• Fleet expansion outlook: Adding two new ships will expand capacity to 2,800 rooms and increase premium cabins by 1,000%, scaling revenue potential up to ₹3,000 crore.
• EBITDA margin guidance: Management expects reported EBITDA margins to reach 35% to 40% going forward, rebounding after absorbing accounting adjustments and roughly ₹40 crore of pre-operational expansion costs.
• Break-even and maintenance: Operations break even at a 60% load factor on the lowest dynamic pricing tier, while ongoing preventive maintenance costs approximately $3.5 million to $4 million annually.
• Cash flow position: Reported negative operating cash flow was driven by a $16 million (around ₹160 crore) advance lease payment for a new vessel, excluding which operating cash flow stands positive at approximately ₹80 crore.