🚫 Avoid
Listed
Leisure Services
Waterways Leisure Tourism Limited IPO
₹585 Cr · Fresh Issue · Leisure Services
Price Band
₹769 – ₹808
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹585 Cr
Fresh Issue
Market Cap
₹5849.48 Cr
At upper band
P/E Ratio
112.2x
P/S: 10.1x
Listing Date
01 Jul 2026
BSE & NSE
IPO Timeline
✓
Opens
23 Jun 2026
✓
Closes
25 Jun 2026
✓
Allotment
26 Jun 2026
✓
Refund
29 Jun 2026
✓
Listing
01 Jul 2026
IPO India Hub: Strong Avoid
Conviction
2/10
The company is valued at 4.88× the niche sector midpoint (112.2x P/E vs. 23x benchmark) with an EBITDA margin of just 0.2% and ROCE of 1.14%, indicating severe operational distress. Extreme valuation premium combined with near-zero profitability quality and volatile earnings make this a high-risk proposition for retail investors.
Listing Performance
Issue Price
₹808
Allotment price
Listing Price
₹690
-14.6% on listing day
Current Price (CMP)
₹112.75
-86% vs issue
Listed On
01 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong revenue recovery trajectory
Revenue grew from ₹452.1 Cr (FY-2) to ₹597.7 Cr (FY-1), representing 13.9% two-year CAGR and demonstrating operational scale in leisure tourism. The company operates in a niche segment with limited listed comparables, which may offer differentiation in the leisure cruising space.
✓ Strength
Promoter commitment and capital infusion
Promoter holding remains very high at 89.35% post-issue, signaling strong founder confidence. The IPO raises ₹585 Cr primarily (₹480 Cr) for lease payments to subsidiary Baycruise IFSC, indicating structured capital deployment for operational continuity.
⚠ Risk
Catastrophic profitability collapse
Net profit crashed from ₹168.1 Cr (FY-1) to ₹52.1 Cr (FY0), a 69% year-on-year decline despite revenue stability. EBITDA margin of 0.2% and ROCE of 1.14% indicate the company is barely profitable and destroying shareholder capital—this is not a temporary dip but structural underperformance.
⚠ Risk
Extreme valuation multiple with no margin support
At 112.2x P/E (4.88× the 23x sector midpoint), the company trades at a severe premium despite an 8.9% net profit margin well below the 15% threshold that might justify premium pricing. The P/S ratio of 10.1x is also elevated for a leisure operator with single-digit margins and volatile earnings.
₹ Valuation
Valuation grossly disconnected from fundamentals
The P/E of 112.2x is 4.88× the niche sector midpoint of 23x, placing it in the extreme outlier zone. With NPM of 8.9% (below the 15% threshold for premium justification) and ROCE of 1.14%, there is no operational or return-on-capital argument to support this multiple.
👁 Watch
Monitor FY1 earnings and lease payment sustainability
Investors must closely track whether the ₹480 Cr deployed to Baycruise IFSC for lease payments generates sufficient returns to justify the capital outlay and whether profitability stabilizes or deteriorates further in the first full year post-listing.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Waterways Leisure Tourism Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹579.75 Cr
Net Profit
₹52.14 Cr
Industry
Leisure Services
Issue Type
Fresh Issue
Promoters
GLOBAL SHIPPING AND LEISURE LIMITED AND RAJESH CHANDUMAL HOTWANI
Lead Managers
Centrum Broking
Quick Actions
Frequently Asked Questions
Avoid. The company is valued at 4.88× the niche sector midpoint (112.2x P/E vs. 23x benchmark) with an EBITDA margin of just 0.2% and ROCE of 1.14%, indicating severe operational distress. Extreme valuation premium combined with near-zero profitability quality and volatile earnings make this a high-risk proposition for retail investors.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹769 – ₹808.
The IPO opens on 23 Jun 2026. It closes on 25 Jun 2026. Allotment is expected on 26 Jun 2026. Refunds initiate on 29 Jun 2026. Listing on BSE and NSE is on 01 Jul 2026.
The lead managers for the IPO are Centrum Broking. Check the SEBI filing for the registrar details.
The IPO listed on 01 Jul 2026 at ₹690 against an issue price of ₹808 (-14.6% on listing day). The current market price (CMP) is approximately ₹112.75 (-86% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 25 Jun 2026. The company is valued at 4.88× the niche sector midpoint (112.2x P/E vs. 23x benchmark) with an EBITDA margin of just 0.2% and ROCE of 1.14%, indicating severe operational distress. Extreme valuation premium combined with near-zero profitability quality and volatile earnings make this a high-risk proposition for retail investors.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 25 Jun 2026. The IPO is priced at a P/E of 112.2x. Market cap at issue price is ₹5849.48 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 25 Jun 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Waterways Leisure Tourism Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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