Cordelia Cruises operator posts Q2 FY27 PAT of ₹584.96 Mn; H1 PAT ₹812.69 Mn, up 215%

Waterways Leisure Tourism Ltd, which runs Cordelia Cruises, reported unaudited Q2 & H1 FY27 results.

Fri 9 Oct 2026

Q2 FY27 Revenue

₹1329.00 Mn (vs ₹1015.36 Mn)

H1 FY27 PAT

₹812.69 Mn, up 215% YoY

Total Debt and Net Worth (Sep 30, 2026)

Total debt ₹4125.28 Mn; net worth ₹7315.07 Mn

What came in

Waterways Leisure Tourism Limited, the company behind the Cordelia Cruises brand, reported unaudited financial results for the quarter and half year ended September 30, 2026, along with business and operational highlights. The release notes the performance came despite a challenging macroeconomic and geopolitical environment.

Q2 FY27 (consolidated)

• Revenue from operations: ₹1329.00 Mn, against ₹1015.36 Mn in the same quarter last year, a rise of 31%.
• EBITDA: ₹776.82 Mn, against -₹24.00 Mn a year earlier.
• EBITDA margin: 58.45%, against -2.36%.
• PAT: ₹584.96 Mn, against -₹89.34 Mn, a rise of 755%.
• PAT margin: 44.02%, against -8.80%.
• Load factor for the quarter: 75.53%. The average ticket price was almost the same as the year-ago quarter, and the company says a combination of higher utilisation and ticket pricing supported ticket revenue growth.

H1 FY27 (consolidated)

• Revenue from operations: ₹3230.12 Mn, against ₹2778.51 Mn, up 16%.
• EBITDA: ₹1242.12 Mn, against ₹537.81 Mn, up 131%.
• EBITDA margin: 38.45%, against 19.36%.
• PAT: ₹812.69 Mn, against ₹258.34 Mn, up 215%.
• PAT margin: 25.16%, against 9.30%.
• Load factor for the half year: 91.23%; average ticket price rose 6% year-on-year.
• H1 revenue split: ticket revenue ₹2768.14 Mn, onboard and other revenue ₹460.08 Mn.

Operational highlights

• Cordelia Sky was delivered one month ahead of schedule, expanding the company's overall capacity by approximately 126%.
• Operations on Cordelia Sky are scheduled to commence on October 23, 2026, and the company says it has seen encouraging initial bookings for Sky.
• Cordelia Sun remains on track for scheduled delivery.
• The company has commenced evaluation of new fleet opportunities as part of its longer-term expansion roadmap.
• A loyalty programme called The Chairman's Club is being rolled out, built around three pillars: Rewards, Loyalty and Referrals.

Balance sheet

• Total debt as of September 30, 2026: ₹4125.28 Mn.
• Net worth as of September 30, 2026: ₹7315.07 Mn.

The release describes this as a disciplined approach to the balance sheet, focused on managing leverage while supporting ongoing operations.

Management comment

Jurgen Bailom, Chairman of the Board, Executive Director and CEO, said Q2 and H1 FY27 have been encouraging, with continued demand across sailings and healthy ticket yields supporting overall performance. He added that the company stayed focused on optimising capacity utilisation, pricing discipline and guest experience, which translated into EBITDA of ₹1242.12 Mn and PAT of ₹812.69 Mn for H1 FY27, reflecting 215% growth over the corresponding period.

Points to note

• The results are for the quarter and half year ended September 30, 2026 and are described as unaudited.
• The release compares performance both year-on-year and quarter-on-quarter, and attributes the improvement to sustained demand, higher utilisation and ticket yields.
• The capacity addition from Cordelia Sky, the expected Cordelia Sun delivery, the new fleet evaluation and the loyalty programme are the forward-looking items mentioned in the release.

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