Waterways Leisure Tourism Limited IPO
Hotels & Restaurants
Price Band
₹769 – ₹808
Lot Size
18
Minimum Bid Quantity
18
Minimum Investment
₹14544
Issue Size
₹585Cr
Opens
2026-06-23
Closes
2026-06-25
Listing
01-07-2026
Subscription Status
Qualified Institutional Buyers
0.69 x
Non-Institutional Investor
1.17 x
Retail Individual Investor
4.12 x
Total
1.44 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0LZF01013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Waterways Leisure Tourism Limited is a cruise tourism company engaged in operating ocean and coastal cruise services in India. The company operates the cruise vessel MV Empress and offers voyages to domestic destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, along with select international itineraries such as Sri Lanka, Thailand, Singapore, and Malaysia. Its cruise operations include accommodation, dining, entertainment, and onboard amenities for passengers. The company also provides facilities for meetings, incentives, conferences, and exhibitions (MICE) events, weddings, and group travel.
Pros
- • According to the company and the CRISIL report cited in its prospectus, Waterways Leisure Tourism is a domestic ocean cruise operator in India. The company operates the MV Empress, which can accommodate up to 2,005 guests and offers voyages across domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, along with select international destinations including Sri Lanka, Malaysia, Thailand, and Singapore.
- • The company claims to offer an India-focused cruise experience through a combination of accommodation, dining, entertainment, and onboard amenities. Its cruise vessel features multiple dining venues, a casino, theatre, spa, swimming pools, children's academy, gaming arcade, fitness centre and rock-climbing wall, while also catering to weddings, MICE events, and chartered experiences.
- • The company has maintained a significant proportion of direct bookings, which may help improve margins and strengthen customer relationships. Cabins sold directly by the company increased from 36,769 in FY24 to 47,195 in FY25 and 47,895 in FY26, accounting for 59.96%, 62.98% and 62.25% of total cabins sold, respectively.
Cons
- • Waterways Leisure Tourism currently operates only one cruise vessel, MV Empress. Any mechanical failure, accident, prolonged maintenance requirement, or operational disruption involving this vessel could significantly affect revenue and operations, as the company currently lacks an alternative operating vessel.
- • The company derives a substantial portion of its revenue from cruise ticket sales. Cruise ticket revenue stood at Rs 388.33 crore in FY24, Rs 528.79 crore in FY25 and Rs 528.86 crore in FY26, contributing 87.45%, 89.53% and 91.22% of revenue from operations, respectively. Any decline in cruise ticket sales due to lower demand, pricing pressure, economic downturn, or changing consumer preferences could adversely affect the company's business, financial condition, and profitability.
- • The company has a limited operating history, having commenced cruise operations in September 2021. Given its relatively short operating track record, investors may find it difficult to assess the sustainability of its long-term growth and profitability.
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