bid end
    25 Jun 2026
  4. Allotment
    29 Jun 2026
  5. Release of funds
    30 Jun 2026
  6. Demat transfer
    30 Jun 2026
  7. Listing
    1 Jul 2026

About Waterways Leisure Tourism Limited

Waterways Leisure Tourism is one of the prominent domestic ocean cruise operators in India. The company provides vacation cruises that emphasise Indian culture, hospitality, food, and entertainment. As of FY25, the firm has captured around 79% market share in value terms in India’s overnight ocean and coastal cruise segment. The company provides domestic cruise packages, including trips to various destinations, namely Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry. The company’s international routes comprise Sri Lanka, Thailand, Singapore, and Malaysia. The company provides 2-night cruises ranging from 2 nights up to 10-night cruises.
The company’s main stream of income comes from selling cruise tickets, which provided 91.22% of FY26 revenue, and additional sources of income came from passengers' onboard spending, including speciality dining, excursions, Wi-Fi usage, spa, gambling, and entertainment costs. Pricing of the tickets was based on a dynamic pricing model. The company established a robust sales strategy with direct access to customers through its website, mobile app, and call centre. Direct sales constituted 62.25% of all cabin sales during FY26, which helped the company minimise expenses related to travel agency fees and increase profitability. The company employs a group of 148 cruise holiday specialists for direct customer sales.
As on March 31, 2026, the company owned one cruise vessel known as MV Empress, which has hosted over 730,819 passengers and covered over 321,292 nautical miles from the date of its launch. The MV Empress accommodates a total of 2,005 guests, and has a total of 796 rooms. This vessel is well equipped with various facilities for use by its clients. These include restaurants, bars, casinos, swimming pools, spas, and entertainment areas.
This company stands out because it provides cruise tourism tailored to Indian tourists. The company provides meals of Indian, international, and pan-Asian cuisines. The entertainment provided includes shows based on Indian Bollywood culture. These include Indian Cinemagic, Balle Balle, Romance in Bollywood, and Razzmatazz. Other amenities offered include children's activity zones, arcades, a spa and salon, retail, a casino, a swimming pool and rock climbing.
The firm adopts an asset-light and scalable business model through outsourcing of essential operational functions like hospitality services, food and beverage management, housekeeping, technical management, crew management, logistics, procurement, and entertainment. Management can thus concentrate on acquiring customers, enhancing the customer experience and expanding the business. The company is planning to grow its fleet capacity through the addition of two more cruise ships, namely Norwegian Sky and Norwegian Sun, with passenger carrying capacities of around 2,004 and 1,936, respectively. The company will use Norwegian Sky in FY27 and Norwegian Sun in FY28.
The overnight ocean and coastal cruises sector in India had a market size of about ₹830 crore in FY25 and is expected to rise to ₹1,820–2,250 crore by FY31, signifying a CAGR of 20–25%. The cruise penetration in India is very low at about 0.01% compared to that in developed countries, which signifies great potential for future growth. The government's efforts to promote cruise tourism through initiatives like the Cruise Bharat Mission and other initiatives can help drive future growth in the industry.
Waterways Leisure Tourism is strategically placed to capitalise on these positive trends in the industry due to its Cordelia Cruises brand, which has an estimated around 79% market share in India’s overnight ocean and coastal cruises sector. Moreover, the firm will benefit from consumers’ inclination towards premium travel and experiential tourism due to increased income levels, increased awareness of cruises and improvements in port infrastructure. In addition, the expansion of its fleet and diversified routes will help it capture the growing demand for cruise tourism, thus making it an even stronger leader in the cruise market in India.
Now, Waterways Leisure Tourism is launching its initial public offering (IPO), which consists of a fresh issue of ₹585 crore only. Its shares will be listed on the NSE and BSE.

How to pre-apply for Waterways Leisure Tourism IPO?

You can pre-apply for Waterways Leisure Tourism IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Waterways Leisure Tourism IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Waterways Leisure Tourism IPO?

If you are interested in this investment opportunity but unsure how to apply for Waterways Leisure Tourism IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Waterways Leisure Tourism IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Waterways Leisure Tourism IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check the Waterways Leisure Tourism IPO allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Waterways Leisure Tourism IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Waterways Leisure Tourism IPO allotment status will be mentioned

Waterways Leisure Tourism Limited IPO Analysis

IPO REVIEW

Waterways Leisure Tourism Limited | Analysis Video

Should you apply?

Watch our analysts break down the Waterways Leisure Tourism Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Unique position in an expanding, emerging market

Monopolistic dynamics of India’s one and only large-scale operator in domestic ocean cruises with expected market growth of 20 to 25% CAGR to reach ₹1,820-2,250 crore by FY31 due to highly complex regulations and capital intensity that act as entry barriers.

Curated India experience

Revenue per head showed a positive trend going up from ₹10,524 in FY24 to ₹12,036 in FY26 on the strength of effective onboard monetisation and India-centric experience. The ticket price has also increased from ₹9,244 to ₹10,980 in the two-year period.

High share of direct cabin bookings

In excess of 62% of all cabins are booked via the website/app/call centre team of 148 operators, thus avoiding agent commission and ensuring better customer information through direct booking. Direct cabin numbers increased from 36,769 in FY24 to 47,895 in FY26 (+30% in two years).

Asset light model through outsourcing

The firm is able to circumvent the pitfall of high cost structure through full-time employment by outsourcing activities like food and beverages, housekeeping, manning, technical management, and entertainment to specialised vendors. Overall third-party service provider expenditure stood at ₹120.9 crore in FY26 for three main vendors.

Objectives of Waterways Leisure Tourism Limited IPO

Lease deposit & rental payments
82.10%
₹480.01 crore will be utilized for lease deposits and rental payments to Baycruise IFSC.
General corporate purposes
17.90%
Up to 25% of the gross proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹579.74Cr14.26%₹52.14Cr₹5,849.48Cr100.751.27
This sector (avg.)₹706.2Cr----₹218.22Cr₹5,446.1Cr39.130.26
₹4,674.77Cr---₹1,314.9Cr₹49,844Cr36.340.02
₹1,737.47Cr---₹229.89Cr₹14,832.1Cr62.600.18
₹914.25Cr---₹60.25Cr₹9,068.08Cr147.310.06

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Waterways Leisure Tourism Limited Contact Details

Company NameWaterways Leisure Tourism Limited

How to apply for Waterways Leisure Tourism Limited?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Waterways Leisure Tourism Limited IPO FAQs

Investors can apply for the Waterways Leisure Tourism Limited through their Demat account via the stock exchange or through their broker.
The issue size of the Waterways Leisure Tourism Limited is 585 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Waterways Leisure Tourism Limited will be open between 2026-06-23 and 2026-06-25.
Waterways Leisure Tourism Limited allotment date is 2026-06-30. For Waterways Leisure Tourism Limited allotment status check, you can visit the website of the registrar of the IPO.
For Waterways Leisure Tourism Limited, the IPO registrar is MUFG Intime India Private Limited . You can check Waterways Leisure Tourism Limited allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Waterways Leisure Tourism Limited shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Waterways Leisure Tourism Limited lot size is 18 and minimum order quantity is 18.
Waterways Leisure Tourism Limited has set the price band for its IPO at 808 per equity share with a face value of 10.