Pfizer Q1 FY27: net profit up 6.6% YoY to ₹204 Cr; core revenue grows 8.3%
PAT +6.63% YoY · revenue +8.31% · margins expanding
₹653.17 Cr
+8.31% YoY
₹204.47 Cr
+6.63% YoY
29.29%
+0.7pp YoY
₹44.69
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).
Q1 FY-2027 vs prior quarters
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 stock went into the print at ₹4,695, up 6.6% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.
What the summary numbers don't show
EPS (basic, not annualised) ₹44.69 vs ₹41.91 YoY — single-segment pharma, no subsidiaries
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.
W1
CFO transition — Amit Agarwal exits Oct 8, 2026; successor and continuity to watch through H2 FY27
W2
Other income trajectory — dropped to ₹44.84 Cr from ₹67.17 Cr YoY; sustainability of ~31% core NPM if treasury income stays low
W3
Traded-goods ramp under the Cipla supply/marketing agreement (Corex Dx, Corex LS, Dolonex, Neksium) — purchases of stock-in-trade jumped to ₹182.89 Cr from ₹124.28 Cr YoY
Clean, machine-readable statement in ₹ Cr. No exceptional items this quarter (Q4 FY26 had +9.04 Cr, FY26 had -49.16 Cr Cipla separation/labour-code charges) nor year-ago, so YoY is like-for-like. Tax = current 70.93 + deferred 1.28. EPS not annualised. Single segment (Pharmaceuticals); no subsidiaries.