TTT NEWS NETWORK
MUMBAI | 10 OCTOBER 2026
Waterways Leisure Tourism Limited, the operator behind India’s Cordelia Cruises brand, has reported a massive financial turnaround for the second quarter and first half of the financial year 2026–27.
The company posted a Net Profit (PAT) of Rs.584.96 million for Q2 FY27, completely recovering from a net loss of Rs.89.34 million in the same quarter last year. The cruise operator’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) skyrocketed by 3,337% Year-on-Year (YoY) to Rs.776.82 million, up from a negative EBITDA of Rs.24.00 million in Q2 FY26.
Total revenue from operations for the quarter climbed 31% YoY to Rs.Rs.,329.00 million, driven by robust ticket bookings and onboard spending. The stellar earnings come despite ongoing global macroeconomic headwinds and geopolitical uncertainties.
High occupancy and efficient yields power Q2 growth
The company’s growth in the July–September quarter was backed by strong, sustained consumer demand, with ships operating at an impressive load factor of 75.53%. While average ticket prices remained relatively flat YoY, the combination of higher fleet utilization and steady yields successfully maximized ticket revenues. The operational efficiency expansion pushed Q2 EBITDA margins to an exceptional 58.45%.
Strong first-half momentum sets up solid FY27
The growth momentum remained equally robust for the first six months of the fiscal year (H1 FY27). Total operational revenue for H1 reached Rs.3,230.12 million, tracking a 16% increase from Rs.2,778.51 million in H1 FY26.
Ticket revenue served as the primary growth engine, contributing Rs.2,768.14 million to the top line, while onboard services and alternative revenue streams brought in Rs.460.08 million. Consequently, H1 net profit jumped 215% to Rs.812.69 million, while half-year EBITDA climbed 131% to Rs.1,242.12 million, signaling a highly profitable trajectory for the rest of the fiscal year.
Cordelia Cruises delivered a robust financial and operational performance for the first half of the 2027 fiscal year (H1 FY27), driven by surging passenger demand, massive capacity expansion, and strategic guest retention initiatives. The company maintained exceptional momentum across its sailings, locking in a strong 91.23% load factor for the half-year period. Capitalizing on sustained consumer appetite and optimized yields, the cruise line successfully pushed its average ticket price up by 6% year-on-year (YoY).
The company continued to maintain a highly disciplined approach to its balance sheet to manage leverage while aggressively supporting its ongoing operations. According to financial disclosures as of September 30, 2026, the cruise line’s total debt stood at Rs.4,125.28 million, balanced against a net worth of Rs.7,315.07 million. This financial positioning reflects management’s commitment to maintaining a healthy capital structure during a period of rapid physical growth.
A standout operational milestone for the company was the delivery of its newest vessel, Cordelia Sky, which arrived a full month ahead of schedule. The strategic addition expands the operator’s overall fleet capacity by approximately 126%. Commercial operations for the new ship are officially scheduled to commence on October 23, 2026, and the company reports that initial bookings are already witnessing highly encouraging trends.
Growth momentum is expected to continue as the company’s next vessel, Cordelia Sun, remains firmly on track for its scheduled delivery. In parallel, management has officially commenced the evaluation of fresh fleet opportunities to advance its long-term expansion roadmap. To complement this capacity growth and deepen guest relationships, the cruise line is rolling out a distinctive loyalty initiative named The Chairman’s Club.
The new loyalty programme is designed to drive repeat business and increase passenger spend from the very first interaction by seamlessly uniting three key pillars: Rewards, Loyalty, and Referrals. By offering exclusive privileges and meaningful incentives across bookings, on-board experiences, shore excursions, and word-of-mouth recommendations, the company aims to significantly boost brand advocacy and maximize long-term customer value.
Waterways Leisure Tourism Limited has reported a stellar financial performance for the first half of the fiscal year 2027, driven by robust demand and disciplined cost management. The company, which operates India’s premium cruise line Cordelia Cruises, recorded a 215% surge in profitability, with earnings before interest, taxes, depreciation, and amortisation (EBITDA) reaching Rs.1,242.12 million and profit after tax (PAT) hitting Rs.812.69 million for H1 FY27.
Jurgen Bailom, Chairman, Executive Director, and CEO of Waterways Leisure Tourism, attributed the strong quarterly and half-yearly growth to healthy ticket yields, optimal capacity utilization, and strict pricing discipline. Bailom noted that the company’s strategic focus on operational efficiency and a differentiated guest experience has allowed it to successfully navigate current macroeconomic and geopolitical challenges while maintaining sustainable growth.
Looking ahead, the cruise liner is set to expand its footprint with the addition of a new vessel, the Cordelia Sky. Management highlighted the launch as a major milestone that will significantly increase passenger capacity and elevate the brand’s onboard dining, entertainment, and accommodation offerings. As the company enters the second half of the fiscal year, leadership remains focused on scaling operations sustainably and maximizing long-term value for stakeholders.
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