Waterways Leisure Tourism Limited

About Waterways Leisure Tourism Limited

Some of the information in this section, including information with respect to our business plans and strategies, contains forward-looking statements that involve risks and uncertainties. You should read “Forward-Looking Statements” on page 18 for a discussion of the risks and uncertainties related to those statements and “Risk Factors”, “Restated Consolidated Financial Information” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 20, 244 and 304, respectively, for a discussion of certain factors that may affect our business, financial condition, results of operations or cash flows. Our actual results may differ materially from those expressed in or implied by these forward- looking statements. Our Company’s financial year commences on April 1 and ends on March 31 of the subsequent year, and references to a particular fiscal year are to the 12 months ended March 31 of that particular year. Unless otherwise indicated or the context otherwise requires, the financial information included herein is based on or derived from our Restated Consolidated Financial Information included in this Red Herring Prospectus. For further information, see “Restated Consolidated Financial Information” on page 244. Our vessel ‘MV Empress’ is owned by Bay Cruise Investment Inc. (“BCII”). On February 21, 2025, our Company acquired 99.99% equity stake in BCII by subscribing to a fresh issuance of 30,000 ordinary shares by BCII. Subsequent on to the said acquisition on February 28, 2025, our Company’s shareholding in BCII increased to 100.00% pursuant to the buyback of 1 ordinary shares held by Global Shipping and Leisure Limited in BCII. Accordingly, BCII became a wholly-owned subsidiary of the Company. See, “History and Certain Corporate Matters” on page 213, for details of the investment agreement dated February 17, 2025 and our “History and Certain Corporate Matters - Subsidiaries” and “Definitions and Abbreviations” on pages 219 and 1, respectively for certain terms used in this section. Unless otherwise stated or the context otherwise requires, references in this section to “we”, “us”, or “our” are to Waterways Leisure Tourism Limited and the Subsidiaries on a consolidated basis while “our Company” or “the Company” are to Waterways Leisure Tourism Limited on a standalone basis. Unless otherwise indicated, industry and market data used in this section has been derived from the industry report titled “Assessment of overnight ocean and coastal cruise industry in India” dated May 2026 (the “CRISIL Report”) prepared and issued by CRISIL Limited, appointed by us pursuant to an engagement letter dated October 14, 2025 and exclusively commissioned and paid for by us to enable investors to understand the industry in which we operate in connection with the Issue. The data included herein includes excerpts from the CRISIL Report and may have been re-ordered by us for the purposes of presentation. Unless otherwise indicated, financial, operational, industry and other related information derived from the CRISIL Report and included herein with respect to any particular calendar year/ Fiscal refers to such information for the relevant calendar year/ Fiscal. A copy of the CRISIL Report is available on the website of our Company at https://www.cordeliacruises.com/investor-relation. For further information, see “Risk Factors – 44. Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for by us exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.” on page 53. Also see, “Certain Conventions, Currency of Presentation, Use of Financial Information and Market Data – Industry and Market Data” on page 17. OVERVIEW We are one of the domestic ocean cruise operators in India (Source: CRISIL Report), offering luxurious and inherent Indian experiences. We believe this enables us to set industry benchmarks, foster brand loyalty, and establish pricing standards, thereby strengthening our market presence and creating a strong competitive position. We currently operate a cruise vessel, the ‘MV Empress’, and since our launch, 730,819 guests have sailed on our cruise vessel, which has covered more than 321,292.53 nautical miles along the Indian coastline and surrounding islands as of March 31, 2026. In Fiscal 2025, we accounted for approximately 79% of the market share in value terms. (Source: CRISIL Report) Our cruise vessel primarily sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. We have in the past and continue to offer international itineraries to Hambantota, Trincomalee, and Jaffna (Sri Lanka), Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia). Our 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. Our cruise vessel ‘MV Empress’ offers a variety of cabin options, including one chairman’s suite, five suites, 63 mini suites, 416 ocean-view staterooms, and 311 interior staterooms, totaling 796 cabins, with prices ranging from ₹ 34,164 (interior rooms) per night to ₹ 151,111 (Chairman suite) per night, subject to dynamic pricing and load factor considerations. 185 Our 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 prov ide an authentic Indian experience, ensuring that guests feel the essence of India while sailing. We offer a diverse culinary experience, providing a variety of food options such as pan-Asian, international, and Indian cuisine, including Jain food options. We also organize live performances and themed shows inspired by Indian Cinema such as ‘Indian Cinemagic’, ‘Balle Balle’, ‘Burlesque – Bollywood Way’, ‘Razzmatazz’, and ‘Romance in Bollywood’. We offer 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