Waterways Leisure TourismIPO Review — Financials, Valuation & Peers
A data-only look at the Waterways Leisure Tourism IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 452.15 | -122.73 | 111.15 | -118.07 | 399.2 | 5.18 | — |
| FY 2025 | 597.68 | 168.19 | 215.46 | 32.78 | 247.37 | 30.44 | — |
| FY 2026 | 586.99 | 52.14 | 117.48 | 80.2 | 341.78 | 101.9 | 8 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 100.96x
- P/E (post-issue)
- 112.18x
- RoNW
- 92.7%
- RoE
- 0.92%
- RoCE
- 1.14%
- Debt / Equity
- 1.27
- EPS (pre-issue)
- ₹8
- EPS (post-issue)
- ₹7.2
- EBITDA Margin
- 0.2%
- PAT Margin
- 0.09%
- P/BV
- 65.64x
- NAV / share
- ₹12.31
- Market Cap
- ₹5,849.48 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Waterways Leisure Tourism | 8.02 | 12.31 | — | 92.7% | — | Consolidated |
| Chalet Hotels | 29.5 | 168.83 | 25.73x | 19.4% | 25.73x | Consolidated |
| Imagica World Entertainment | 0.01 | 22.16 | 4,544x | 0.1% | 4,544x | Consolidated |
| Juniper Hotels | 6.36 | 128.91 | 31.9x | 5.06% | 31.9x | Consolidated |
| Lemon Tree Hotels | 2.87 | 26.25 | 40.98x | 11.73% | 40.98x | Consolidated |
| Samhi Hotels | 25.61 | 98.24 | 6.19x | 34.07% | 6.19x | Consolidated |
| Taj GVK Hotels & Resorts | 65.31 | 226.37 | 4.97x | 39.48% | 4.97x | Consolidated |
| Wonderla Holidays | 12.89 | 283.33 | 40.98x | 4.64% | 40.98x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Global Shipping & Leisure Ltd. and Rajesh Chandumal Hotwani
- Holding (pre-issue)
- 99.27%
- Holding (post-issue)
- 89.35%
- Dilution
- 9.92%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Waterways Leisure Tourism IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
11 anchor investors participated in the Waterways Leisure Tourism IPO ahead of the public offer, together allocated ₹263.25 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE (₹51 crore), CULLINAN OPPORTUNITIES FUND VCC-CULLINAN OPPORTUNITIES INCORPORATED VCC SUB FUND 1 (₹50.25 crore) and ZEAL GLOBAL OPPORTUNITES FUND (₹50 crore). Investor categories represented include FII/FPI, Other and Bank. The lock-in on half the anchor shares ends on 28 Jul 2026, with the remainder locked until 26 Sept 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Waterways Leisure Tourism IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Waterways Leisure Tourism operates at an EBITDA margin of 0.2% and a net (PAT) margin of 0.09% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 1.14% and a return on equity (RoE) of 0.92%. At the upper band, the post-issue market capitalisation works out to about ₹5,849.48 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, baycruise shipping and leasing (ifsc) pvt.ltd. (baycruise ifsc). (₹480.01 crore), alongside general corporate purposes (₹76.63 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Waterways Leisure Tourism reported revenue of ₹586.99 crore and a net profit of ₹52.14 crore. Revenue grew from ₹452.15 crore in FY2024 to ₹586.99 crore in FY2026 (+30.0%). Net worth stood at ₹80.2 crore at the end of FY2026. At the upper band, that puts the issue at roughly 101.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 112.18× post-issue earnings and 65.64× book value, against a return on net worth of 92.7% and a debt-to-equity ratio of 1.27. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Chalet Hotels and Imagica World Entertainment, with a median peer P/E of about 31.9×. The issue's own post-issue P/E works out to 112.18×.
Promoters
The promoters of the company are Global Shipping & Leisure Ltd. and Rajesh Chandumal Hotwani. Promoter holding stands at 99.27% before the issue and comes down to 89.35% after listing.
Frequently asked questions
- What is the reservation split in the Waterways Leisure Tourism IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%.
- Who are the promoters of Waterways Leisure Tourism and what is their holding?
- The promoters are Global Shipping & Leisure Ltd. and Rajesh Chandumal Hotwani. Promoter holding is 99.27% before the issue and 89.35% after listing.
- What is the P/E ratio of the Waterways Leisure Tourism IPO?
- At the upper price band, the Waterways Leisure Tourism IPO is valued at 100.96× pre-issue earnings and 112.18× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Waterways Leisure Tourism IPO?
- The net proceeds go primarily toward payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, baycruise shipping and leasing (ifsc) pvt.ltd. (baycruise ifsc)., among 3 disclosed objects.