Waterways Leisure Tourism Ltd. IPO

Waterways Leisure Tourism

• Waterways Leisure Tourism is coming out with a 100% book building; initial public offering (IPO) of 76,07,282 shares of face value Rs 10 each in a price band Rs 769-808 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on June 23, 2026 and will close on June 25, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 76.90 times of its face value on the lower side and 80.80 times on the higher side.
• Book running lead manager to the issue is Centrum Broking.
• Compliance officer for the issue is Ankit Satish Shah.

Profile of the company

Waterways Leisure Tourism is one of the domestic ocean cruise operators in India, offering luxurious and inherent Indian experiences. Its cruise experience is designed to cater to the preferences of Indian guests and international travelers visiting India, offering an immersive journey into India’s rich culture, cuisine, and warm hospitality. Every aspect of the voyage is curated to provide an authentic Indian experience, ensuring that guests feel the essence of India while sailing. 

The company offers a diverse culinary experience, providing a variety of food options such as pan-Asian, international, and Indian cuisine, including Jain food options. It also organizes live performances and themed shows inspired by Indian Cinema such as ‘Indian Cinemagic’, ‘Balle Balle’, ‘Burlesque - Bollywood Way’, ‘Razzmatazz’, and ‘Romance in Bollywood’. It offers a wide range of amenities for all age groups, including a children’s academy, gaming arcade, spa and salon, retail outlets, casino, fitness center, a rock-climbing wall, and swimming pools.

The company has strategically outsourced critical cruise operations to enhance efficiency and scalability. It leverages third-party expertise in areas such as food and beverages, housekeeping, crewing, and entertainment. This enables it to tap into their knowledge and resources, ensuring quality service delivery. This flexibility also enables it to scale its operations based on seasonal demand, manage resources effectively and maintain service standards. Outsourcing allows it to concentrate on its core activities, ensuring an enhanced customer experience and expanding its cruise offerings.

Proceed is being used for:

• Payment towards deposit/ advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) (Baycruise IFSC)
• General corporate purposes

Industry overview

Cruise Tourism is a nature-based tourism segment which enables a country to leverage its’ seas, rivers and canals for overnight and same day cruises across varied themes and across multiple budgets. Cruise tourism leverages a country's maritime infrastructure to contribute to tourism clusters, stimulating economic activity in coastal regions and empowering local communities through the creation of jobs and economic opportunities.

India possesses significant potential in cruise tourism across both the coastal and river sectors, owing to its extensive maritime infrastructure. With its multiple ports along its around 11,099-kilometer coastline and a navigable network of 110 waterways spanning over 20,000 km, the country is well-positioned to develop this sector. Several states, union territories, and 1,300 islands benefit from proximity to coastal and riverine routes, creating vast opportunities for tourism expansion. 

Additionally, the cruise tourism industry plays a vital role in generating direct employment, supporting professionals such a s cruise crew, jetty operators, local tourist guides, cultural artists, boat operators, builders, and recyclers. It stimulates secondary employment in sectors like hospitality, restaurants, entertainment, and retail. Beyond economic benefits, cruise tourism fosters cultural exchange and strengthens regional integration. Local tourist destinations within a 50 to 100 km radius of cruise terminals experience increased demand, enhancing their visibility and economic viability. A robust cruise tourism sector would further bolster India’s position in the global maritime industry.

Pros and strengths

Pioneer in the ocean cruise tourism in India: The company is one of the domestic ocean cruise operators in India, offering luxurious and inherent Indian experiences. Its cruise vessel, the ‘MV Empress’, has a capacity to accommodate up to 2,005 guests with several cabins featuring private balconies that offer ocean views. It provides a range of amenities, including multiple dining venues, a casino, a theater, a spa, swimming pools and various entertainment options such as live music, magic shows, and professional theatrical performances. The ‘MV Empress’ sails along the Indian coastline and surrounding islands, offering a variety of itineraries. Its cruise vessel primarily sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. It also offers international itineraries to destinations, including Hambantota, Trincomalee, and Jaffna (Sri Lanka), Kuala Lumpur, Langkawi (Malaysia), Phuket (Thailand) and Singapore. 

