Waterways Leisure Tourism soars as Q2 PAT turns positive

Waterways Leisure Tourism spurted 9.47% to Rs 110.40 after the company reported a consolidated adjusted net profit of Rs 10.98 crore in Q2 FY27, compared with a loss of Rs 8.93 crore in Q2 FY26.

The company received exceptional income of Rs 49.48 crore from $5.2 million in compensation for the early delivery and handover of the vessel SKY on 10 September 2026, ahead of its originally scheduled delivery date of 30 September 2026. The compensation was received under an agreement dated 1 September 2026 with Norwegian Sky Limited and was classified as an exceptional item.

Net sales rose 30.88% YoY to Rs 132.90 crore from Rs 101.54 crore in the year-ago quarter.

On a QoQ basis, adjusted net profit declined 51.78% from Rs 22.77 crore in Q1 FY27, while net sales fell 30.09% from Rs 190.11 crore.

Profit before tax stood at Rs 59.10 crore in Q2 FY27, compared with a loss of Rs 11.49 crore in Q2 FY26, while rising 78.82% QoQ from Rs 33.05 crore in Q1 FY27.

The company reported EBITDA of Rs 77.68 crore in Q2 FY27, compared with an EBITDA loss of Rs 2.40 crore in Q2 FY26. EBITDA margin improved to 58.45% from negative 2.36% in the corresponding quarter last year.

Total expenditure increased 14.96% YoY to Rs 132.84 crore in Q2 FY27 from Rs 115.55 crore in Q2 FY26. Employee expenses rose 21.92% YoY to Rs 10.90 crore. Interest costs increased 496.58% YoY to Rs 8.71 crore, while depreciation rose 29.36% YoY to Rs 9.87 crore.

On a consolidated basis, net cash flow from operating activities stood at Rs 49.97 crore, compared with an outflow of Rs 42.25 crore in the corresponding period last year.

Waterways Leisure Tourism recorded a load factor of 75.53% across its sailings in Q2 FY27. The company said average ticket prices remained broadly unchanged YoY, while higher utilisation and ticket pricing supported ticket revenue growth.

The delivery of Cordelia Sky ahead of schedule marked a key operational milestone, with the vessel expected to expand the company's overall capacity by approximately 126%. Operations were scheduled to commence on 23 October 2026, and the company reported encouraging initial bookings. Cordelia Sun remains on track for scheduled delivery, while the company is also evaluating additional fleet opportunities.

The company is rolling out The Chairman?s Club, a loyalty programme designed to encourage repeat bookings, increase customer engagement and reward referrals. Management said it would continue to focus on capacity utilisation, pricing discipline, cost control and guest experience.

Waterways Leisure Tourism operates Cordelia Cruises, an Indian cruise line offering domestic and international holiday itineraries. Its business combines cruise travel, hospitality, entertainment and onboard leisure experiences.

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