Waterways Leisure Tourism Limited is, as of December 31, 2024, the only domestic ocean cruise operator in India, offering luxurious experiences rooted in Indian culture.
The company believes that this unique positioning allows it to set industry benchmarks, build strong brand loyalty, and establish pricing standards, thereby strengthening its market presence and competitive standing.
The company currently operates a single cruise vessel, the MV Empress. Since its launch, 5,49,051 guests have sailed on the vessel, which has covered more than 2,25,079.53 nautical miles along India’s coastline and surrounding islands as of December 31, 2024.
In Fiscal 2024, Waterways Leisure Tourism Limited accounted for approximately 65% of the market share in value terms.
Its cruise operations primarily cover domestic destinations including Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry.
The company also offers international itineraries to Hambantota, Trincomalee, and Jaffna in Sri Lanka, and has sold cruise tickets for first-time voyages to Phuket (Thailand), Singapore, Kuala Lumpur, and Langkawi (Malaysia).
These itineraries are curated to showcase India’s coastal beauty and cultural heritage, providing guests with enriching travel experiences and reinforcing the company’s position as a preferred choice for luxury and cultural cruising.
The MV Empress features 796 cabins, including one Chairman’s Suite, five suites, 63 mini suites, 416 ocean-view staterooms, and 311 interior staterooms. Pricing ranges from ₹25,230 per night for interior rooms to ₹1,15,536 per night for the Chairman’s Suite, subject to dynamic pricing and load factor considerations.
Waterways Leisure Tourism Limited has strategically outsourced several critical cruise operations to enhance efficiency and scalability. Third-party partners support functions such as food and beverages, housekeeping, crewing, and entertainment, ensuring consistent service quality.
This approach also enables the company to adjust operations to seasonal demand, optimize resources, and maintain service standards while focusing on its core strengths elevating guest experience and expanding its cruise offerings.
Guests may book cabins directly through the company’s website, mobile application, or customer support line, as well as through third-party travel agents.
Industry Outlook
- India has substantial potential for cruise tourism across both coastal and river segments due to its extensive maritime infrastructure.
- The country’s 11,099 km coastline and a navigable network of 110 waterways spanning more than 20,000 km provide a strong foundation for cruise tourism development.
- Multiple states, union territories, and around 1,300 islands benefit from access to coastal and river routes, creating wide-ranging opportunities for tourism growth.
- Cruise tourism generates significant direct employment for cruise crew, jetty operators, local guides, cultural performers, boat operators, shipbuilders, and recyclers.
- The sector also supports secondary employment in hospitality, restaurants, entertainment, and retail, contributing to local economic growth.
- Cruise travel promotes cultural exchange and enhances regional integration by connecting diverse destinations and communities.
- Tourist locations within 50 to 100 km of cruise terminals see increased demand, improving visibility and economic sustainability.
- Realizing the full potential of this sector requires coordinated efforts from public and private stakeholders, including ports, shipyards, inland waterways authorities, trade bodies, and state governments.
- An integrated development approach will ensure sustainable and accelerated growth of cruise tourism, leveraging India’s extensive coastal and river assets for economic and cultural advancement.
How To Apply for the Waterways Leisure Tourism IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Waterways Leisure Tourism IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Waterways Leisure Tourism IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Waterways Leisure Tourism Limited
Registered office: A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra, 400013.
Phone: +9102271541821
Email: cs@waterways-leisure.com
Waterways Leisure Tourism IPO Promoter Holding
The promoters of the company include Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani.
| Share Holding Pre-Issue | 99.27% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Waterways Leisure Tourism IPO
| KPI | Values |
| ROE | 2.19 |
| ROCE | 0.61 |
| RoNW | 218.94% |
| PAT Margin | -0.27% |
Waterways Leisure Tourism IPO Registrar and Lead Managers
Waterways Leisure Tourism IPO Lead Managers
- Centrum Capital Limited, Intensive Fiscal Services Private Limited, Motilal Oswal Investment Advisors Limited
Registrar for Waterways Leisure Tourism IPO
MUFG Intime India Private Limited
- Phone: +91-22-4918 6270
- Email: waterwaysleisure.ipo@in.mpms.mufg.com
- Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Financial Performance of Waterways Leisure Tourism Limited
| Particulars | Fiscal 2024 | Fiscal 2023 | Fiscal 2022 |
| Revenue from Operations (₹ million) | 4,421.10 | 4,819.20 | 1,361.77 |
| Profit/(Loss) After Tax (₹ million) | -1,199.63 | 553.14 | -1,149.75 |
| EBITDA (₹ million) | 1,111.21 | 1,438.91 | -314.97 |
| PAT Margin (times) | -0.27 | 0.11 | -0.84 |
| Return on Equity (times) | 2.19 | -1.01 | 2 |
| Return on Capital Employed (times) | 0.61 | 13.32 | 0.34 |
Waterways Leisure Tourism Limited Peer Comparison
| Company Name | Revenue FY 2024 (₹ lakh) | EBITDA Margin (%) | PAT FY 2024 (₹ lakh) |
| Waterways Leisure Tourism Ltd | 44,211.00 | 25 | -11,996.30 |
| Chalet Hotels Limited | 141,725.20 | 43 | 27,818.10 |
| Lemon Tree Hotels Limited | 107,112.20 | 49 | 18,170.60 |
| Juniper Hotels Limited | 81,766.30 | 39 | 2,379.70 |
| Samhi Hotels Limited | 95,739.30 | 30 | -23,461.80 |
| Taj GVK Hotels & Resorts Limited | 40,799.00 | 25 | 7,440.00 |
| Wonderla Holidays Limited | 48,304.40 | 52 | 15,796.10 |
| magicca World Entertainment Limited | 26,001.50 | 240 | 54,093.00 |
| Royal Carribean Cruises Ltd | 3,194,523.20 | 20 | 311,916.00 |
| Carnival Corp Plc | 4,632,401.40 | 16 | -183,376.60 |
| Norwegian Cruise Line Holding Limited | 1,877,467.90 | 21 | 14,869.80 |
Strengths and Opportunities of Waterways Leisure Tourism Limited
- Long coastline and growing government support enabling strong potential for cruise tourism development
- Expanding middle class with rising disposable income increasing interest in leisure travel
- Early-stage, greenfield nature of the sector offering significant room for growth and market leadership
- Increasing global demand for cruise travel creating opportunities for India to attract international tourists
- Ongoing government investments in cruise terminals, marinas, and docking facilities enhancing accessibility
- Growing preference for premium, experiential, and women-led travel supporting cruise adoption
- Rising awareness and expected domestic cruise industry growth of 35% to 40% CAGR over the next few years
- Potential to create new itineraries and destinations along India’s long and diverse coastline
Risks and Threats of Waterways Leisure Tourism Limited
- Limited consumer awareness and niche positioning slowing mass adoption of cruise tourism
- Underdeveloped cruise infrastructure potentially restricting operational efficiency and scalability
- High capex requirements affecting profitability and margins for operators
- Regulatory and tax complexities, including GST, posing challenges to sector growth
- Shortage of skilled professionals impacting service quality and operational stability
- Changes in regulations or visa rules affecting international itineraries and profitability
- Strong competition from alternative vacations like hotels, resorts, and air travel limiting demand
- Other Asian countries with established cruise ecosystems, such as Singapore and Thailand, attracting tourists away from India
