Waterways Leisur Q2 FY27 Results (NSE: CORDELIA)
Signal: Margin expansion
The read
The key inflection is operational rather than price-led: Q2 revenue grew 31% YoY to ₹1329.00 Mn with average ticket price almost unchanged, while EBITDA margin jumped to 58.45% from -2.36%; Cordelia Sky's approximately 126% capacity addition now becomes the test of whether this margin improvement can persist as the fleet scales.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹132.9 Cr | +31% | N/A |
| Net profit | ₹58.5 Cr | +755% | |
| EBIT margin | 58.45% |
P&L walk
Q2 revenue rose 31% YoY to ₹1329.00 Mn on higher utilisation with average ticket prices almost unchanged, while EBITDA increased to ₹776.82 Mn from a loss of ₹24.00 Mn and PAT reached ₹584.96 Mn from a loss of ₹89.34 Mn.
Key positives
- Revenue increased 31% YoY to ₹1329.00 Mn despite almost unchanged average ticket prices, indicating utilisation-led demand growth.
- EBITDA swung from a loss of ₹24.00 Mn in Q2FY26 to ₹776.82 Mn in Q2FY27, lifting EBITDA margin from -2.36% to 58.45%.
- H1 revenue rose 16% YoY to ₹3230.12 Mn and H1 PAT rose 215% YoY to ₹812.69 Mn, showing that the Q2 improvement was material to the half-year outcome.
- Cordelia Sky was delivered one month ahead of schedule and is expected to expand overall capacity by approximately 126%, with operations scheduled to commence on 23 October 2026.
Key concerns
- The Q2 EBITDA margin of 58.45% is a sharp step-up from 24% in Q1FY27 and 24% in Q4FY26, so persistence through the capacity ramp remains unproven.
- Q2 load factor was 75.53%, below the H1 load factor of 91.23%; the larger fleet will need sustained bookings to prevent capacity dilution.
- Total debt stood at ₹4125.28 Mn against net worth of ₹7315.07 Mn, increasing the execution sensitivity of the fleet-expansion plan.
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