Guidance ledger · Q4 FY26

Rail Vikas Nigam Limited RVNL

3 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised FY27 revenue growth Q3 FY26 → Q4 FY26

~~~10% annual growth~~ → 15-20% growth

“We are definitely expecting a good rise in our revenue, which will be around, say, 15-20%”

↓ lowered FY26 revenue trajectory Q1 FY26 → Q3 FY26

~~will exceed FY25 (Q1FY26 implied)~~ → 1-2% stagnant growth, bottom-line dip expected

“this year, it will be stagnant growth in top line and maybe we might get a dip in our bottom line”

↑ raised FY27 EBITDA/gross margin Q2 FY26 → Q3 FY26

~~4%-5% EBITDA (industry standard)~~ → 7% gross margin (metric definition changed mid-call)

“we are going to achieve the 7% gross margin next year”

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.