Waterways Leisure Tourism IPO Review & Recommendations

Notes:

• Financial information of the Company has been derived from Restated Consolidated Financial Information as at or for the period ended March 31,2026.
• The information for the respective peers have been derived from the Consolidated Financial statements for March 31, 2026. For Norwegian Cruise Line Holdings Ltd the information is as on February 28, 2026.
• # To be included in respect of the Company in the Prospectus based on the Issue Price.
• Source: All the financial information for listed industry peers mentioned above, unless indicated otherwise, is on a consolidated basis and is sourced from the financial statements of the respective company for the year ended March 31, 2026, submitted to stock exchanges.
• P/E Ratio for the peer group has been computed based on the closing market price of equity shares on BSE/ NASDAQ as on April 30, 2026, divided by the annualized diluted EPS.
• Return on Net worth (RoNW) is calculated by dividing the diluted earnings for the period by the NAV per share as on March 31, 2026. NAV per share is calculated by adding the opening shareholders equity and earning for the period and dividing the same with number of equity shares outstanding.
• For the Company:
  a. Basic and diluted earnings/ (loss) per equity share: Basic EPS/ Diluted EPS based upon the Restated Consolidated Financial Information as on March 31, 2026.
  b. Net worth is calculated based upon the Restated Consolidated Financial Information as on March 31, 2026, and includes equity and other equity closing balances of the Company.
  c. Net Asset Value per share is calculated as equity and other equity as on March 31, 2026, divided by number of equity shares outstanding.
  d. Return on Net Worth (%) = Earnings after tax for the period divided by the average net worth of the Company as at the opening and end of period as per Restated Consolidated Financial Information.