Restaurant Brands Asia Ltd. Share Price

Kamat Hotels (India) has informed about the opening of ‘IRA by Orchid Hotel, Bhavnagar’ featuring 50 wellappointed rooms across Deluxe, Executive, and Suite categories. The Hotel offers comprehensive facilities including a multi-cuisine all-day dining restaurant, 24-hour in-room dining, a full-service gym, five versatile banquet and meeting venues accommodating up to 500 guests and an exceptional setting for hosting business stays, social celebrations, and pilgrim travel in the heart of Saurashtra. The company has enclosed, the details regarding the same.

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

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.