Incorporated in November 2020, Waterways Leisure Tourism Limited is one of India’s leading domestic ocean cruise operators, offering luxury cruise experiences focused on Indian culture, hospitality, entertainment, and cuisine. The company operates the cruise vessel MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia.
As of March 31, 2026, over 730,000 guests had sailed on its cruises, covering more than 321,000 nautical miles. The company held approximately 79% market share by value in India’s domestic ocean cruise industry in Fiscal 2025. MV Empress features 796 cabins, including suites, ocean-view cabins, and interior staterooms, along with amenities such as restaurants, entertainment shows, casino, spa, fitness center, swimming pools, gaming arcade, children's academy, and MICE and wedding facilities.
The company follows an asset-light operating model by outsourcing key cruise functions such as food & beverage, housekeeping, crewing, and entertainment, enabling operational efficiency and scalability. A majority of bookings are generated directly through its website, mobile application, call centers, and customer service channels. Waterways Leisure Tourism is positioned to benefit from the growing cruise tourism industry in India and plans to expand its fleet with Norwegian Sky and Norwegian Sun.
As of March 31, 2026, the company had 245 permanent employees.
Key Strengths
- Leading domestic ocean cruise operator in India with strong market share.
- Pioneer in India-focused luxury cruise tourism.
- Unique blend of Indian culture, cuisine, and entertainment experiences.
- Diverse onboard amenities catering to families, leisure travelers, and corporate groups.
- Strong direct booking network supporting higher margins.
- Asset-light model through outsourced cruise operations.
- Expansion plans with additional cruise vessels and destinations.
| Purpose | Amount (₹ Cr) |
|---|---|
| Payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt.Ltd. (Baycruise IFSC). | ₹480 |
| General Corporate Purposes | — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 342 | 247 | 399 |
| Revenue | 587 | 598 | 452 |
| PAT | 52 | 168 | -123 |
| EBITDA | 117 | 215 | 111 |
| Net Worth | 80 | 33 | -118 |
| Reserves | 15 | -32 | -183 |
| Total Borrowing | 102 | 30 | 5 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | Not less than 75% of the Issue | — |
| NII / HNI | — | Not more than 15% of the Issue | — |
| Retail (RII) | — | Not more than 10% of the Issue | — |
* Amount calculated at upper price band (₹808) · ** Total includes all investor categories
- 1 Initiation of Refund 30 Jun 2026
- 2 Credit of Shares to Demat 30 Jun 2026
- The IPO P/E of 101x reflects a weak valuation relative to typical market ranges.
- Pre-issue EPS of ₹8.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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