Waterways Leisur Q2 FY27 Earnings Call — Analysis (NSE: CORDELIA)
Cordelia delivered 31% YoY revenue growth in Q2FY27 with ₹58.5 Cr PAT aided by a $5.2M delivery compensation, alongside the arrival of Cordelia Sky boosting capacity by 126%.
Result quality: strong — Margin expansion. Management sentiment: optimistic.
The take
Q2FY27 Revenue from Operations ₹132.9 Cr ( +31% YoY ) . New guidance — Q2FY28 cordelia sun delivery timeline 11 months . New story: Fleet Scale and Premium Mix Expansion .
Results
Revenue reached ₹132.9 Cr (+31% YoY) with EBITDA of ₹77.7 Cr (58.45% margin) and PAT of ₹58.5 Cr (44.02% margin), supported by $5.2M early delivery compensation.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from Operations | ₹132.9 Cr | +31% | yoy · Q2FY27 · vs ₹101.5 Cr in Q2FY26 |
| EBITDA | ₹77.7 Cr | +58.45% | none · Q2FY27 · EBITDA margin 58.45% |
| Profit After Tax | ₹58.5 Cr | +44.02% | none · Q2FY27 · PAT margin 44.02% |
| Revenue from Operations | ₹323.0 Cr | +16% | yoy · H1FY27 · H1 performance |
| EBITDA | ₹124.2 Cr | +38.45% | none · H1FY27 · EBITDA margin 38.45% |
| Profit After Tax | ₹81.3 Cr | +25.16% | none · H1FY27 · PAT margin 25.16% |
| Early Delivery Compensation | ₹43.5 Cr | none · Q2FY27 · USD 5.2 million from Norwegian Sky Limited | |
| Advance for Vessel Acquisition | ₹429.0 Cr | point_in_time · Q2FY27 · Sep-2026 interest-bearing advance |
Guidance
Sister vessel Cordelia SUN is scheduled for delivery in 11 months with commercial operations of Cordelia Sky starting October 23, 2026.
What management committed to
- [Cordelia Sky] will commence sailing from 23rd of October [2026]. — Q3FY27
- [Cordelia SUN] is going to be delivered in 11 months [around September/October 2027]. — 11 months, Q2FY28
- In terms of Sky, we are paying $16 million every year [lease rental under hire-purchase]. — $16 million, FY27
Key themes
Fleet expansion and operational scale
How the narrative shifted
- Fleet Scale and Premium Mix Expansion: Adding larger vessels with higher proportion of suites significantly expands capacity and raises average realization per passenger.
- Fuel Cost Inflation and Pass-through: VLSFO bunker fuel prices rose ~80-90% YoY impacting H1 profits by ~₹28 Cr, countered by fuel surcharges and route optimization.
- Operating Leverage on Corporate Overhead: Fixed corporate, marketing, and shoreside overhead will be shared across multiple vessels as fleet size scales.
Operational commentary
- Cordelia Sky delivered ahead of schedule on October 9, 2026, commencing commercial sailings on October 23, 2026; adds 2,400 guest capacity (1,002 staterooms), expanding fleet capacity by ~126%.
- Sister vessel SUN is confirmed for delivery in 11 months (September/October 2027) with 1,002 rooms and 600 suites/balconies.
- Evaluating further fleet acquisitions beyond SUN; advanced ₹429 Cr via subsidiary to mediator to secure potential vessel assets.
- Load factor in Q2FY27 reached 75.53% (up YoY), and H1FY27 load factor reached 91.23% vs 87.79% in H1FY26.
- Average revenue per passenger increased to ₹13,645 in Q2FY27 from ₹10,349 in Q2FY26.
- Fuel cost per available passenger cruise day (APCD) rose sharply to ₹2,471 in Q2FY27 vs ₹1,434 in Q2FY26, offset via $15–$20/day fuel surcharges and operational efficiencies.
- Launched Chairman's Club loyalty program to increase repeat guest bookings.
Analyst Q&A
Q. Clarification on the ₹344 Cr increase in short-term borrowings and ₹429 Cr advance.
Funds were advanced to a subsidiary and placed with an intermediary to demonstrate available liquidity to close an identified vessel acquisition rapidly.
Q. Whether the company has any plans to phase out the 32-year-old vessel MV Empress.
Management clarified that cruise ships undergo regular 5-year dry-dock overhauls and internal renovations, and there is no plan to retire or divest MV Empress.
Q. Names of intermediary broker firms or specific vessel targets for fleet expansion beyond SUN.
Declined to name mediators or specific asset targets citing commercial confidentiality during active negotiations.
Research and educational content only. Not investment advice.