Pfizer Q1 FY27: net profit up 6.6% YoY to ₹204 Cr; core revenue grows 8.3%

Pfizer Limited (standalone; the company has no subsidiaries) reported Q1 FY27 net profit of ₹204.47 crore, up 6.6% from ₹191.75 crore a year ago and up 2.3% sequentially. Revenue from operations rose 8.3% YoY to ₹653.17 crore, a steady single-digit print for the single-segment pharma company, with profit before tax at ₹276.68 crore. There were no exceptional items this quarter, so the growth is clean — unlike FY26, which carried a ₹49.16 crore exceptional charge (₹41.73 crore of field-force separation cost tied to the Cipla supply-and-marketing pact for Corex Dx, Corex LS, Dolonex and Neksium, plus ₹7.43 crore of New Labour Code provisioning). The quality of the print is better than the headline PAT growth suggests. Core revenue grew 8.3% while other income actually fell a third, from ₹67.17 crore to ₹44.84 crore, so total income was up only 4.1% YoY — meaning the profit gain was driven by the operating business rather than treasury income. Net margin on total income expanded to ~29.3% from ~28.6% a year ago (though a touch below last quarter's ~29.8%), and NPM on core revenue sits above 31%. Operating profitability held despite higher purchases of stock-in-trade (₹182.89 crore vs ₹124.28 crore YoY), indicating the sales-mix shift toward traded goods rather than in-house manufacture. The result lands alongside two corporate developments worth flagging: CFO Amit Agarwal has resigned effective October 8, 2026, opening a finance-leadership transition; and the company has temporarily discontinued Premarin Vaginal Cream in India. Neither dents this quarter's numbers, but the CFO exit is a governance watch item into H2. The board earlier recommended a ₹75 FY26 dividend, and the 75th AGM is today. Management provides no formal quarterly guidance and gives no outlook in the filing; on the street side, no published consensus PAT/EPS estimate for the quarter surfaced (near-term price targets are framed only as contingent on results 'meeting expectations'), so vs-street is left unknown rather than invented.