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Waterways Leisure Tourism Limited, incorporated November 2020, operates India's only domestic ocean cruise line under the brand Cordelia Cruises. Operates MV Empress with 796-cabin capacity; 7.30 lakh guests and 3.21 lakh nautical miles sailed since launch. Domestic itineraries to Mumbai, Goa, Kochi, Lakshadweep, Chennai, Visakhapatnam, Puducherry; international routes to Sri Lanka, Singapore, Thailand, Malaysia. IPO is 100% fresh issue of ₹585 Cr; proceeds for vessel lease payments to step-down subsidiary Baycruise Shipping and Leasing (IFSC) Pvt Ltd. Revenue ₹450.20 Cr (FY24) vs ₹486.22 Cr (FY23). PAT loss ₹119.96 Cr (FY24); however, 9MFY25 showed a turnaround with ₹139.20 Cr profit (34% margins). GMP ₹54 → expected listing ~₹862 (+6.7%). SEBI approval September 2025. Promoters: Global Shipping and Leisure Ltd, Rajesh Chandumal Hotwani. CEO: Jurgen Bailom.