Newly Listed Stock Soars 6% After Company Considers Stock Split Days After Market Debut

Synopsis: Waterways Leisure Tourism Ltd. shares jumped 7% after the company announced that its board will consider a stock split on July 10. The move comes days after its listing, aiming to improve liquidity. The company operates Cordelia Cruises and plans fleet expansion with new vessels to support future growth.

The shares of the Small-Cap company, which specialises in providing premium domestic and international ocean cruise vacations through its primary brand, Cordelia Cruises, are in focus as this new Listing is set to consider a stock split just days after its debut.

With a market capitalization of Rs. 5,780.34 crores in the day’s trade, the shares of Waterways Leisure Tourism Limited jumped upto 5.7 percent, making a high of Rs. 804.50 per share compared to its previous closing price of Rs. 761.10 per share.

What Happened

Just days after its stock market debut, Waterways Leisure Tourism Ltd. has announced that its board will consider a stock split at its meeting on July 10. The company, which listed on July 1, currently has a face value of Rs. 10 per share, making this its first proposed corporate action within days of listing. A stock split is typically aimed at improving liquidity by increasing the number of shares while proportionately reducing the share price.

Waterways Leisure Tourism, which operates Cordelia Cruises, currently runs the MV Empress and plans to expand its fleet with the leased Norwegian Sky (to be introduced in 2026) and Norwegian Sun (expected in FY2028), significantly increasing its passenger capacity and supporting future growth.

The company’s shares have witnessed volatile trading since listing, including two 10% upper circuits, but they debuted at a 17% discount to the IPO price. Its Rs. 585 crore IPO was subscribed 1.53 times, driven mainly by strong retail demand, while institutional participation remained relatively subdued.

Financials & Others

For the period ended 31 March 2026, the company reported a Total Income of Rs. 586.99 crore, compared with Rs. 597.68 crore in FY2025 and Rs. 452.15 crore in FY2024. The income remained relatively stable year-on-year, with a marginal decline from FY2025 but a strong increase compared with FY2024.

The company’s Profit After Tax (PAT) stood at Rs. 52.14 crore in FY2026, compared with Rs. 168.19 crore in FY2025. Despite the decline in PAT from the previous year, the company improved significantly from the loss of Rs. 122.73 crore reported in FY2024, reflecting a recovery in profitability.

Waterways Leisure Tourism IPO is a book build issue of Rs. 585.00 crores. The issue is entirely a fresh issue of 0.72 crore shares of Rs. 585.00 crore. Waterways Leisure Tourism IPO bidding started from Jun 23, 2026, and ended on Jun 25, 2026. The allotment for Waterways Leisure Tourism IPO was finalized on Jun 29, 2026. The shares got listed on NSE and BSE on Jul 1, 2026.

Waterways Leisure Tourism Limited, incorporated in November 2020, is one of India’s leading domestic ocean cruise operators, offering luxury cruise experiences centered around Indian culture, hospitality, entertainment, and cuisine. The company operates MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and selected international locations such as Sri Lanka, Thailand, Singapore, and Malaysia.

As of March 31, 2026, more than 730,000 guests had experienced its cruises, covering over 321,000 nautical miles. The company held around 79% market share by value in India’s domestic ocean cruise industry in Fiscal 2025. MV Empress offers 796 cabins along with premium facilities such as restaurants, entertainment shows, casino, spa, fitness center, swimming pools, a gaming arcade, a children’s academy, and MICE and wedding services.

Waterways Leisure Tourism follows an asset-light operating model by outsourcing key functions like food and beverage, housekeeping, crewing, and entertainment to improve efficiency and scalability. With strong direct booking channels through its website, mobile app, call centers, and customer service platforms, the company is well-positioned to benefit from India’s growing cruise tourism sector and expand its fleet with planned additions such as Norwegian Sky and Norwegian Sun.

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