Pfizer Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 726.86 Cr (+13.16% YoY) and PAT growth of +65.72% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 726.86 Cr (+13.16% YoY) |
| PAT (Q2) | Rs. 313.25 Cr (+65.72% YoY) |
| EBITDA margin | 35.94% (+14 bps YoY) |
| EPS (Q2) | Rs. 68.47 (+65.66% YoY) |
Revenue re-accelerated to 13.16% YoY with pre-exceptional EBITDA margin stable at 35.94% and normalized PAT up 13.97% YoY. Reported PAT of Rs.313.25 crore was inflated by the Rs.132.06 crore Minipress XL compensation gain from Pfizer Inc. USA. No management revenue, margin or capex guidance exists to benchmark against; receivables growth outpacing revenue and customer concentration are the items to watch.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "In-line to ahead vs the company's own Q1 trajectory" toward/past IPM's ~9.9% pace | +13.16% YoY, +11.28% QoQ (Q1: +8.31% YoY) | Played out |
| Margins | "Margins broadly flat" vs FY26 35.9% EBITDA | Pre-ex EBITDA margin 35.94% (Q2 FY26: 35.80%) | Played out |
| Watch 1 — Minipress compensation accounting | Whether the USD 13.9 Mn (~Rs.131.38 crore) lands in other income, exceptional, or deferred | Booked as an exceptional item of Rs.132.06 crore net of related expenses in Q2 (filing figure wins over the pre-call ~Rs.131.38 crore estimate) | Played out |
| Watch 2 — Minipress revenue drag / Cipla contributions | Quantify lost stub sales and first Cipla-brand revenue | No brand-level split in the filing | Not observable |
| Watch 3 — FX/API cost split on imported stock-in-trade | Input-cost bridge | Not disclosed; materials cost −19.27% YoY (sign-convention caveat in §2b applies) | Not observable |
| Watch 4 — Cash and compensation receipt | Post-dividend cash health; whether compensation received | Cash+bank Rs.3,169.88 crore, up Rs.59.12 crore despite Rs.341.37 crore dividend paid; receipt date not disclosed | Partially |
| Watch — analyst teleconference | Whether a call accompanies results | Filing silent — remains open for the call | Not addressed in filing |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY26 final dividend Rs.75/share (750%), paid on/after Aug 4, 2026 | 75th AGM, July 28, 2026 | Rs.341.37 crore paid in H1 FY27 cash flow (vs Rs.343.11 crore declared) | Met |
| Results timeline: on/before November 14, 2026 | Company financial calendar | Filed November 3, 2026 | Met |
| "Robust EBITDA margin of 35.9%" framing (FY26 MD letter) | FY26 annual report MD letter | Q2 FY27 pre-exceptional EBITDA margin 35.94% — level maintained YoY | Confirmed |
| Commercial-model evolution via partnerships (Cipla arrangement) | FY26 annual report | Revenue accelerated to +13.16% YoY with no fresh separation charge booked in Q2; brand-level Cipla contribution not disclosed | Too Early |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.