Waterways Leisure Tourism Ltd, which operates the Cordelia Cruises, posted a profit in the September quarter, with revenue rising 30% YoY to Rs 58.5 crore and operating performance improving.
The company reported a consolidated net profit of Rs 58.5 crore in Q2FY27, compared with a net loss of Rs 8.9 crore in the year-ago quarter.
Revenue increased 30.4% year-on-year to Rs 133 crore, against Rs 102 crore in Q2FY26. At the operating level, EBITDA turned positive at Rs 9.4 crore, compared with a loss of Rs 5.9 crore a year earlier. The EBITDA margin stood at 7.1%.
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The return to positive EBITDA is an important development for the cruise operator. It indicates that the business generated an operating surplus during the quarter, although the margin remains modest.
Sustaining this improvement will be important as the company balances operating expenses, vessel-related costs and investments in its cruise business.
Balance Sheet Shows A Sharp Expansion
The company's September 2026 balance sheet also points to a significant expansion in its financial position. Total assets increased to Rs 1,348.43 crore as of September 30, 2026, compared with Rs 341.78 crore at the end of March 2026.
Total equity rose to Rs 727.34 crore from Rs 80.20 crore over the same period. Meanwhile, non-current financial assets, including loans and advances, increased to Rs 434.81 crore from Rs 13 crore.
However, borrowings also require attention. Current borrowings stood at Rs 344.15 crore, while non-current borrowings were Rs 68.38 crore.
Investors will need to track how the expanded balance sheet supports business growth and whether the company can sustain profitability alongside its financial commitments.
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Waterways Leisure operates through Cordelia Cruises, which offers domestic and international cruise holidays. Its future performance will depend on demand, vessel utilisation, pricing and its ability to maintain positive operating earnings.
The company scheduled an investor conference call for October 9 to discuss its September-quarter and half-year performance.
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