Waterways Leisure Tourism
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
Plain-English Summary✨
What does the company do?
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.
Why are investors interested?
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.
What should beginners watch out for?
Some data points, such as anchor investor data and objects of the issue, are missing or not available, which affects the overall assessment.
Key IPO Metrics
GMP Today
+-6.3%
Total Subscription
Overall demand
Retail Subscription
Retail Queue
QIB Subscription
Institutional Queue
NII (HNI) Subscription
Non-Institutional
Anchor Book
Subscribed
Business Overview
About the Company
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
Industry
Travel And Tourism
High growth industry driven by energy transition and carbon mitigation.
Business Segments (FY24)
Objects of the Issue
Promoters
Promoters group
Promoter Group holds 72.21% of pre-issue capital.
Lead Managers
Registrar
Financials & Performance(Standalone)
Revenue (₹ Cr)
CAGR 14.3%PAT (₹ Cr)
EBITDA Margin (%)
ImprovingDebt / Equity (x)
Strong DeleveragingROCE (%)
Healthy Trend| 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 |
Valuation & Peer Comparison
| 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 |
Why this IPO looks good
- Market leader in domestic ocean cruise operations
- Strong revenue growth with FY24 revenue at 444.06 Cr and FY25 revenue at 590.6 Cr
- Improving profitability with FY25 PAT at 168.18 Cr
Demand & Momentum
Subscription Trend (Times)
GMP Trend
GMP Trend (₹)
Documents
AI Research Q&A
Who is this IPO suitable for?
Ideal for investors who:
- Believe in India's renewable energy growth story
- Have a medium to long-term investment horizon
- Are comfortable with moderate to high risk appetite