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Earlier report,

Cordelia Cruises operator Waterways Leisure posts ₹54.4 crore Q2 profit, but ₹49.5 crore is a one-off gain

Since then, : Waterways Leisure (Cordelia Cruises) swings to Rs 58.5 crore Q2 profit on 30.4% revenue growth; shares jump 8%+

Our read

Revenue growth is real, but most of the Q2 profit comes from a one-off, so expect reported earnings to fall back next quarter unless EBITDA rises well above ₹9.7 crore.

For operators

Revenue grew 30.9% to ₹133 crore, but EBITDA of only ₹9.7 crore shows that growth is converting into operating profit thinly, so pricing, occupancy and per-sailing costs are the levers to watch.

Watch

Disclosure in the filing or notes of what the ₹49.5 crore one-off gain is and whether more is due

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The report,

Waterways Leisure Tourism, which operates Cordelia Cruises, reported a Q2 net profit of ₹54.4 crore against a net loss of ₹8.9 crore a year earlier. Revenue rose 30.9% to ₹133 crore, and profit included an exceptional gain of ₹49.5 crore.

Waterways Leisure Q2 net profit of ₹54.4 crore includes a ₹49.5 crore exceptional gain
Q2 net profit
₹54.4 crore
Exceptional gain in Q2
₹49.5 crore
Q2 revenue from operations
₹133 crore
up 30.9%
Q2 EBITDA
₹9.7 crore

What we verified

Checked against the other reports of this story.

Why it matters to operators

Half-year net profit of ₹81.3 crore on ₹323 crore revenue overstates recurring earnings power, so any partnership, benchmarking or deal work on the Cordelia Cruises operator should be anchored on operating EBITDA, not reported profit.

What to watch next

  • Q3 EBITDA compared with the ₹9.7 crore reported for Q2
  • Revenue growth holding near the 30.9% rate against the ₹133 crore Q2 base
  • Second-half profit compared with the ₹81.3 crore half-year consolidated profit
  • Any change in sailing schedules, pricing or port access announced for the coming season

Likely next moves

Our read of what comes next — analysis, not reported by the source.

  • Waterways Leisure is likely to point to the 30.9% revenue growth and the ₹81.3 crore half-year profit in investor communication, and to say less about the ₹49.5 crore one-off.
  • Analysts and rating agencies are likely to value the company on EBITDA of ₹9.7 crore rather than on net profit, and to ask for a clearer split between recurring and exceptional income.
  • Expect Waterways Leisure to keep adding sailings and promotions into the festive and winter season to defend revenue growth, which may cost it some margin.
  • Rival cruise and holiday operators may respond with discounts and new itineraries as Cordelia shows it can grow revenue quickly.
  • Lenders and investors are likely to read the swing to profit cautiously and to wait for operating cash flow and EBITDA before treating the balance sheet as stronger.

Updates

Each later report on this story, newest first. Earlier entries are never edited; a correction is a new entry.

  1. Read the update at Business Today

    Waterways Leisure (Cordelia Cruises) swings to Rs 58.5 crore Q2 profit on 30.4% revenue growth; shares jump 8%+

    • Q2 EBITDA: Rs 9.4 crore
    • Q2 EBITDA margin: 7.1%
    • Total assets at September 2026: Rs 1,348.43 crore

Reported figures

From the report. Source details below

Q2 EBITDA: ₹9.7 crore
Half-year consolidated net profit: ₹81.3 crore
Half-year revenue: ₹323 crore
IPO issue price per share: ₹808

The source

Source Read the source at CNBC-TV18

Published

Also reported by NDTV Profit, Moneycontrol, Business Today, Mint, Outlook Business

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Note Information, not investment advice. RetailIntel is not registered with SEBI.