Newsletter
India's premium cruise line is heading for the public markets.
Cordelia Cruises, operated by Waterways Leisure Tourism Ltd (WLTPL), has filed for a ₹727 crore IPO. Best known for blending global cruise experiences with Indian flavour, the company is positioning itself at the intersection of hospitality and ocean tourism; a segment still in its early days in India.
But after bouncing back from pandemic disruptions and posting a profit in FY24, Cordelia is now betting on public capital to fund its next phase of growth.
Here’s a full breakdown of what the IPO means and what the company has on deck.
IPO snapshot
Objective of the IPO
The ₹727 crore IPO proceeds will primarily be used to fund lease-related payments for its cruise vessel, routed through a step-down subsidiary: ₹552.53 crore will go toward deposits, advance lease rentals, and monthly payments to Baycruise Shipping and Leasing (IFSC) Pvt Ltd. The remaining funds are marked for general corporate purposes
This leasing structure enables the company to expand its vessel operations without significant on-book debt.
About the company
Waterways Leisure Tourism Ltd operates under the flagship brand Cordelia Cruises, India’s only premium ocean cruise line. The company offers multi-day and event-based voyages, combining Indian hospitality with international cruising standards.
Its current fleet includes the MV Empress, which sails across domestic and short-haul international routes.
Popular destinations include Mumbai, Goa, Kochi, Chennai, Lakshadweep, Puducherry, and Visakhapatnam. Cordelia also operates international itineraries to Sri Lanka (Hambantota, Trincomalee, Jaffna) and has sold tickets for trips to Singapore, Malaysia, and Thailand.
Beyond travel, Cordelia offers a full-stack hospitality experience including Indian and global cuisine, live entertainment, gaming zones, and onboard retail.
Financial performance
Cordelia Cruises saw a strong post-Covid recovery, turning profitable in FY24.
Revenue from operations rose from ₹136.75 crore in FY22 to ₹486.22 crore in FY23, followed by ₹450.20 crore in FY24. For the nine months ending December 2024, revenue stood at ₹414.21 crore.
The company swung from a net loss of ₹119.96 crore in FY24 to a profit of ₹139.25 crore in the same year. Net worth turned positive at ₹24.38 crore by Dec 2024, compared to negative ₹114.77 crore at the end of FY23.
Debt remains low at ₹4.4 crore. Metrics like RoNW (218.94%) suggest a sharp recovery, though the base effect from previous losses inflates ratios.
(Amount in ₹ Crore)
Backers and buyers
Cordelia is promoted by Global Shipping and Leisure Ltd and Rajesh Chandumal Hotwani, who collectively held a 99.27% stake pre-IPO.
The company’s management team includes cruise industry veterans with backgrounds in operations, marine leasing, and Indian hospitality.
The IPO does not include an Offer for Sale (OFS), meaning no existing investors are exiting.
Risk factors
Cordelia operates in a highly seasonal, capital-intensive industry. Key risks flagged in the DRHP include:
- Weather and disruption risk: Monsoon periods can impact sailings and occupancy
- High fixed costs: Underutilisation of the vessel could hurt margins
- Dependence on one vessel: The business largely depends on MV Empress
- Brand and market maturity: Cruise tourism in India is still nascent, and demand is evolving
- Regulatory complexity: Operations across ports, customs, and maritime agencies require multiple approvals
Final take
Cordelia Cruises is positioning itself as India’s gateway to premium leisure cruising. With limited competition, high brand recall, and a sharp financial turnaround, the IPO offers a unique way to invest in India’s travel-hospitality transition. But investors must weigh the capital intensity and demand cyclicality of cruise tourism especially in a country where it’s still considered an aspirational product.
The ship may be ready but how many Indians are ready to cruise?
FAQs
What is Cordelia Cruises and what does it offer?
Cordelia Cruises is India’s only premium ocean cruise line operated by Waterways Leisure Tourism Ltd. It offers domestic and international cruise experiences with Indian hospitality, entertainment, and food onboard the MV Empress vessel.
What is the total size of the Cordelia Cruises IPO?
The Cordelia Cruises IPO is a book-built fresh issue aggregating up to ₹727 crore. There is no offer for sale (OFS) component in the IPO.
When will the Cordelia Cruises IPO open for subscription?
The IPO dates for Cordelia Cruises have not been announced yet. The company has filed its DRHP with SEBI on June 13, 2025, and is awaiting approval.
What will the IPO proceeds be used for?
The company plans to use ₹552.53 crore of the IPO proceeds to pay lease deposits and rentals to its subsidiary Baycruise IFSC. The rest will be used for general corporate purposes.
Is Cordelia Cruises a profitable company?
Cordelia Cruises turned profitable in FY24 with a PAT of ₹139.25 crore, after reporting losses in the previous years. Its net worth also turned positive in the latest financial period.
Who are the promoters of Cordelia Cruises?
The company is promoted by Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani, who together held 99.27% of the shares before the IPO.
Where does Cordelia Cruises operate?
Cordelia Cruises sails to destinations like Mumbai, Goa, Kochi, Chennai, Lakshadweep, Puducherry, and Visakhapatnam. It also offers international trips to Sri Lanka, Thailand, Malaysia, and Singapore.
What are the risks involved in investing in Cordelia Cruises IPO?
Key risks include high fixed costs, seasonal disruptions, dependence on one vessel, regulatory complexity, and the early-stage nature of India’s cruise tourism market.
What is the minimum investment for retail investors?
The minimum investment and lot size for retail investors will be announced once the IPO price band and dates are finalized.
Who are the lead managers and registrar of the IPO?
Centrum Capital, Intensive Fiscal Services, and Motilal Oswal are the lead managers. MUFG Intime India Pvt Ltd (formerly Link Intime) is the registrar.
