Cordelia Q1 profit falls 34% YoY to ₹22.8 Cr as vessel costs bite; revenue up 8%
PAT -34.5% YoY · revenue +7.8% · margins compressing
₹190.11 Cr
+7.8% YoY
₹22.77 Cr
-34.5% YoY
11.88%
₹3.49
Waterways Leisure Tourism (Cordelia Cruises) reported its first results since its 1 July 2026 listing, and on a consolidated basis the quarter reads as revenue growth swamped by cost front-loading. Revenue from operations rose 7.8% YoY to ₹190.1 Cr, but consolidated PAT fell 34.5% to ₹22.8 Cr from ₹34.8 Cr a year ago, dragging net margin down to 12.0% from 19.7%. The sequential optics look better — revenue +23.4% and PAT +26.4% QoQ off a soft March quarter — but YoY is the honest read here, and profitability went backwards even as the topline grew.
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The margin bridge is cost, not demand. Consolidated finance costs more than tripled YoY to ₹4.4 Cr (from ₹1.3 Cr), depreciation rose to ₹9.0 Cr, and operating expenses climbed ~26% to ₹1,067 mn — all consistent with a fleet in ramp-up as fixed charter obligations land ahead of new-ship revenue. This squarely confirms the DR Choksey thesis that FY27 is a transition year with front-loaded ~$16 mn/vessel charter charges compressing margins before a FY29 recovery; the company issues no formal guidance of its own and there was no numeric Q1 consensus, given the stock is three weeks listed. Standalone PAT held up better at ₹27.3 Cr (-26.7% YoY), so the ~8-point gap between standalone and consolidated declines is itself the story — the consolidation of the Bay Cruise/Baycruise IFSC vessel-leasing entities is where the incremental cost sits.
Corporate actions dominated the quarter alongside the numbers: the ₹808-issue-price IPO (7.24 mn fresh shares) completed with listing on 1 July 2026, and on 10 July the board approved a 1:10 stock split (pending shareholder approval), which is why EPS is still reported on a ₹10 face value — consolidated ₹3.49 vs ₹5.36 a year ago. Management also flagged additional USD 6 mn advanced toward the upcoming vessel 'SUN', delivery expected after 31 March 2027. The setup into H2 FY27 is a capacity-and-cost race: whether incremental sailings from the Norwegian Sky ramp outpace the charter and finance drag that defined this print.
W1
FY27 margin path: DR Choksey models EBITDA margins compressing to 18-22% this year; Q1 consolidated ~24% — track the sequential trend as Norwegian Sky ramps
W2
Finance costs (₹4.4 Cr, 3x YoY) as further vessel charters/loans hit the P&L through FY27
W3
Delivery of vessel 'SUN' expected after 31 Mar 2027 and completion of the 1:10 split — capacity and share-structure checkpoints
Source in Rs million, converted to Cr (÷10). Unaudited, limited review. Prior-quarter (Mar-26) is mgmt-certified, not reviewed; year-ago (Jun-25) extracted from IPO restated financials. No exceptional items. Consolidated PAT (-34.5% YoY) trails standalone (-26.7% YoY) as vessel-leasing subsidiary/charter costs weigh. EPS pre-split (1:10 split approved 10-Jul-26, pending). OCR garbled some non-current columns but current-period column and arithmetic cross-foot cleanly.
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