Cordelia Cruises operator Waterways Leisure opens ₹585 cr IPO at aggressive 112x FY26 P/E
Waterways Leisure Tourism, India's dominant cruise operator with 79% market share, launches ₹585 cr IPO June 23 to fund lease deposits for two Norwegian vessels that will triple capacity by FY28. Priced at 112x FY26 P/E and 50x EV/EBITDA on projected ₹52 cr PAT and 85% occupancy — leaving little margin for execution slippage.
Cordelia Cruises operator Waterways Leisure Tourism opens ₹585 cr IPO June 23 to fund lease deposits for two Norwegian vessels, tripling capacity by FY28. Aggressively priced at 112x P/E with execution risk on occupancy and margins.
Why this matters
Waterways Leisure is converting its 79% cruise market share into a public listing, betting IPO proceeds on two Norwegian vessels to triple capacity by FY28 — a capacity-led growth story priced for perfection.
Retail-company signals steady at 3,441 over 90 days, reflecting consistent corporate activity.