Waterways Leisure Tourism Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹6,300 Cr
- P/E
- 87.44
- ROE
- 92.30%
- Price to sales
- 10.87
- Debt to equity
- 0.61
- EBITDA margin
- 19.83%
- Net profit margin
- 8.99%
- Promoter holding
- 89.35%
- Sales (last year)
- ₹580 Cr
Guidance scorecard · Q2 FY27 call
What Waterways Leisur's management guided
RevenueQ2 FY27 call
20–40%- The company expects strong future growth driven by expanded fleet capacity, including the recent delivery of Cordelia Sky and upcoming arrival of SUN in 11 months.
- Continuous fleet expansion is planned, with initial discussions underway for additional vessels beyond SUN to capture growing market demand.
- India’s cruise market shows significant headroom, growing at 20-25% CAGR between FY26 and FY31, supported by increasing domestic cruise passenger movements.
- Growth also expected from developing new home ports and diversifying cruise itineraries across India and Southeast Asia.
- Non-traditional revenue streams like weddings and celebrations are projected to grow, with FY28 expected to have ~95 wedding dates versus 65-70 typically.
- The loyalty program (Chairman’s Club) aims to boost repeat customer engagement and revenue.
2 more points from Waterways Leisur's call on revenue
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MarginsQ2 FY27 call
FlatSee what Waterways Leisur said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- The company is actively expanding its fleet, having recently taken delivery of the Cordelia Sky ship one month ahead of schedule.
- A sister ship, Cordelia Sun, is confirmed for delivery in 11 months, slightly bigger with more suites.
- The management is exploring further fleet expansion opportunities beyond Cordelia Sun, currently in initial discussion stages.
- Financial planning for new vessels is underway, considering both higher purchase lease arrangements (10-year lease leading to ownership) and outright purchases.
- The company has advanced funds via subsidiaries and intermediaries as part of ongoing vessel acquisition negotiations.
- Investment in building new cruise itineraries and home ports to support growth.
2 more points from Waterways Leisur's call on capex
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FundraisingQ2 FY27 call
PlannedSee what Waterways Leisur said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- The company has recently taken delivery of the ship "Cordelia Sky" one month earlier than scheduled (September 10, 2026).
- Another sister ship "Sun" is confirmed and scheduled for delivery in 11 months from the call date (around September 2027).
- For financing the future vessels, the company is considering higher purchase arrangements or outright purchase depending on deal conditions.
2 more points from Waterways Leisur's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Financials of Waterways Leisur
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Waterways Leisur
Shareholding breakup across reporting periods.
| Jun 2026 | Jul 2026 | |
|---|---|---|
| Promoters + | 89.35% | 89.35% |
| FIIs + | 6.41% | 6.41% |
| DIIs + | 1.09% | 1.09% |
| Public + | 3.15% | 3.15% |
| No. of Shareholders | 42,537 | 42,537 |
Financials of Waterways Leisur
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|
| Sales + | 176 | 154 | 190 |
| Expenses + | 121 | 117 | 145 |
| Operating Profit | 55 | 37 | 45 |
| OPM % | 31% | 24% | 24% |
| Other Income + | 1 | 1 | 2 |
| Interest | 1 | 3 | 4 |
| Depreciation | 7 | 8 | 9 |
| Profit before tax | 47 | 26 | 33 |
| Tax % | 27% | 32% | 31% |
| Net Profit + | 35 | 18 | 23 |
| EPS in Rs | 0.53 | 0.28 | 0.31 |
Financials of Waterways Leisur
Profit & Loss
Annual income statement trend
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Sales + | 444 | 591 | 580 |
| Expenses + | 337 | 377 | 465 |
| Operating Profit | 107 | 213 | 115 |
| OPM % | 24% | 36% | 20% |
| Other Income + | -6 | 83 | 7 |
| Interest | 39 | 43 | 13 |
| Depreciation | 184 | 63 | 30 |
| Profit before tax | -123 | 190 | 78 |
| Tax % | 0% | 11% | 33% |
| Net Profit + | -123 | 168 | 52 |
| EPS in Rs | -1.90 | 2.60 | 0.80 |
| Dividend Payout % | 0% | 0% | 0% |
Financials of Waterways Leisur
Balance Sheet
Capital structure and asset base
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Equity Capital | 65 | 65 | 65 |
| Reserves | -183 | -32 | 15 |
| Borrowings + | 293 | 56 | 118 |
| Other Liabilities + | 224 | 159 | 144 |
| Total Liabilities | 399 | 247 | 342 |
| Fixed Assets + | 318 | 91 | 75 |
| CWIP | 0 | 2 | 0 |
| Investments | 0 | 0 | 0 |
| Other Assets + | 82 | 154 | 266 |
| Total Assets | 399 | 247 | 342 |
Financials of Waterways Leisur
Cash Flows
Operating, investing and financing cash movement
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Cash from Operating Activity + | 230 | 130 | -96 |
| Cash from Investing Activity + | -75 | -66 | 10 |
| Cash from Financing Activity + | -146 | -48 | 59 |
| Net Cash Flow | 9 | 16 | -27 |
| Free Cash Flow | 157 | 114 | -111 |
| CFO/OP | 216% | 60% | -67% |
Financials of Waterways Leisur
Ratios
Working capital efficiency and return ratios
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Debtor Days | 2 | 2 | 3 |
| Inventory Days | |||
| Days Payable | |||
| Cash Conversion Cycle | 2 | 2 | 3 |
| Working Capital Days | -205 | -48 | -63 |
| ROCE % | 119% | 64% |
Guidance history
How Waterways Leisur's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.