Waterways Leisure Tourism
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 01 Jul 2026 | −₹51 | −6.31% | ₹0 | ₹757 | −₹918 |
| 30 Jun 2026 | −₹51 | −6.31% | ₹0 | ₹757 | −₹918 |
| 29 Jun 2026 | −₹47 | −5.82% | ₹0 | ₹761 | −₹846 |
| 28 Jun 2026 | −₹46 | −5.69% | ₹0 | ₹762 | −₹828 |
| 27 Jun 2026 | −₹46 | −5.69% | ₹0 | ₹762 | −₹828 |
| 26 Jun 2026 | −₹36 | −4.46% | ₹0 | ₹772 | −₹648 |
| 25 Jun 2026 | −₹28 | −3.47% | ₹0 | ₹780 | −₹504 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Jun 2026 – 25 Jun 2026
- Listing date
- 01 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹808
- Issue price
- ₹808 per share
- Lot size
- 18 shares
- Total issue size
- ₹585 Cr
- Market cap at offer price
- ₹5,849 Cr
- Promoter holding
- 99.27% → 89.35% pre-issue → post-issue
- ISIN
- INE0LZF01013
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Centrum Broking Ltd.
- Registered office
- A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 32,58,045 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 18 shares per lot, in multiples, at ₹808
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 18 | ₹14,544 |
| Retail (max) | 13 | 234 | ₹1,89,072 |
| S-HNI (min) | 14 | 252 | ₹2,03,616 |
| S-HNI (max) | 68 | 1,224 | ₹9,88,992 |
| B-HNI (min) | 69 | 1,242 | ₹10,03,536 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹808 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.00 | 7.20 |
| P/E (×) | 101.00 | 112.22 |
| Price to book (×) | 65.64 | — |
| Market cap | — | ₹5,849 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 92.70%
- ROCE
- 1.14%
- Debt / equity
- 1.27
- PAT margin
- 0.09%
- EBITDA margin
- 0.20%
- NAV per share
- ₹12.31
- Price to book
- 65.64
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Waterways Leisure Tourism
Waterways Leisure Tourism Limited is one of the domestic ocean cruise operators in India, currently operating a single cruise vessel, the 'MV Empress', which has accommodated 730,819 guests and covered more than 321,292.53 nautical miles as of March 31, 2026. The company serves retail leisure travellers including families, couples, and individual travellers, as well as business and event-driven customers in the MICE category and destination events such as weddings. The company plans to expand by acquiring two new cruise vessels—'Norwegian Sky' and 'Norwegian Sun'—to be introduced by Fiscal 2027 and Fiscal 2028 respectively. Revenue is primarily derived from cruise ticket sales, which accounted for 91.22% of revenue from operations in Fiscal 2026.
Company Analysis
from RHPWaterways Leisure Tourism Limited operates as a domestic ocean cruise operator in India, offering luxurious cruise experiences along the Indian coastline and international destinations.
Waterways Leisure Tourism Limited is one of the domestic ocean cruise operators in India, currently operating a single cruise vessel, the 'MV Empress', which has accommodated 730,819 guests and covered more than 321,292.53 nautical miles as of March 31, 2026. The company serves retail leisure travellers including families, couples, and individual travellers, as well as business and event-driven customers in the MICE category and destination events such as weddings. The company plans to expand by acquiring two new cruise vessels—'Norwegian Sky' and 'Norwegian Sun'—to be introduced by Fiscal 2027 and Fiscal 2028 respectively. Revenue is primarily derived from cruise ticket sales, which accounted for 91.22% of revenue from operations in Fiscal 2026.
Objects of the Issue
- Payment towards deposit/advanced lease rental and monthly lease payments to step-down subsidiary Baycruise Shipping and Leasing (IFSC) Private Limited ₹4,800.10 million p.6
- General corporate purposes p.6
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹5,850.00 million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹5,850.00 million
- Offer for Sale
- Not applicable
- Face Value
- ₹10 each
Business Model
The company earns revenue primarily from cruise ticket sales (91.22% of Fiscal 2026 revenue from operations of ₹5,797.45 million), supplemented by onboard spending and ancillary services. The company operates as the vessel operating entity while vessel ownership is held by Bay Cruise Investment Inc. Critical cruise operations including technical and crew management, hospitality management, and entertainment are outsourced to third-party service providers.
Business Segments
SWOT Analysis
- • Pioneer in Indian ocean cruise tourism with established market presence(p.4)
- • Significant operational track record with 730,819 guests and 321,292.53 nautical miles covered(p.3)
- • Optimized revenue model with direct bookings enhancing margins(p.4)
- • Efficient operations through outsourced critical services(p.4)
- • Diverse amenities and India-focused cruise experience(p.4)
- • Experienced management team delivering financial growth(p.4)
- • Single vessel operations creating operational concentration risk(p.10)
- • Heavy revenue concentration from cruise ticket sales (87-91% of revenue)(p.10)
- • Structural separation of vessel operations and ownership creating indirect risks(p.10)
- • Limited operating history with uncertain future performance indicators(p.11)
- • Auditor qualifications including going concern uncertainty (Fiscal 2024)(p.11)
- • Dependence on third-party service providers for critical operations(p.11)
- • Vulnerability to occupancy rate fluctuations affecting profitability(p.11)
- • Exposure to related party transaction conflicts of interest(p.11)
- • Massive market growth with 20-25% CAGR projected through Fiscal 2031(p.4)
- • Untapped market penetration: India at 0.01% versus developed markets at 5.7%(p.4)
- • Government support through Cruise Bharat Mission targeting double traffic by 2029(p.4)
- • Expansion into new vessels with Norwegian Sky and Norwegian Sun(p.3)
- • Strategy to broaden itineraries across domestic and international destinations(p.4)
- • Favorable tailwinds from rising disposable incomes and experiential travel trends(p.4)
- • Risk of over-capacity if new vessel expansion outpaces demand growth(p.11)
- • Uncertainty in vessel acquisition strategy and expansion execution(p.10)
- • Dependence on limited third-party service providers creates operational vulnerability(p.11)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Global Shipping and Leisure Limited | Corporate Promoter | 99.27% | — |
| Rajesh Chandumal Hotwani | Individual Promoter | Negligible | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.