Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,764.00 last close on 15 Oct 2026 +1.01%
Research updated
Pfizer Ltd.
NSE: PFIZERHealthcareDrug Manufacturers - General
- Last close
- ₹3,810.80
- Day change
- −₹114.20 (−2.91%)vs
- Market cap
- ₹17,448 crIndian rupees
- Research updated
- 1 report
About Pfizer
Pfizer Ltd., a key player in the pharmaceutical and biotechnology industry, is renowned for its development, manufacturing, and distribution of a broad range of healthcare products. As an influential organization in the pharmaceutical sector, Pfizer Ltd. is devoted to research and development, particularly in areas such as oncology, immunology, cardiovascular health, and vaccines. The company plays a crucial role in the healthcare system, addressing medical needs and enhancing global health outcomes. It is notably recognized for its innovation in vaccine production, including the development of widely used COVID-19 vaccines. Pfizer Ltd. partners with academic institutions, governments, and other pharmaceutical companies to foster medical breakthroughs and expand access to healthcare solutions worldwide. Headquartered in New York City, Pfizer Ltd. continues to impact the global pharmaceutical market through cutting-edge science, rigorous research, and a commitment to improving patient health.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - General
- Listing
- NSE: PFIZER
- Chief executive
- Ms. Meenakshi Nevatia
- Employees
- 1,244
- Headquarters
- Mumbai, India
- ISIN
- INE182A01018
- Website
- pfizerltd.co.in
Public research · Report of
Business model & financial foundation
Pfizer Ltd (NSE: PFIZER), Pharmaceuticals: revenue of ₹2,520 crore in FY26 (+10.4% on FY25), an EBITDA margin of 35.9%, net profit of ₹722.4 crore and net cash of ₹3,041 crore.
- Revenue, FY26 (₹ crore)
- 2,520
- standalone
- Revenue growth, FY26
- +10.4%
- on FY25
- EBITDA margin, FY26
- 35.9%
- EBITDA excluding other income and exceptional items / revenue
- Net profit, FY26 (₹ crore)
- 722.4
- to owners
- Return on equity, FY26
- 17.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,041
- Net debt including leases and bank deposits
- Market capitalisation (₹ crore)
- 18,365
- at the close of 16 Oct 2026
Company profile
Pfizer Limited manufactures and markets medicines and vaccines in India across 15 therapy areas. Its portfolio includes Prevenar, Eliquis, Becosules and hospital antibiotics. Cipla distributes four established brands while Pfizer retains supply. Parent-owned intellectual property creates portfolio-allocation risk: Minipress XL sales ceased in September 2026, with compensation to the listed entity rather than the parent trademark sale proceeds.
| Item | Value |
|---|---|
| Legal name | Pfizer Limited |
| Exchange and ticker | NSE: PFIZER; BSE: 500680 |
| ISIN | INE182A01018 |
| CIN | L24231MH1950PLC008311 |
| Sector | Healthcare |
| Industry | Pharmaceuticals |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹18,365 crore (16 Oct 2026) |
| Shares outstanding | 4.58 crore shares (FY26) |
| Price | ₹3,811 (close, 16 Oct 2026) |
| 52-week range | ₹3,731 - ₹5,446 (to 16 Oct 2026) |
| Website | https://www.pfizerltd.co.in |
Corporate structure and shareholding
Parent: Pfizer Inc..
No subsidiary is recorded.
No subsidiary, associate or JV. Pfizer Products India Private Limited is a separate unlisted affiliate, not a subsidiary of the listed company.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 63.92% | 63.92% | 63.92% | 63.92% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 2.71% | 2.81% | 1.65% | 1.63% |
| Domestic institutions | 17.05% | 16.89% | 17.80% | 17.52% |
| of which mutual funds | 11.71% | 11.52% | 12.68% | 12.83% |
| Retail | 12.47% | 12.40% | 12.58% | 12.76% |
| Other | 3.85% | 3.98% | 4.05% | 4.17% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Pfizer Limited (NSE PFIZER) is the investible standalone entity, not Pfizer Inc or Pfizer Products India Private Limited. No subsidiaries, associates or joint ventures; single Pharmaceuticals segment. It earns through domestic medicines/vaccines, exports and affiliate service income. Group-controlled sourcing and IP create a durable dependence, not automatic access to every parent's innovation. Entity-separated price list shows listed Prevenar20, Emblaveo and Nurtec, while Palbace/Lorbriqua and Dalacin C sit in PPIPL.
