Incorporated in November 2020, Waterways Leisure Tourism Limited is one of India’s leading domestic ocean cruise operators, offering luxury cruise experiences focused on Indian culture, hospitality, entertainment, and cuisine. The company operates the cruise vessel MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia.

As of March 31, 2026, over 730,000 guests had sailed on its cruises, covering more than 321,000 nautical miles. The company held approximately 79% market share by value in India’s domestic ocean cruise industry in Fiscal 2025. MV Empress features 796 cabins, including suites, ocean-view cabins, and interior staterooms, along with amenities such as restaurants, entertainment shows, casino, spa, fitness center, swimming pools, gaming arcade, children's academy, and MICE and wedding facilities.

The company follows an asset-light operating model by outsourcing key cruise functions such as food & beverage, housekeeping, crewing, and entertainment, enabling operational efficiency and scalability. A majority of bookings are generated directly through its website, mobile application, call centers, and customer service channels. Waterways Leisure Tourism is positioned to benefit from the growing cruise tourism industry in India and plans to expand its fleet with Norwegian Sky and Norwegian Sun.

As of March 31, 2026, the company had 245 permanent employees.

Key Strengths

• Leading domestic ocean cruise operator in India with strong market share.
• Pioneer in India-focused luxury cruise tourism.
• Unique blend of Indian culture, cuisine, and entertainment experiences.
• Diverse onboard amenities catering to families, leisure travelers, and corporate groups.
• Strong direct booking network supporting higher margins.
• Asset-light model through outsourced cruise operations.
• Expansion plans with additional cruise vessels and destinations.

Waterways Leisure Tourism Limited operates in the cruise tourism and leisure hospitality industry, offering integrated travel experiences through its cruise services and hospitality offerings. The company focuses on delivering premium customer experiences while benefiting from the growing demand for leisure travel and tourism.

The long-term outlook for the cruise tourism sector in India appears positive due to increasing disposable incomes, rising domestic tourism, improving travel infrastructure, and growing consumer interest in experiential holidays. These trends may create opportunities for companies operating in this segment.

However, investors should also consider factors such as operating costs, industry competition, regulatory compliance, seasonal demand, economic conditions, and business execution before investing. Investment decisions should always be based on the company's financial performance, valuation, business fundamentals, and individual risk tolerance rather than market sentiment alone.

Investors can apply for the Waterways Leisure Tourism IPO through the ASBA facility provided by banks or via the UPI-based IPO application process offered by SEBI-registered stockbrokers.

Step 1: Log in to Your Trading Account

Sign in to your broker's website or mobile application that supports IPO applications.

Step 2: Select the IPO

Choose Waterways Leisure Tourism IPO from the list of active public issues.

Step 3: Enter Bid Details

Select the number of lots you wish to apply for and enter the bid price within the prescribed price band. Retail investors may choose the Cut-off Price where available.

Step 4: Complete the Payment Process

Provide your UPI ID or apply through your bank's ASBA facility.

Step 5: Submit the Application

Review all details carefully before submitting your IPO application.

Step 6: Approve the UPI Mandate

If applying through UPI, approve the mandate request before the specified deadline. For ASBA applications, the application amount will remain blocked in your bank account until the allotment process is completed.

Step 7: Check Allotment Status

After the allotment is finalized, investors can check their allotment status through the registrar's website or their broker's IPO section.