VRLLOG Q1 FY27 Guidance vs Delivery (VRLLOG Management Mirror)

FY27 Volume Growth Guidance Upgraded to Approximately 8% Driven by Branch Expansion

Management currently expects FY27 volume growth of approximately 8%, supported by branch network expansion in underpenetrated Eastern and Northeast sectors. Chronologically: In the Dec'25 Qtr concall, management initially initiated FY27 tonnage growth guidance at 10% to 11% YoY (assuming sequential QoQ growth of 2%). This was subsequently downgraded in the Mar'26 Qtr concall to a target of 6% to 7% for the full year. In the Jun'26 Qtr concall, guidance was upgraded to approximately 8%. Management noted that new branches are reaching breakeven faster (within 5 to 6 months) due to integration benefits with the existing network.