Waterways Leisure Tourism (Cordelia Cruises) IPO Review

Status (30 June 2026): The IPO closed on 25 June, subscribed just 1.53x and notably, the institutional (QIB) portion was undersubscribed at 0.72x, with retail (4.4x) carrying the issue. It lists tomorrow, 1 July, on BSE and NSE. The warning sign is the grey market: GMP has turned negative to around −₹47, pointing to an estimated listing near ₹761 — below the ₹808 issue price. That signals a likely discount debut.

About the Company

A cruise holiday used to mean flying abroad to the Mediterranean or the Caribbean. Cordelia Cruises set out to change that, putting a full scale ocean cruise on India's own coastline. Its parent, Waterways Leisure Tourism, runs that business, and it's now coming to the market.

Set up in 2020, Waterways is India's leading domestic ocean cruise operator, sailing under the Cordelia Cruises brand. It runs a single ship, the MV Empress 796 cabins, room for over 2,000 guests between Mumbai, Goa, Kochi, Chennai, Lakshadweep and international stops like Sri Lanka and Singapore.

It earns money selling cruise packages cabins, dining, entertainment, a casino, spa and more mostly booked directly through its own website and app, which protects margins. It runs an asset light model, leasing the vessel and outsourcing food, housekeeping and crew. With around 79% market share by value, it dominates a small but growing niche. Track its GMP, subscription and listing data on the IPO GMP Live homepage.

Financial Snapshot

The financials are where I'd pause hardest. Revenue went from ₹452 crore in FY24 to ₹598 crore in FY25, then slipped to ₹587 crore in FY26 basically flat to down at the top.

Profit is the real worry. The company turned a ₹122 crore loss in FY24 into a ₹168 crore profit in FY25 and then profit crashed 69% to just ₹52 crore in FY26. EBITDA fell from ₹215 crore to ₹117 crore over the same year. So the most recent year, the one investors are pricing off, was a sharp deterioration, not an improvement.

That matters because the IPO isn't cheap. At ₹808, the company is valued around ₹5,850 crore roughly 112 times its FY26 earnings. You're paying a steep multiple for a business whose profit just fell by two thirds.

One more thing to note: about ₹480 crore of the ₹585 crore raised goes toward lease payments to the company's own step down subsidiary, Baycruise IFSC. So most of the money funds a related-party lease arrangement, not fresh growth assets.

Strengths

• It dominates its niche. With around 79% market share by value in India's domestic ocean cruise market, Cordelia is the clear leader and a genuine first-mover, having carried over 730,000 guests since launch. There's no comparable Indian rival at this scale.
• The model is asset-light and margin-friendly. Waterways leases its vessel and outsources food, housekeeping, crewing and entertainment, and most bookings come directly through its own website and app both of which support efficiency and protect margins.
• The growth runway is real. India's long coastline, rising disposable incomes and a growing middle class give cruise tourism room to expand, and the company plans to add two more vessels Norwegian Sky and Norwegian Sun to its fleet.
• Anchors did participate. The company raised about ₹263 crore from 11 anchor investors ahead of the IPO, led by foreign portfolio investors with Baroda BNP Paribas Mutual Fund as a domestic participant.

Risks

• FY26 profit collapsed. Net profit fell 69% to ₹52 crore from ₹168 crore, EBITDA dropped about 45%, and revenue slipped a sharp deterioration in the very year investors are pricing the IPO off. That's the opposite of momentum.
• The market is signalling a weak listing. The grey market premium has turned negative to around −₹47, pointing to a discount debut below ₹808, and the issue scraped through at just 1.53x with institutions undersubscribed at 0.72x. Big investors were clearly cautious.
• It's expensive, and it's a single-ship business. At roughly 112 times FY26 earnings, the valuation is steep, and the entire operation rides on one vessel, the MV Empress. Any problem with that single ship technical, regulatory or reputational hits the whole company.
• Most proceeds fund a related-party lease. Around ₹480 crore of the ₹585 crore raised goes to lease payments to the company's own step down subsidiary, Baycruise IFSC, rather than into new growth assets a structure worth scrutinising.

Should You Apply, Hold, or Sell?

The subscription is closed and the stock lists tomorrow, 1 July. With the grey market premium at around −₹47, the signs point to a discount listing below the ₹808 issue price.

If you got an allotment — be prepared for a weak open. Many in this situation choose to cut a small loss early rather than hope, given the negative sentiment and the 69% profit drop behind it. Holding only makes sense if you firmly believe in the long term cruise tourism story.

If you didn't apply — there's no rush. A discount listing isn't a buying signal by itself; wait to see how the business performs as a listed company before considering it.

Honest take: a genuinely interesting, dominant niche business but priced too high on a year when profit collapsed, and the market is already signalling a weak debut. This one looks risky.

IPO Objects of the Issue

This is a 100% fresh issue of ₹585 crore, with no offer for sale but most of it funds a lease arrangement with the company's own subsidiary rather than new assets.

Contact Details

Waterways Leisure Tourism Ltd. (Cordelia Cruises) Mumbai, Maharashtra, India 🌐 www.cordeliacruises.com

IPO Registrar — MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.) 📞 +91-22-4918 6270 🌐 www.in.mpms.mufg.com

Lead Manager: Centrum Broking Ltd.

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This page is not investment advice. GMP is indicative only and unofficial. Please consult a SEBI-registered financial advisor before investing.