Significant direct bookings optimizing margin: The company provides its guests with a variety of ways to book their cabins. Guests can book directly with it through its website, mobile application and over the phone or through third-party travel agents. Historically, the majority of its cabins have been booked directly with the company, reflecting its guests’ trust and preference for its straightforward and efficient booking process. As of March 31, 2026, its direct booking is supported by its call centers which employs 148 cruise holiday experts, contributing to the efficiency and effectiveness of its direct sales, ensuring seamless customer interactions and booking experiences. 

Outsourced critical cruise operations enhancing efficiency and scalability: The company has strategically outsourced critical cruise operations to enhance operational efficiency and scalability. The company has entered into agreements with third-party service providers such as SA Cruise Services, Apollo Export Warehouse LLC, Campbell Cruise & Yacht Management, and Wizcraft Entertainment Agency to manage its key operations which include food and beverages, housekeeping, crewing, technical management, deck and engine crew management, and entertainment. The expertise of these third-party service providers enables it to leverage their knowledge and resources, ensuring quality service delivery in customer service, food and entertainment while focusing on its core business activities. This approach allows it to optimize its labour costs and reduce operational expenses by minimizing overheads associated with maintaining full-time staff for these operations.

India-focused cruise experience with diverse amenities: Its cruise experience is designed to cater to the preferences of Indian guests and international travelers visiting India, offering an immersive journey into India's rich culture, cuisine, and warm hospitality. It recognizes that food is a fundamental part of the experience for its Indian guests and it caters to their diverse culinary preferences. It also organizes live performances and themed shows onboard its cruise vessel. Its commitment to creating memorable experiences is evident in the six performances it has curated, ensuring that every night aboard its vessel is a cinematic celebration. It also offers a variety of amenities for all ages, ensuring that every guest has an enjoyable experience. Its amenities include a children’s academy, gaming arcade, spa and salon, retail outlets, casino, fitness center, a rock-climbing wall and swimming pool. It provides fun and educational activities to keep children engaged throughout the cruise.

Risks and concerns

Dependence on single cruise vessel: The company currently conduct its operations through a single cruise vessel, the ‘MV Empress’, which exposes to significant operational risks. Any disruption to the operations of this cruise vessel, whether due to mechanical failure, accidents, or other unforeseen events, could lead to operational disruptions that could have an adverse impact on its business, results of operations, and financial condition and cash flows. For example, if its cruise vessel were to experience a mechanical breakdown, it could result in delays or cancellations of cruises, leading to lost revenue and potential customer dissatisfaction. Similarly, accidents involving the vessel, such as collisions, groundings, or onboard incidents, could cause significant damage to the vessel, injury to passengers or crew, and potential loss of life. These events could lead to substantial repair costs, legal liabilities, including third-party claims, and negative publicity, all of which could severely impact its business operations, results of operations, financial condition and cash flows.

Decline in cruise ticket sales may adversely affect business operations: It derives a significant portion of its revenues from its cruise ticket sales. Cruise ticket revenue primarily includes income from accommodations, meals at select onboard restaurants, and certain onboard entertainment. It also encompasses revenue from service charges, provided these services are purchased by guests through the company. A significant portion of its revenue is derived from its cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in its cruise ticket sales may adversely impact its business, financial condition, results of operations, cash flows and prospects.

Significant dependence on Mumbai port: Its cruise operations depend significantly on the availability of ports of call as part of its itineraries. Any unavailability of these ports can adversely affect its business, financial condition, and results of operations. Ports of call may become unavailable due to various reasons, including adverse weather conditions, natural disasters, geopolitical events, civil unrest, or local regulations or its inability to obtain specific government clearances and permits required for port usage. A significant majority of its passenger bookings and port calls originate from or depend on Mumbai, Maharashtra. Any prolonged disruption that specifically affects Mumbai would disproportionately reduce its occupancy rates which in turn would impact its business, results of operations, financial condition and cash flows.

