Cordelia Cruises operator Waterways Leisure opens ₹585 cr IPO at aggressive 112x FY26 P/E
Waterways Leisure Tourism, India's dominant cruise operator with 79% market share, launches ₹585 cr IPO June 23 to fund lease deposits for two Norwegian vessels that will triple capacity by FY28. Priced at 112x FY26 P/E and 50x EV/EBITDA on projected ₹52 cr PAT and 85% occupancy — leaving little margin for execution slippage.
What happened
Cordelia Cruises (Waterways Leisure Tourism) · Cordelia Cruises operator Waterways Leisure Tourism opens ₹585 cr IPO June 23 to fund lease deposits for two
Key facts
- IPO size ₹585 cr
- 112x FY26 P/E
- 50x FY26 EV/EBITDA
- FY26 PAT ₹52 cr
- 85% occupancy FY26
- Revenue/passenger/day ₹12,036
- 79% market share
- Lease rental $160M per vessel
- Promoter stake 89% post-IPO
Why this matters
A 79% share monopoly going public signals the cruise category is investable in India — watch for hospitality, OTA, and port-infrastructure players to probe partnerships or competing entries before FY28 capacity lands.