Waterways Leisure Tourism IPO – Company Analysis
Waterways Leisure Tourism IPO is a Mainboard IPO under the book-built issue category, aggregating ₹585 crore. The issue is being offered by Waterways Leisure Tourism Limited, one of India’s leading domestic ocean cruise operators.
The company is known for providing premium and luxurious cruise experiences with a strong focus on Indian cuisine, entertainment, hospitality, and cultural experiences. Its flagship cruise ship, MV Empress, operates across multiple popular domestic and international destinations.
The cruise network includes Indian destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, along with international routes covering Sri Lanka, Thailand, Singapore, and Malaysia.
Waterways Leisure Tourism IPO Details
The Waterways Leisure Tourism IPO will open for subscription on 23 June 2026 and close on 25 June 2026.
The IPO allotment is expected to be finalized on 29 June 2026, followed by refund initiation on 30 June 2026.
The IPO is a fresh issue of ₹585 crore, consisting of approximately 0.72 crore equity shares.
The expected listing date for the Waterways Leisure Tourism IPO is 1 July 2026, and it will be listed on both BSE and NSE.
The price band for the IPO has been fixed at ₹769 to ₹808 per share.
IPO Timetable (Tentative)
Events | Date |
IPO Opening Date | Jun 23, 2026 |
IPO Closing Date | Jun 25, 2026 |
IPO Allotment Date | Jun 29, 2026 |
Refund Initiation | Jun 30, 2026 |
IPO Listing Date | Jul 01, 2026 |
Industry Overview
Company Financials
(Amount in Cr)
Particulars | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
Assets | 341.78 | 247.37 | 399.20 |
Total Income | 586.99 | 597.68 | 452.15 |
Profit After Tax | 52.14 | 168.19 | -122.73 |
EBITDA | 117.48 | 215.46 | 111.15 |
NET Worth | 80.20 | 32.78 | -118.07 |
Reserves | 15.05 | -31.90 | -182.75 |
Total Borrowing | 101.90 | 30.44 | 5.18 |
Cash Flows
(Amount in lac)
Net Cash Flow | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
Net Cash Flow Operating Activities | (964.35) | 1,296.69 | 2,300.67 |
Net Cash Flow Investing Activities | 104.76 | (660.23) | (745.24) |
Net Cash Flow Financing Activities | 586.25 | (479.87) | (1,463.34) |
Revenue Bifurcation
(Source: RHP)
Objective of the Issue
- The company proposes to utilize the Net Proceeds from the Issue for the following purpose:
- Payment towards deposit/advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd (Baycruise IFSC) – approximately ₹480.01 crore.
Listed Peers of Waterways Leisure Tourism Ltd.
Name of Company | Face Value (₹) | Basic EPS (₹) | PE Ratio (x) |
Chalet Hotels Limited | 10 | 29.50 | 25.73 |
Lemon Tree Hotels Limited | 10 | 2.87 | 40.98 |
Valuation
KPI | Value |
ROE | 0.92% |
ROCE | 1.14% |
Debt/Equity | 1.27 |
RoNW | 92.70% |
PAT Margin | 0.09% |
EBITDA Margin | 0.20% |
Price to Book Value | 65.64 |
Evaluation of P/E Ratio
Considering the financial year ended FY 2026, with an EPS of ₹8.02, the resulting P/E ratio stands at 100.74x, indicating a relatively high valuation compared to earnings.
IPO's Strengths
Leading domestic ocean cruise operator in India with a 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
IPO's Weaknesses
Cruise vacations remain a niche segment in India due to limited consumer awareness and fewer established itineraries.
Underdeveloped cruise infrastructure, including terminals and supporting facilities, may restrict the overall growth of the sector.
Regulatory framework and taxation policies, including the prevailing GST structure in India, could act as an impediment to industry expansion.
Waterways Leisure Tourism IPO GMP (Grey Market Premium)
Waterways Leisure Tourism IPO GMP today is Rs. 20 as of 19 June 2026, while writing this information.
Waterways Leisure Tourism IPO Summary
IPO Opening & Closing Date | 23 Jun, 2026 to 25 Jun, 2026 |
Face Value | Rs. 10 per Share |
Issue Price | Rs. 769 to Rs. 808 per Share. |
Lot Size | 18 Shares |
Issue Size | 72,40,099 Shares (Rs. 585 Cr) |
Offer for Sale | - |
Fresh Issue | 72,40,099 Shares (Rs. 585 Cr) |
Listing at | BSE, NSE |
Issue Type | Bookbuild issue IPO |
Registrar | MUFG Intime India Pvt. Ltd. |
IPO Lot Details
Minimum Lot Investment (Retail) | 1 Lot |
Maximum Lot Investment (Retail) | 13 Lots |
HNI (Min) | 14 Lots |
Waterways Leisure Tourism IPO Allotment Status
To check the Waterways Leisure Tourism IPO Allotment Status, investors can visit the official Registrar’s website or the BSE website once the allotment is finalized.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Waterways Leisure Tourism Ltd.
Global Shipping and Leisure Limited
Rajesh Chandumal Hotwani.
Pre-Issue Promoter Shareholding | 99.27% |
Post-Issue Promoter Shareholding | 89.35% |
IPO Lead Managers
Centrum Capital Ltd.
Dividend Policy
The company has not paid any dividend during the last three financial years.
Conclusion
With a ₹585 crore issue size and a strong positioning in India’s domestic cruise tourism segment, Waterways Leisure Tourism IPO offers exposure to the growing cruise travel industry in India.
However, investors should carefully evaluate factors such as its relatively high valuation, debt levels, dependence on a niche tourism market, and fluctuations in financial performance before making an investment decision.
DISCLAIMER: This article is for educational and informational purposes only and should not be considered as investment, financial, or trading advice. It does not constitute a buy, sell, or hold recommendation for any security or IPO. Investors should conduct their own research and consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks.
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