Waterways Leisure Tourism IPO
Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Day-wise Subscription (times subscribed)
Financial Analysis
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 452.15 | 597.68 | 586.99 |
| Expense | 560.40 | 483.70 | 508.74 |
| Profit (PAT) | 122.73 | 168.19 | 52.14 |
| Total Assets | 399.20 | 247.37 | 341.78 |
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Chalet Hotels Limited | 29.50 | 25.73 | 19.40 | 3,697.16 | 2,769.75 Cr |
| Lemon Tree Hotels Limited | 2.87 | 40.98 | 11.73 | 2,079.18 | 1,444.45 Cr |
| Juniper Hotels Limited | 6.36 | 31.90 | 5.06 | 2,868.43 | 1,047.68 Cr |
| Samhi Hotels Limited | 25.61 | 6.19 | 34.07 | 2,182.18 | 1,247.80 Cr |
| Taj GVK Hotels &Resorts Limited | 65.31 | 4.97 | 39.48 | 1,419.37 | 508.45 Cr |
| Wonderla Holidays Limited | 12.89 | 40.98 | 4.64 | 1,796.90 | 518.77 Cr |
| Imagicca World Entertainment | 0.01 | 4,544.00 | 0.10 | 1,254.04 | 373.85 Cr |
Promoters: Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 6,51,54,444 | 99.27% |
Strengths & Risks
- Solid profit margin — 26.7%.
- Weak institutional (QIB) demand — the QIB portion was only 0.72x subscribed at close.
- Revenue fell 7% in the latest reported year.
- Modest return on equity — 2%.
- Elevated leverage — debt/equity of 1.27.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
As of December 31, 2024, Cordelia Cruises, also known as Waterways Leisure Tourism, is the only Indian company operating ocean cruises. The company has been engaged in providing luxury cruises with a blend of authentic Indian experiences that has allowed them to build brand loyalty and win customers by keeping the prices low. Cordelia Cruises just runs one cruise ship right now, the “MV Empress,” which includes 796 cabins, including suites, mini suites, ocean-view rooms, and interior rooms. There have been 5,49,051 people who have travelled the ship since it was first launched. As of December 31, 2024, the cruise has traveled 2,25,079 nautical miles to major Indian destinations like Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, and also to international trips to places like Hambantota, Trincomalee, and Jaffna in Sri Lanka. Cordelia cruise trips have been the preferred choice for giving its guests luxury and a memorable experience.
Waterways Leisure Tourism Ltd., A-1601, Marathon Futurex,, NM Joshi Marg,, Lower Parel, Delisle Road,, Mumbai, Maharashtra, 400013
| Purpose | Amount (Cr) |
|---|---|
| Payment towards deposit/ advanced lease rental and monthly lease payments to our stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (“Baycruise IFSC”). | 552.53 |
| General Corporate Purpose | - |
Resources & Documents
Waterways Leisure Tourism has set a price band of Rs 769–Rs 808 per share for an issue size of Rs 727 crore. The stock listed with a 15.72% discount versus its issue price on July 01, 2026.
As of December 31, 2024, Cordelia Cruises, also known as Waterways Leisure Tourism, is the only Indian company operating ocean cruises. The company has been engaged in providing luxury cruises with a blend of authentic Indian experiences that has allowed them to build brand loyalty and win customers by keeping the prices low.
The issue is promoted by Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani with Centrum Capital Ltd., Intensive Fiscal Services Pvt. Ltd., Motilal Oswal Investment Advisors Ltd. acting as lead manager. Net proceeds will primarily be used towards Payment towards deposit/ advanced lease rental and monthly lease payments to our stepdown subsidiary, Baycruise Shipping… (Rs 553 crore) and General Corporate Purpose.
On fundamentals, the company is posting revenue growth of -7.4%, a profit margin of 26.7%, return on equity of 2.2% in its most recent reported period. Listed peers in this segment include Chalet Hotels Limited (P/E 25.73x) and Lemon Tree Hotels Limited (P/E 40.98x) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
On our data-signal score, the combined signals for this issue currently read weak — several key indicators are reading below average. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Waterways Leisure Tourism IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed.
See the full Waterways Leisure Tourism GMP history and trend, or learn how grey market premium works and how reliable it is.
Related IPO
No comments yet. Be the first to share your opinion!