Dependence on third-party vendors for essential services: The company’s cruise operations depend on limited third-party service providers for critical services and amenities, including technical and crew management, hospitality management, general purchasing and logistics management and entertainment. The maintenance, operations and management services on its cruise vessel are outsourced to third-party service providers with which it has established operational agreements. In addition to critical services, the majority of amenities on its cruise vessel, such as the gaming arcade, spa, and casino, are provided by third-party vendors. Additionally, it also outsources services such as shore-excursions in India and internationally through third-party vendors and service providers. Any breach of the terms of agreement by these vendors may have adverse impact and could significantly disrupt ship operations. This reliance on external providers introduces potential risks, as any failure on their part to meet contractual obligations can lead to service interruptions, negatively impacting the overall guest experience and operational efficiency of its cruise vessel.

Outlook

Waterways Leisure Tourism is engaged in the business of cruise lines, shipping, organizing, and conducting cruises, tours, holidays, maintaining and providing related services. Its cruise vessel primarily sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. Its itineraries are designed to showcase India’s coastal regions and cultural heritage, providing guests with an enriching travel experience and establishing ourselves as the go-to choice for luxury and cultural cruising. On the concern side, its ability to ensure high occupancy rates on its cruises is critical to its financial performance. There is a risk that it may not effectively increase its ticket sales, leading to cruises that are not fully or highly occupied which would result in significant financial losses. Low occupancy rates can adversely impact its revenue and profitability, as the fixed costs associated with operating a cruise remain constant regardless of the number of passengers.

The issue has been offering 76,07,282 shares in a price band of Rs 769-808 per equity share. The aggregate size of the offer is around Rs 585.00 crore to Rs 614.67 crore based on lower and upper price band respectively. Minimum application is to be made for 18 shares and in multiples thereon, thereafter. On performance front, total income decreased by 2% from Rs 5,97.68 crore in Fiscal 2025 to Rs 586.99 crore in Fiscal 2026. The profit for the year was Rs 52.14 crore in Fiscal 2026 compared to Rs 168.19 crore in Fiscal 2025.

Meanwhile, the company aims to offer a wider range of itineraries and expand its destinations for its guests by adding the aforesaid new vessels to its fleet. Depending on the demand, it may operate one of these vessels solely for international itineraries. Further, as it expands, it intends to focus on enhancing the variety and quality of its onboard offerings towards a satisfactory customer experience. This includes expanding its dining options with a wider variety of cuisines and specialty restaurants, curating a more diverse and engaging entertainment lineup, and introducing new recreational activities designed to appeal to a broader audience. It aims to provide guests with unforgettable moments that combine luxury, culture, and excitement throughout their journey. It will also focuses on strengthening its crew and support teams, providing them with the necessary training and resources to deliver quality experience.

Dhanwel Hybrid Seeds

• Dhanwel Hybrid Seeds is coming out with an initial public offering (IPO) of 27,00,000 shares in a price band of Rs 95-99 per equity share.
• The issue will open on June 24, 2026 and will close on June 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Parul Agarwal.

Profile of the company

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. The seed production process is carried out in a structured manner across multiple stages and involves the use of improved genetic seed material procured from recognised sources. Such seed material is multiplied, processed, conditioned, and handled in accordance with prescribed agronomic and processing practices to produce seeds suitable for agricultural use, including seeds supplied to farmers for crop cultivation.

It procures genetic seed material, including breeder and other suitable seed material, from recognised agricultural institutions, government-supported research organizations and open market. In addition, seed production is undertaken through arrangements with identified seed-growing farmers, wherein agricultural land owned by such farmers is utilised for cultivation. Under these arrangements, the company supplies the requisite seed material and provides technical guidelines and cultivation protocols. The farmers carry out sowing and related agricultural operations in accordance with its instructions, while its field staff and agronomists monitor and supervise the crop to maintain quality standards. Although the ownership of agricultural land remains with the farmers, seed production undertaken through contractual arrangements is carried out in accordance with its prescribed guidelines and supervision, and all subsequent processing, quality control, and commercial activities relating to such seeds are undertaken by it.

