Cordelia Cruises bets big on India’s cruise future; IPO to hit market on June 23

The company is estimated to command around 79% market share in India’s domestic ocean cruise segment, benefiting from high entry barriers created by regulatory requirements and substantial capital investments.

India’s cruise tourism sector is witnessing significant momentum, with industry players and policymakers increasingly viewing cruising as a key pillar of the country’s tourism growth story. Against this backdrop, Cordelia Cruises has emerged as a dominant player in India’s cruise market, as parent company Waterways Leisure Tourism Limited prepares to launch its Initial Public Offering (IPO) on June 23.

India’s untapped cruise opportunity

Globally, the cruise industry remains consolidated, with major operators including Carnival Corporation, MSC Cruises, Norwegian Cruise Line Holdings and Royal Caribbean accounting for nearly 70 - 80% of the market. The combined revenue of leading cruise companies is estimated to have increased from approximately USD 34.4 billion in CY2018 to USD 54.4 billion in CY2025, representing a CAGR of around 6.7%.

While mature cruise markets continue to dominate globally, India remains at a very early stage of development. Cruise penetration in India stands at approximately 0.01%, compared to around 5.7% in North America, highlighting the significant headroom for growth.

India's overnight ocean and coastal cruise market is reportedly valued at around INR 7,325 million in FY2026 and is projected to grow to between INR 18,200 million and INR 22,500 million by FY2031, reflecting a CAGR of 20 - 25%.

Cordelia strengthens leadership position

Cordelia Cruises has emerged as a dominant player in India’s nascent cruise market, as parent company Waterways Leisure Tourism Limited prepares to launch its Initial Public Offering on June 23.

Cordelia Cruises has established a strong position within India's emerging cruise tourism sector through its flagship vessel, MV Empress. The cruise line has hosted 730,819 guests and covered more than 321,292 nautical miles as of March 31, 2026. The company is estimated to command around 79% market share in India’s domestic ocean cruise segment, benefiting from high entry barriers created by regulatory requirements and substantial capital investments.

For FY2026, revenue from operations stood at INR 5,797.45 million, compared to INR 5,906 million in FY2025. Passenger cruise days were recorded at 481,660 during FY2026 against 493,081 in FY2025. The company reported an occupancy rate of 84.99% and an average ticket size of INR 10,979.86 during FY2026.

Financial performance also improved, with net profit reaching INR 52 crore in FY2026 compared to a loss of INR 123 crore in FY2024. Cordelia also offers international sailings to Hambantota, Trincomalee and Jaffna in Sri Lanka, as well as Phuket, Singapore, Kuala Lumpur and Langkawi.

To capitalise on future growth opportunities, Waterways Leisure Tourism Limited will open its IPO on June 23, 2026, with a price band of INR 769 - 808 per equity share of face value INR 10 each. The public issue will close on June 25 and comprises a fresh issue of up to INR 585 crore.

Decoding India’s cruise traveller

Speaking about the company’s positioning, Jurgen Bailom, President & CEO of Waterways Leisure Tourism Pvt. Ltd., said Cordelia’s success lies in adapting cruising to Indian consumer preferences.

“All the guests in India are of the average age of 34 years old. International guests are 56 years old. The difference between us and an international cruise line is that we are doing it the Indian way because India deserves its own cruise line,” Bailom said.

He noted that Indian travellers typically favour shorter holidays. “India likes to do short vacations, more frequent vacations - three days, four days, five days - versus 14 days or three weeks.”

According to Bailom, cruising remains a relatively niche segment globally, with around 40 million people cruising worldwide each year. However, he believes the potential market in India is significantly larger.

“Today, 13% of Indians can easily afford to go cruising. That’s around 200 million people, which is five times the total global cruise market. Only about 8% of Indians hold passports, yet that is already more than enough to fill all the ships in the world,” he said.

Tapping the golden circle of easy visa

The company’s domestic footprint continues to expand. Bailom recalled that operations initially focused on Lakshadweep. “We started off as a Lakshadweep team with one island. Today we are starting soon to visit three islands.”

He also highlighted the rapid development of cruise infrastructure across the country. “Today we have Mumbai, which is the most sophisticated cruise terminal in the world. We have Goa, Kochi, the Lakshadweep Islands, Visakhapatnam, and in the future we will come to Odisha, Puri, Kolkata, Diu, Porbandar and the Andaman Islands.”

According to Bailom, India’s geographic diversity presents enormous opportunities for cruise tourism development. “We have so much space and so many places to go.”

Beyond domestic demand, Bailom believes India's appeal among international travellers and the Indian diaspora presents another significant growth opportunity. “Every international guest has India on their bucket list. Everybody wants to visit India,” he said.

He pointed to the global Indian diaspora as an important customer segment. “More than 100 million Indians live outside India - in the Middle East, Australia, Europe and Canada. Earlier, they would come home and spend two months with family. Now they come home and travel with their families because they want to see India.”

Looking ahead, Bailom expressed confidence about the future of the cruise sector and the company’s expansion plans. He also confirmed the arrival of a new vessel later this year. “We are very excited about our new addition coming in September this year, which is Cordelia Sky,” Bailom shared.

During the monsoon season, Cordelia sails from Chennai, aiming to tap the international itineraries within the golden circle of easy visa for all Indians. “Malé, Sri Lanka, Singapore, Thailand and Malaysia are already part of the network, and sooner or later we might even introduce sailings all the way to Australia,” Bailom added.