Waterways Leisure Tourism Limited
We are one of the domestic ocean cruise operators in India (Source: CRISIL Report), offering luxurious and inherent Indian experiences. We believe this enables us to set industry benchmarks, foster brand loyalty, and establish pricing standards, thereby strengthening our market presence and creating a strong competitive position. We currently operate a cruise vessel, the `MV Empress', and since our launch, 730,819 guests have sailed on our cruise vessel, which has covered more than 321,292.53 nautical miles along the Indian coastline and surrounding islands as of March 31, 2026. In Fiscal 2025, we accounted for approximately 79% of the market share in value terms. Our cruise vessel primarily sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. We have in the past and continue to offer international itineraries to Hambantota, Trincomalee, and Jaffna (Sri Lanka), Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia). Our itineraries are designed to showcase India's coastal regions and cultural heritage, providing guests with an enriching travel experience and establishing ourselves as the go-to choice for luxury and cultural cruising. Our cruise vessel `MV Empress' offers a variety of cabin options, including one chairman's suite, five suites, 63 mini suites, 416 ocean-view staterooms, and 311 interior staterooms, totaling 796 cabins, with prices ranging from Rs. 34,164 (interior rooms) per night to Rs. 151,111 (Chairman suite) per night, subject to dynamic pricing and load factor considerations.
Timeline
Subscription
Reports
Offer Details
Terms
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Managers & Registrar
Ownership & Proceeds
Shareholding
Objects of the Issue
- Payment towards deposit/ advanced lease rental and monthly lease payments to our step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited ("Baycruise IFSC").
- General corporate purposes*#
Anchor Book
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| RevenueCr | 444 | 591 | 580 |
| Operating ProfitCr | 103 | 208 | 110 |
| OPM% | 23.2 | 35.3 | 19.0 |
| PBTCr | -123 | 190 | 78 |
| PATCr | -123 | 168 | 52 |
| EPS | -19 | 26 | 8 |
Balance Sheet
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity CapitalCr | 65 | 65 | 65 |
| ReservesCr | -183 | -32 | 15 |
| BorrowingsCr | 293 | 56 | 118 |
| Fixed AssetsCr | - | - | 75 |
| Total AssetsCr | 399 | 247 | 342 |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Cash FlowCr | 230 | 130 | -96 |
| Investing Cash FlowCr | -75 | -66 | 10 |
| Financing Cash FlowCr | -146 | -48 | 59 |
| Net Cash FlowCr | 9 | 16 | -27 |
Strengths & Risks
- Pioneer in the ocean cruise tourism in India, well-positioned to capitalize on industry tailwinds.
- India-focused cruise experience with diverse amenities.
- Significant direct bookings optimizing margins.
- Outsourced critical cruise operations enhancing efficiency and scalability.
- Seasoned management team delivering financial growth.
- Introduce new cruise vessels to meet growing demand.
- Broaden itineraries to cover domestic and international destinations.
- The company currently undertake its operations through a single cruise vessel, the `MV Empress'. Any disruption to the company cruise vessel could lead to operational disruptions and adversely impact its business, results of operations, financial condition and cash flows.
- A significant portion of the company revenue is derived from its cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of the company revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in its cruise ticket sales may adversely impact the company business, financial condition, results of operations, cash flows and prospects.
- The Company operates as the vessel operating entity, while the vessel owning entity is Bay Cruise Investment Inc. Any legal, financial, or regulatory issues faced by Bay Cruise Investment Inc. could indirectly impact its business and results of operations.
- The company growth strategy relies on the acquisition of new vessels to expand its operations. The company inability to expand its operations by acquiring new vessels could significantly impact the company business, financial condition, and results of operations.
- The company Statutory Auditors has included certain adverse remarks, emphasis of matters and qualifications in their auditor's report. In particular, its Statutory Auditors included a remark in the audit report for Fiscal 2024 pertaining to the material uncertainty related to going concern.
- An increase in cruise capacity without a corresponding increase in demand and infrastructure could adversely affect the company business, results of operations, financial condition and cash flows.