Its team comprises experienced agronomists, field staff, and technicians who ensure adherence to quality standards, support productivity improvements, and implement sustainable agricultural practices. Over time, it has established strong working relationships with the farming community and continues to follow an integrated approach that includes sourcing, production, quality control, and supply of seeds. Its seeds are sold under the brand name ‘Dhanwel Seeds’. The company is ISO 9001:2015 certified and is committed to maintaining consistent seed quality and supporting the agricultural sector with reliable seed solutions.

Proceed is being used for:

• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions.
• Funding the working capital requirements of the company.
• General corporate purposes. 

Industry overview

India’s agricultural output has expanded significantly in the past decade, recording 40% growth and achieving surplus capacity for exports. In FY25, the sector grew by 5.4% year-on-year, supported by record production and higher trade volumes. Agricultural exports touched an all-time high of Rs 4,40,000 crore ($51.86 billion) in FY25, up from Rs 3,95,793 crore ($48.15 billion) in FY24. Agriculture and allied activities together contributed 17.8% to India’s GDP in 2023-24, reaffirming the sector’s importance to the national economy.

The current India seed market size stands at $3.82 billion in 2025 and is projected to reach $5.00 billion by 2030, reflecting a forecast CAGR of 5.55%. Sustained policy support, rising certified‐seed penetration, and expanding climate smart varieties continue to anchor industry resilience. Government programs such as the National Mission on High-Yielding Seeds and the Clean Plant Program are fast-tracking premium seed adoption by funding disease-free planting material hubs, demonstration plots, and village-level clusters. Row crops dominate revenue because cereals, oilseeds, and fiber crops align with food-security and import-substitution priorities, while hybrids retain farmer loyalty thanks to consistent yield premiums under erratic rainfall. Meanwhile, protected cultivation and digital traceability pilots are opening lucrative niches for specialized vegetable and high-value seed segments. Competitive intensity is low because multinational pipelines compete with regionally adapted portfolios, yet counterfeit trade and GM regulatory uncertainty exert margin pressure.

The India seed market size in open field accounted for a 99.8% share of the India seed market size in 2024, and protected cultivation seeds are forecast to expand at an 11.08% CAGR between 2025 and 2030. Break-even analysis under national subsidy schemes shows growers recouping greenhouse investment within 30 months when leveraging high-density, indeterminate tomato lines that yield 280 metric tons per hectare. Uniformity and disease resistance top trait wish-lists, prompting breeders to re-select parental lines for vertical canopy structure and synchronized fruit setting. Seed supply chains adapt by introducing small-gram, high-unit-value packets that align with greenhouse transplant schedules. Companies deploy agronomists to steer nutrient and pruning regimes, ensuring genetic potential translates to yield. As greenhouse acreage compounds, protected cultivation’s double-digit growth rate promises a steadily expanding niche within the wider India seed market. 

Pros and strengths

Wide range of seeds and its variants: The company offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. The company may, from time to time, consider addition of new seed varieties or crops based on business requirements and availability.

Quality assurance: The company places importance on maintaining quality standards across its operations. The company is ISO 9001:2015 certified for manufacturing, processing, and supply of seeds. Quality considerations form part of routine business activities across sourcing, processing, and packing. Where considered appropriate, seeds are tested through government laboratories and other approved agencies.

Customer satisfaction: It considers customer satisfaction to be an important aspect of its business operations. The company supplies its products to customers in the ordinary course of business and seeks to meet customer requirements through consistent product standards and routine commercial engagement. Ongoing business interactions and repeat transactions form part of normal business operations and support continuity of customer relationships.

Risks and concerns

Seasonal and climatic dependencies: Its operations are closely aligned with agricultural cycles and are seasonal in nature. The demand for its seed products is largely dependent on monsoon patterns, timing and quantum of rainfall, sowing seasons, cropping patterns and farmers’ sowing decisions. Any delay, deficiency or excess in rainfall, or occurrence of unfavourable weather conditions, pest attacks or other natural factors, may adversely affect agricultural activity and reduce demand for its products. As a result of the seasonal nature of its business, a substantial portion of its revenues is generated during specific periods of the year, and its sales volumes and operating results may fluctuate significantly from quarter to quarter and year to year. Adverse climatic conditions during peak sowing seasons may have a material adverse effect on its business, financial condition, results of operations and cash flows. 

