Waterways Leisur Q1 FY27 Results (NSE: CORDELIA)
Signal: Margin pressure
The read
Q1FY27 showed robust demand (load factor 105%, average ticket price +4.3%) but severe cost headwinds from a 65% fuel cost increase and finance costs tripling, cutting EBITDA margin by 7.5pp and PAT by 34.5%. The standalone entity performed better than consolidated, indicating subsidiary-level leverage costs are dragging group earnings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹190.11 Cr | 7.82% | N/A |
| EBIT | ₹37.5 Cr | -23.09% | |
| Net profit | ₹22.77 Cr | -34.51% | |
| EPS | ₹3.49 | N/A | |
| EBIT margin | 19.72% |
P&L walk
Revenue grew 7.8% YoY driven by a 10% increase in gross ticket revenue (load factor up 5pp, ticket price up 4.3%), but EBITDA margin contracted 7.5pp to 24.5% as fuel costs per APCD surged 65% and finance costs tripled; PAT fell 34.5% even as other income rose 46%.
Key positives
- Load factor improved to 105% from 100% YoY, indicating strong occupancy and capacity optimisation.
- Average ticket price increased 4.3% to ₹11,581, showing pricing power in a high-demand environment.
- Gross ticket revenue grew 10% YoY, driven by both volume and pricing gains.
Key concerns
- Net profit fell 34.5% YoY as fuel costs surged 65% per APCD and finance costs tripled.
- EBITDA margin contracted 7.5pp to 24.5% from 32%, the lowest in recent quarters.
- Finance costs jumped 235% YoY, a significant increase that may indicate higher leverage or refinancing at higher rates.
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