Guidance ledger · Q4 FY26

One 97 Communications (Paytm) PAYTM

3 revisions on record · 0 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised EBITDA margin trajectory Q1 FY26 → Q4 FY26

~~refused year-end guidance; 15-20% as 2-3 year target~~ → significant operating leverage committed

“we do expect significant operating leverage going forward”

→ narrowed Contribution margin guidance Q1 FY26 → Q4 FY26

~~high 50s CM target set (Q1 hit 60%)~~ → 55-60% normalized range with PIDF context

“contribution margins, expect between 55 60, maybe 55 60”

↑ raised PIDF offset target Q3 FY26 → Q4 FY26

~~30-40% offset guidance (60% EBITDA hit flagged)~~ → near full offset achieved

“we'll achieve near full offset”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.