score:7
You can use the Transit without Visa (TWOV) facility in Rekyjavik as you will transit Iceland on the same calendar day for both of your flight legs.
You have not posted the actual arrival and departure times of the flights but given the flight numbers it is easy to find them on the internet. The DEL-KEF legs are on soon to be launched flights of Wow Air so the schedule is (somewhat) tentative. Your complete itinerary as far as I could gather is as follows:
Onwards Flights:
As you can see you have a 2h10m layover at KEF on the same day so you should be fine as per the Timatic advice you have posted
Return Flights:
On your return flight you will be in KEF between 0445 and 1145 of the same day. Even though your flights span 2 days (between departure from YYZ and arrival at DEL), for purpose of transit you are only in KEF for 7 hours on the same calendar day.
Entering your residency and citizenship information on Timatic tells us
TWOV (Transit Without Visa): Passengers arriving from a non-Schengen Member State with a confirmed onward ticket for a flight on the same calendar day to a third country which is not a Schengen Member State. They must:
stay in the international transit area of the airport, and
have documents required for the next destination.
So you should be fine to transit KEF without a visa for onward and return journeys as long as your luggage is checked through.