ET Intelligence Group: Waterways Leisure Tourism, a domestic ocean cruise operator, plans to raise ₹585 crore through a fresh issue to fund its subsidiary’s lease payment and general corporate purposes. The promoter group’s stake will fall to 89.3% after the IPO from 99.3%. The company covers domestic destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia. Around two-third of the passengers come from Mumbai, signaling high dependence on one port. It has recorded negative cash flow from operations in FY26 due to lease payments. It also has a high attrition rate, which has increased to 43% in FY26 from 33% in FY24. The business is susceptible to risks arising from security threats and regional conflicts Given these factors, investors may wait to see clarity in financials.

Business

Incorporated in 2020, Waterways Leisure Tourism currently operates a single cruise vessel, the ‘MV Empress‘, with a passenger capacity of 2,005. It has acquired two new cruise vessels on lease, which will be introduced in the current and next fiscal years with a combined capacity of up to 3,940 guests. The company outsources maintenance, operations and management of gaming arcade, spa, and casino to third-party providers, with nearly 21% of its revenue allocated to these services. Average ticket price grew 9% annually to ₹10,979.9 and revenue per passenger rose 7% annually to ₹12,036.4 between FY24-26.

Financials
Revenue declined 2% year-on-year to ₹579.7 crore while net profit tumbled 69% to ₹52.1 crore in FY26. Operating margin before depreciation and amortisation contracted to 20% from 36% during the period. Over 90% of revenue comes from cruise ticket sales. Passenger load factor moderated to 85% in FY26 after improving from 78.5% in FY24 to 91.6% in FY25. Since fuel costs account for 17-20% of revenue, fluctuations in fuel prices may pressure margins, as the company may not be able to fully pass on increases through ticket pricing.Valuation
Considering the post-IPO equity and net profit for FY26, the company seeks a steep price-earnings (P/E) multiple of up to 112. It does not have a direct Indian-listed peer. The company has given a mix of hotel and entertainment peers, which have P/E between five and 41, which includes companies such as Taj GVK Hotels & Resorts, Juniper Hotels, Samhi Hotels, Lemon Tree Hotels and Wonderla Holidays.

Renewable energy player Kotyark Industries and auto component manufacturers ZF Commercial Vehicle Control Systems India have fixed Wednesday (June 24) as the record date for their respective bonus issues in the ratio of 10:1 and 5:1, effectively making today the last date for investors to buy the shares of the companies to be eligible for the bonus shares.

Only shareholders who hold the shares in their demat accounts as of Wednesday will be eligible to receive the bonus shares. Due to SEBI’s T+1 settlement norm, investors must purchase the company’s shares at least one trading day before the record date so they are credited to their demat accounts by that date and qualify for the corporate action. This effectively makes today the final day for investors to buy the shares to be eligible for the bonus issue.

All about Kotyark Industries bonus issue

Kotyark Industries earlier this year announced its plan to issue 10.28 crore bonus shares with a face value of Rs 10 each. Every shareholder who owns one share of the company as on the record date will get 10 bonus shares as part of the offer.

This marks the company’s first ever bonus issue. Kotyark Industries is engaged in the manufacturing of biodiesel and its by-products, and is one of the key players across Rajasthan. The company focuses on green energy and sustainable development of renewable resources (biofuel) through the adoption of environmentally friendly technology.

Also read: Dividends & bonus issues | LIC, Asian Paints among 35 stocks turning ex-record date this week. How many do you own?Kotyark Industries shares rallied around 12% on Monday. The stock has gained 9% in one week and is overall up 87% in 2026 so far. The shares of the company jumped 35% in one year but fell nearly 6% in three years. It has a market capitalisation of Rs 458 crore.

All about ZF Commercial Vehicle Control Systems bonus issue

ZF Commercial Vehicle Control Systems India announced in May that it plans to issue bonus shares in the ratio of 5:1, which means that shareholders will get 5 bonus shares for every share held in the company as on the record date. This is the first bonus issue announced by the company.

ZF Commercial Vehicle Control Systems India is associated with advanced and conventional braking systems, along with related air assisted technologies and systems in India. The Chennai-headquartered company has five manufacturing facilities, an advanced technology development center, a vehicle testing facility and a nation-wide aftermarket distribution and services network.
The shares of the company declined over 1% on Monday, but gained over 3% in one week, 5% in one month and 6% in 2026 so far. In the longer term, the stock jumped 18% in one year, 27% in three years and 124% in five years. The company has a market capitalisation of nearly Rs 30,000 crore.

Also read: Bajaj Auto nears record date for Rs 5,633 crore share buyback at 19% premium. Should you participate?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

By Jennifer Nash

Our global markets watchlist tracks nine prominent indexes from economies around the world. The list includes the S&P 500 from the United States, TSX from Canada, the FTSE 100 from England, the DAXK from Germany, the

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Jivial Industries’ SME IPO will open for subscription on Tuesday, with the grey market indicating a subdued listing. The company’s shares commanded a grey market premium (GMP) of 0% ahead of the issue, suggesting no expected listing gains at current levels.

The BSE SME issue will close on June 25, while the shares are scheduled to list on July 1. The IPO is priced at Rs 196 per share and comprises a combination of a fresh issue worth Rs 26.65 crore and an offer for sale (OFS) of Rs 5.34 crore, taking the total issue size to Rs 31.99 crore.

Retail investors can bid for a minimum of 1,200 shares, requiring an investment of Rs 2.35 lakh.

Aluminium railing manufacturer

Incorporated in 2021, Jivial Industries manufactures aluminium railing systems and architectural fixtures used in residential and commercial buildings. Its product portfolio includes handrails, spigots, brackets, locks, endcaps, bends, jointers and other aluminium fittings used for balconies, glass partitions, façades and viewing windows.

The company caters to construction firms, architects, interior designers, fabricators and glass solution providers across India, with a strong presence in Gujarat, Maharashtra and Chhattisgarh. It also exports a small portion of its products to Oman.

Jivial operates a manufacturing facility in Rajkot and plans to establish a second unit to expand production capacity and strengthen backward integration through aluminium extrusion.

Use of IPO proceeds

The company plans to utilise the fresh issue proceeds to purchase new machinery, renovate its manufacturing facility, meet issue-related expenses and for general corporate purposes.

Financial performance

For the nine months ended December 2025, Jivial Industries reported revenue of Rs 12.2 crore and profit after tax of Rs 2.95 crore. For FY25, the company posted revenue of Rs 12.07 crore and net profit of Rs 2.97 crore, while maintaining a relatively low debt level of Rs 1.23 crore.

With the GMP at zero, the grey market is not pricing in listing gains at present. Investors may therefore focus on the company’s long-term growth prospects and execution of its expansion plans rather than short-term listing expectations.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)