Should long term investors bet on Waterways Leisure IPO?

Waterways Leisure Tourism, which operates the cruise vessel 'MV Empress', is seeking a P/E multiple of up to 112 in its IPO. Despite 9% annual growth in average ticket price to around 10,980, revenue declined 2% year-on-year to 579.7 crore in FY26 while net profit fell 69% to 52.1 crore. Operating margin contracted sharply to 20% from 36%, and passenger load factor moderated to 85%, raising concerns about the steep valuation given the absence of direct Indian-listed peers.