Waterways Leisure Tourism Limited IPO

About Waterways Leisure Tourism Limited

Our Company was originally incorporated as Waterways Leisure Tourism Private Limited, a private limited company under the provisions of the Companies Act, 2013 on November 2, 2020, pursuant to a certificate of incorporation dated November 5, 2020, issued by the Registrar of Companies, Delhi and Haryana at New Delhi. Our Company was subsequently converted from a private company to a public company, pursuant to a resolution passed by our Board on February 24, 2025, and by our Shareholders on February 25, 2025, consequent to which the name of our Company was changed to Waterways Leisure Tourism Limited and a fresh certificate of incorporation consequent upon conversion to public company was issued by the Registrar of Companies, Central Processing Unit, Manesar on March 12, 2025.

The overnight ocean and coastal cruise industry in India is estimated to be valued at Rs. 8,905 million in Fiscal 2025, compared to Rs. 5,764 million in Fiscal 2020, reflecting a CAGR of approximately 9% between Fiscal 2020 and Fiscal 2025, and is estimated to grow to Rs.40,000 to Rs. 48,000 million in Fiscal 2030, thereby registering a CAGR of 35% to 40%, driven by rising awareness, increasing number of domestic tourists seeking luxury vacations, a growing middle class with disposable income, a rising interest in international travel, improved domestic cruise accessibility, and favorable government support. This growth will be additionally driven by expansion plans by existing major domestic cruise operator in India, improving port infrastructure, increasing customer awareness about cruising, and government initiatives aimed at promoting cruise tourism and attracting foreign cruise operators.

We are one of the domestic ocean cruise operators in India (Source: CRISIL Report), offering luxurious and inherent Indian experiences. We believe this enables us to set industry benchmarks, foster brand loyalty, and establish pricing standards, thereby strengthening our market presence and creating a strong competitive position. We currently operate a cruise vessel, the `MV Empress', and since our launch, 730,819 guests have sailed on our cruise vessel, which has covered more than 321,292.53 nautical miles along the Indian coastline and surrounding islands as of March 31, 2026. In Fiscal 2025, we accounted for approximately 79% of the market share in value terms. (Source: CRISIL Report) Our cruise vessel primarily sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. We have in the past and continue to offer international itineraries to Hambantota, Trincomalee, and Jaffna (Sri Lanka), Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia). Our itineraries are designed to showcase India's coastal regions and cultural heritage, providing guests with an enriching travel experience and establishing ourselves as the go-to choice for luxury and cultural cruising. Our cruise vessel `MV Empress' offers a variety of cabin options, including one chairman's suite, five suites, 63 mini suites, 416 ocean-view staterooms, and 311 interior staterooms, totaling 796 cabins, with prices ranging from Rs. 34,164 (interior rooms) per night to Rs. 151,111 (Chairman suite) per night, subject to dynamic pricing and load factor considerations.

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