Waterways Leisure Tourism Ltd

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• DebtModerate safety, with cautionRated BBB+ by CRISIL.
• ResultsMixedIn the Sep 2026 quarter, sales fell 24% and profit rose 66% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 89% of the company, about the same as in Jun 2026.
• ValuationNormal for this stockThe share trades at 124.5 times its yearly earnings (P/E), cheaper than 58% of the time in the last 1 years. Its usual P/E is about 126.

Waterways Leisure Tourism Ltd against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)124.5 against a typical 22.2: pricier than most peers (1st = cheapest).21st of 22
• Sales growth−24.4% against a typical +18.1% from a year earlier.14th of 15
• Profit growth+65.7% against a typical −13.5% from a year earlier.1st of 13
• Share price, 3 months+11.4% against a typical −8.5%.2nd of 21
• Size₹ 6,526.4 Cr. market value against a typical ₹ 48 Cr. (1st = largest).2nd of 19

Exchange filings and their impact on the company.

• 26 Oct 2026Press ReleaseHigh impactVery positivePrice −0.8% that day
  Cordelia moves from one to two ships, roughly doubling saleable capacity from Mumbai and Kochi.

  Cordelia Cruises has started two-ship operations with Cordelia Sky sailing from Mumbai from 23 October 2026 and Cordelia Empress sailing from Kochi. Sky carries 2280 guests across 1002 staterooms and will run 2-3 night weekend, 4-night Lakshadweep and 5-night Goa-Lakshadweep itineraries, while Kochi offers weekend, Lakshadweep and Kochi-Male-Colombo sailings. The company handled nearly 6000 guests across both ships in Mumbai on 23 October, has hosted over 800,000 guests since 2021, and plans to add Cordelia Sun in 2027.

  Full analysisFiling
• 15 Oct 2026Analysts/Institutional Investor Meet/Con. Call UpdatesHigh impactVery positivePrice +1.1% on 16 Oct
  Cordelia Sky doubles fleet capacity from 23 Oct with 2x revenue potential, driving 2x revenue and 3-4x profit over next 12 months.

  Waterways Leisure filed the transcript of its 9 Oct 2026 Q2/H1 FY27 earnings call. Q2 revenue was Rs132.9cr (+31% YoY) with EBITDA Rs77.7cr and PAT Rs58.5cr including USD 5.2m compensation for early delivery of Cordelia Sky, while H1 revenue was Rs323cr (+16%). Cordelia Sky arrived in Mumbai on 15 Oct and starts sailing 23 Oct, adding 2400 guests across 1002 rooms to lift capacity by 126%, with sister ship SUN due in 11 months and another vessel under discussion.

  Full analysisFiling
• 9 Oct 2026Press ReleaseHigh impactVery positivePrice +3.5% on 12 Oct
  H1 PAT up 215% to Rs 81.3 cr and new ship doubles capacity from October, setting up sharp growth.

  Waterways Leisure Tourism reported Q2 FY27 revenue of Rs 132.9 cr up 31% and PAT of Rs 58.5 cr, with H1 revenue of Rs 323 cr up 16% and PAT of Rs 81.3 cr up 215%. H1 EBITDA was Rs 124.2 cr at 38.5% margin with 91.2% load factor and 6% higher ticket prices. The company took delivery of Cordelia Sky one month early, adding about 126% capacity from October 23, 2026, with total debt at Rs 412.5 cr and net worth at Rs 731.5 cr.

  Full analysisFiling
• 9 Oct 2026Investor PresentationHigh impactVery positivePrice +3.5% on 12 Oct
  Strong H1 with 16% revenue growth and 2.1x PAT plus fleet more than doubling from late-October drives sharp 12-month earnings jump.

  Waterways Leisure (Cordelia Cruises) reported Q2 FY27 revenue of Rs 132.9 crore, up 31% year-on-year, and H1 revenue of Rs 323 crore, up 16%, with H1 PAT of Rs 81.3 crore, up 215%, helped by a Rs 49.5 crore exceptional gain. Load factor was 91.2% on 2.5 lakh passenger cruise days with revenue per PCD of Rs 12,931. The company adds Norwegian Sky from 23 October 2026, lifting staterooms 126% to 1,798 and to 2,766 with Norwegian Sun, while total assets jumped to Rs 1,348 crore and equity to Rs 727 crore by September 2026.

  Full analysisFiling
• 9 Oct 2026Outcome of Board MeetingHigh impactPositivePrice +3.5% on 12 Oct
  Strong H1 on 16% revenue growth plus Rs49.5cr one-off gain, with IPO cash funding new vessels SKY and SUN.

  Waterways Leisure Tourism reported H1 FY27 consolidated revenue of Rs323.01cr, up 16.2% YoY, with Q2 revenue of Rs132.9cr up 30.9% YoY. H1 net profit was Rs81.27cr including a Rs49.49cr exceptional compensation for early delivery of vessel SKY, versus Rs52.14cr for full FY26. The company listed its Rs585cr IPO on 1 July 2026, lifting net worth to Rs727.3cr, and has advanced Rs429cr for a new vessel plus lease advances for upcoming vessels SKY and SUN, while borrowings rose to Rs412.5cr.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Jurgen Bailom

Executive Chairman of the Board, Chief Executive Officer

Nishikant Upadhyay

Chief Financial Officer

Ankit Satish Shah

Company Secretary, Compliance Officer

Coralie Annamichelle Ansari

Executive Director

Aditya Gupta

Executive Director