1. At a Glance
Pfizer India just pulled off another quarter where it reminded investors, “We’re not here to triple revenue like some meme stock pharma upstarts – we’re here to look mature, boring, and profitable.” Q1 FY26 clocked ₹670.22 crore in revenue and ₹191.75 crore in profit, proving that selling life-saving drugs still beats selling “herbal immunity boosters” on Instagram.
2. Introduction
Imagine a pharma company that doesn’t need influencer reels to sell products, because doctors do the convincing for free. That’s Pfizer India. The Indian arm of the global pharma Goliath has been in the game for decades, and while its peers sprint on new molecule approvals, Pfizer prefers the steady jog – until a vaccine launch or blockbuster drug drop sends it briefly into full-throttle mode.
FY25 saw moderate growth, FY26 has started with a decent bump in profits YoY, and oh yes – they just launched their 20-valent pneumococcal conjugate vaccine (PCV20) for adults. In other words, they’re making money protecting people from diseases most can’t even pronounce.
3. Business Model (WTF Do They Even Do?)
Pfizer India manufactures, markets, and trades pharma products, both in-house and via third-party facilities. They operate in segments like:
- Immunology– vaccines and immune support drugs.
- Oncology– cancer treatment meds.
- Cardiology, Endocrinology, Neurology– the usual big-ticket hospital-prescribed meds.
Distribution? Through independent distributors across India, with most products targeting prescription markets, not over-the-counter impulsive buys.
Parentage? The mothership is Pfizer Inc., present in 125+ countries, whose revenues make the Indian arm look like pocket change – but a very valuable pocket change.
4. Financials Overview
Quarterly Performance – YoY & QoQ
(All values in ₹ crore unless stated)
| Metric | Q1 FY26 | Q1 FY25 | Q4 FY25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 670.22 | 603.05 | 592.00 | 11.14% | 13.18% |
| EBITDA* | 233.91 | 200.11 | 228.00 | 16.85% | 2.59% |
| PAT | 191.75 | 151.00 | 331.00 | 26.95% | -42.08% |
| EPS (₹) | 41.91 | 32.94 | 72.34 | 26.95% | -42.08% |
*EBITDA = Operating Profit (₹210 Cr) + Depreciation (₹14 Cr) + Interest
(₹3 Cr)
Commentary:
- YoY– Revenue up double digits, PAT up ~27%, proving last year’s base was small enough to beat without sweating.
- QoQ– Profit tanked 42% from the vaccine-spike Q4, but still healthy.
- EPS annualised from Q1 = ₹167.64 → At CMP ₹5,107, P/E ≈ 30.47 (screener’s 34.7 is off because they used TTM EPS).
5. Valuation (Fair Value RANGE only)
Method 1 – P/E Approach
- Sector median P/E (pharma largecaps) ≈ 30–35.
- Applying range to annualised EPS ₹167.64 → FV range = ₹5,030 – ₹5,867.
Method 2 – EV/EBITDA
- EBITDA TTM ≈ ₹900 Cr (estimate from quarterly extrapolation).
- Sector EV/EBITDA ≈ 20–22x.
- Enterprise Value range = ₹18,000 – ₹19,800 Cr → Per share = ₹4,900 – ₹5,400.
Method 3 – DCF (Quick & Dirty)
- Base FCF ~₹600 Cr, growth 5%, discount 10%, terminal growth 3%.
- DCF FV ≈ ₹5,200 – ₹5,600.
Educational FV Range: ₹4,900 – ₹5,900(For educational purposes only, not investment advice.)
6. What’s Cooking – News, Triggers, Drama
- PCV20 Vaccine Launch (Aug 2025)– Targets adults, a
