New Delhi [India], October 9: The July–September quarter is the toughest stretch on any Indian cruise calendar. Monsoon seas shorten sailing schedules and dampen demand. A year ago, this was the quarter in which Cordelia Cruises lost Rs 89.3 million. This year, it earned Rs 585.0 million.
Waterways Leisure Tourism Limited, the company behind the brand, reported revenue from operations of Rs 1,329.0 million for the quarter ended 30 September 2026, up about 31% from Rs 1,015.4 million a year earlier. Total income rose 43% to Rs 1,511.6 million.
Underneath the headline, the core business has turned the corner. Profit before tax and exceptional items came in at Rs 96.1 million, against a loss of Rs 114.9 million in the same quarter last year. That is a swing of more than Rs 210 million in the slowest season of the year.
Earnings per share rose to Rs 0.85, compared with a loss of Rs 0.14 a year ago. For a company that only listed on 1 July 2026, it is a commanding debut as a public company.
If this is what Cordelia can do when the seas are rough, the October–March peak season looks set to be a strong one.
Cordelia Cruises Smashes Full-Year Profit in Just Six Months, and Peak Season Hasn’t Even Started
Cordelia Cruises needed only six months to beat its full-year profit for the previous year.
For the half year ended 30 September 2026, the company reported net profit of Rs 812.7 million, up from Rs 258.3 million in the first half of last year. For the full year ended 31 March 2026, it earned Rs 521.4 million. With half the year still to go, the company has already passed that figure by about 56%.
The growth goes beyond net profit:
- Revenue from operations rose about 16% to Rs 3,230.1 million.
- Profit before tax and exceptional items rose about 19% to Rs 426.6 million.
- Earnings per share tripled to Rs 1.20, from Rs 0.40.
The first half includes the monsoon months, so the company has reached these numbers before entering its busiest season. The October–March period, when cruise demand in India is at its highest, is yet to come.
Cordelia Cruises Goes Big: Two New Ships, SKY and SUN, Set to Supercharge Growth
In the cruise business, the size of the fleet sets the limit on growth. Cordelia Cruises is now raising that limit.
According to its results filing, the company paid USD 24.8 million in advance lease rentals for two upcoming vessels, “SKY” and “SUN”. SKY was handed over on 10 September 2026, three weeks before the original date of 30 September.
The company has also made an interest-bearing advance of Rs 4,290.4 million to a third party to acquire another new vessel. The advance earns interest while the deal progresses.
Capital work-in-progress, which covers projects still under construction, rose to Rs 367.4 million from nil in March. Right-of-use assets, which reflect leased assets such as ships, more than doubled to Rs 299.3 million.
For travellers, this means more cabins, more routes and more departures. For the business, every additional ship adds a new source of revenue. Cordelia is not waiting for demand to come to it. It is building the capacity to meet that demand.
Cordelia Cruises Scores a USD 5.2 Million Windfall, Getting Paid to Take Its New Ship Early
Most fleet expansions cost money. Cordelia Cruises managed to get paid for one of its own.
Under an agreement dated 1 September 2026, Norwegian Sky Limited paid Cordelia’s subsidiary, Bay Cruise Investments Inc., USD 5.2 million for taking delivery of the vessel “SKY” early. The ship was handed over on 10 September 2026 instead of the original date of 30 September. The filing states that the compensation comes “without any obligation”.
The payment was booked as an exceptional item of Rs 494.8 million in the September quarter. Cordelia now has its new ship in service sooner, and the extra cash strengthens its finances.
The deal also shows the management team’s skill in negotiating with global ship owners. It sets a positive example for the company’s next fleet additions, including the vessel “SUN”.
Cordelia Cruises Turns Into a Cash Machine: Rs 922 Million Swing in Operating Cash Flow
Profits matter, but cash is what keeps a company running. Cordelia Cruises’ cash flow has improved even more than its profits.
In the half year ended 30 September 2026, the company’s operations generated Rs 499.7 million of net cash. In the same period last year, operations used up Rs 422.5 million. That is a swing of more than Rs 920 million in twelve months.
Cash generated from operations before tax was Rs 762.0 million, even after the company paid Rs 262.3 million in income tax. That kind of tax payment reflects real, taxable profit.
A business that produces its own cash depends less on outside funding for daily operations. Combined with the IPO proceeds, Cordelia can now pay for its growth from two sources: its own operations and fresh capital from the market.
Cash and cash equivalents rose to Rs 70.0 million at the end of the period, with a further Rs 2,112.0 million held in other bank balances.
Cordelia Cruises Puts Its Cash to Work as Other Income Rockets More Than Four-Fold
Cordelia Cruises is earning a return on its capital before that capital is even spent.
Other income in the September quarter rose to Rs 182.6 million, from Rs 39.9 million a year earlier, an increase of about 4.6 times. For the half year, it reached Rs 197.7 million, up from Rs 50.2 million.
The cash flow statement shows where this comes from. In the half year, the company earned:
- Rs 86.5 million in interest on bank deposits, up from Rs 1.1 million
- Rs 102.5 million in interest on loans given, up from Rs 9.4 million
As planned, unused IPO proceeds are kept in fixed deposits. The Rs 4,290.4 million advance for a new vessel also earns interest. This means the money set aside for future ships is already earning income for shareholders.