Substantial revenue dependence on key customers: The substantial portion of its revenues has been dependent upon few customers. Its top ten customers accounted for around 64.27%, 22.23% and 17.26% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its customers and the success of its business is accordingly significantly dependent on it maintaining good relationships with them. The loss of one or more of these significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows. 

Concentration of revenue in oil seed products: The sale of Oil seeds is the largest contributor towards its total revenue, and contributed 56.67%, 55.41% and 65.39% to its revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. As a result, its business is exposed to risks related to product concentration. Its inability to produce sufficient quantities of its existing products in a timely manner or at all, its failure to develop new products that meet the evolving demands of its end consumers or to obtain the regulatory approvals for such products, the development of successful products by its competitors and general economic conditions. It cannot assure that the performance of its oil seeds will continue to meet its customers’ expectations. In addition, its business, financial condition, results of operations and prospects could be materially and adversely affected if one or more of these uncertainties or disruptions occur.

Outlook

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. It offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. On the concern side, the substantial portion of its purchases has been dependent upon few suppliers. Its top ten suppliers accounted for 58.55%, 24.61%, and 13.63% of its total purchase for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its suppliers and the success of its business is accordingly significantly dependent on its maintaining good relationships with them for regular supply of its raw material. The inability of a supplier to meet these requirements, the loss of a significant supplier, or any labour issues or work stoppages at a significant supplier could disrupt the supply of raw materials and parts to its facilities, preventing the company from delivering to its customers, or cause returns of products.

The company is coming out with a maiden IPO of 27,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-99 per equity share. The aggregate size of the offer is around Rs 25.65 crore to Rs 26.73 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 7,458.69 lakh as against Rs 4,412.94 lakh for FY24-25, an increase of 69.02%. Profit after tax for the FY 25-26 was at Rs 611.54 lakh against profit after tax of Rs 215.74 lakh in FY 24-25, an increase of 183.46%.

The company seeks to strengthen its presence in existing markets while gradually expanding its reach to additional geographies, based on market opportunities and demand conditions. It intends to cater to the requirements of its existing customers and, where feasible, broaden its customer base through increased distribution reach. Its focus remains on maintaining long-term relationships with dealers, distributors, and farmers through consistent business engagement and reliable supply of products. Further, the company markets its products under the brand name ‘Dhanwel’. It intends to continue efforts aimed at enhancing brand visibility and recognition in existing and potential markets. Brand-related initiatives are focused on reinforcing customer awareness and recall through consistent product quality and market presence, which supports sustained demand for its products.

Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, and other applicable SEBI circular(s), Shayona Engineering has informed that the company has received a Purchase Order from a domestic customer for supply industrial piping. The broad consideration / size of the aforesaid Purchase Order is Rs. 25,55,906/- Including GST at 18%. The name of the customer is not disclosed in this intimation due to contractual confidentiality / nondisclosure obligations. The Company shall provide such details to the Stock Exchange(s) / regulatory authority, if required, subject to applicable confidentiality safeguards. The details required under Regulation 30 of the SEBI Listing Regulations read with the applicable SEBI Master Circular and Industry Standards on Regulation 30 are enclosed as Annexure I. 

The above information is a part of company’s filings submitted to BSE.

Pursuant to Regulation 30 and other applicable Regulations, if any, of the Listing Regulations, Titagarh Rail Systems has informed that it enclosed copies of newspaper advertisements of the Notice issued to the shareholders of the Company pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 for transfer of shares in respect of which dividend has remained unclaimed/unpaid for a period of seven consecutive years, as published today, 23rd June, 2026, in the newspapers: Financial Express (English) and Ekdin (Bengali). The advertisement is also available on the website of the Company at www.titagarh.in.