| Peer | Why the dossier compares them |
|---|---|
| Abbott India (ABBOTINDIA) | MNC domestic branded medicines |
| GlaxoSmithKline Pharmaceuticals (GLAXO) | MNC medicines and vaccines |
| Sanofi India (SANOFI) | MNC domestic prescription business; portfolio partnerships |
| Sanofi Consumer Healthcare India (SANOFICONR) | MNC OTC franchise; different mix |
| Procter & Gamble Health (PGHL) | MNC vitamins and established brands |
| Novartis India (NOVARTIND) | Domestic branded franchise; Minipress acquirer, changed control |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,611 | 2,422 | 2,193 | 2,281 | 2,520 |
| Cost of revenue (vendor classification) * | 948.0 | 875.7 | 795.2 | 813.1 | 887.2 |
| Other operating costs (vendor classification) * | 700.8 | 402.2 | 409.8 | 353.2 | 357.2 |
| EBITDA (vendor classification) * | 898.4 | 905.7 | 813.6 | 913.4 | 1,091 |
| EBIT * | 783.4 | 837.4 | 756.8 | 1,025 | 985.2 |
| Finance costs | 10.5 | 13.4 | 15.4 | 8.41 | 9.48 |
| Profit before tax | 772.9 | 824.0 | 746.1 | 1,016 | 975.7 |
| Total tax expense | 160.3 | 200.1 | 194.7 | 248.5 | 253.2 |
| Net profit | 612.6 | 623.9 | 551.3 | 767.6 | 722.4 |
| EPS basic and diluted (₹) | 133.9 | 136.4 | 120.5 | 167.8 | 157.9 |
| COGS | 792.6 | 810.5 | 884.3 | ||
| Employee benefits expense | 347.8 | 371.3 | 368.0 | ||
| Other expenses | 417.5 | 359.3 | 363.3 | ||
| EBITDA excluding other income and exceptional items | 635.3 | 740.2 | 904.1 | ||
| Other income | 180.5 | 172.3 | 188.0 | ||
| Depreciation and amortisation | 62.3 | 60.8 | 57.7 | ||
| Exceptional items (PBT impact) | 7.95 | 172.8 | -49.2 | ||
| Interest income on bank deposits | 164.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,864 | 3,207 | 3,596 | 4,217 | 4,203 |
| Borrowings including lease liabilities | 167.0 | 134.5 | 94.5 | 108.4 | 70.2 |
| Cash and cash equivalents | 62.8 | 36.6 | 112.0 | 495.1 | 102.7 |
| Trade receivables | 124.3 | 151.7 | 187.6 | 193.1 | 181.8 |
| Inventories | 448.9 | 417.7 | 433.7 | 475.9 | 472.7 |
| Total trade payables | 263.9 | 217.1 | 166.2 | 151.6 | 215.9 |
| Net property, plant and equipment * | 0.00 | 177.5 | 151.0 | 171.8 | 136.1 |
| Capital work-in-progress | 1.18 | 8.25 | 0.40 | 7.64 | 20.0 |
| Total assets | 3,901 | 4,001 | 4,229 | 4,911 | 4,922 |
| Bank balances other than cash and cash equivalents | 1,935 | 2,306 | 3,008 | ||
| Current investments | 0.00 | 0.00 | 0.00 | ||
| Net debt including leases and bank deposits | -1,952 | -2,693 | -3,041 | ||
| Unrestricted cash and liquid bank deposits | 3,088 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 786.6 | 809.8 | 256.8 | 659.8 | 967.6 |
| Free cash flow (vendor definition) * | 651.8 | 290.7 | 237.9 | 631.6 | 942.3 |
| Dividend paid (cash outflow) | -159.7 | -297.2 | -183.4 | -160.3 | -751.6 |
| Purchase of property, plant and equipment (outflow) | -13.3 | -63.8 | -18.9 | -28.2 | -25.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares implied by paid-up capital / face value | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 588.6 | 538.0 | 591.9 | 603.1 | 642.3 | 645.0 | 629.2 | 653.2 |
| Cost of revenue (vendor classification) * | 210.7 | 196.6 | 205.1 | 211.2 | 228.0 | 224.8 | 220.4 | 240.1 |
| Other operating costs (vendor classification) * | 87.9 | 99.2 | -126.2 | 86.0 | 89.8 | 91.8 | 95.7 | 83.4 |
| EBITDA (vendor classification) * | 232.3 | 188.8 | 273.0 | 277.2 | 271.8 | 266.4 | 276.7 | 292.4 |
| EBIT * | 217.3 | 174.0 | 428.5 | 262.8 | 257.5 | 193.9 | 270.9 | 278.1 |
| Finance costs | 2.10 | 1.51 | 2.69 | 3.25 | 2.13 | 1.99 | 2.11 | 1.46 |
| Profit before tax | 215.2 | 172.4 | 425.8 | 259.5 | 255.4 | 192.0 | 268.8 | 276.7 |
| Tax expense (current + deferred) | 56.9 | 44.8 | 94.9 | 67.8 | 66.4 | 50.1 | 69.0 | 72.2 |
| Net profit | 158.4 | 127.6 | 330.9 | 191.8 | 189.0 | 141.8 | 199.8 | 204.5 |
| EPS basic and diluted (₹) | 34.61 | 27.89 | 72.34 | 41.91 | 41.32 | 31.01 | 43.68 | 44.69 |
| Exceptional items (as they affect PBT) | 0.00 | 0.00 | 172.8 | 0.00 | 0.00 | -58.2 | 9.04 | 0.00 |
| COGS | 210.7 | 196.6 | 202.5 | 211.2 | 228.0 | 224.8 | 220.4 | 240.1 |
| Employee benefits expense | 100.8 | 96.3 | 82.9 | 95.8 | 94.7 | 100.3 | 77.2 | 82.1 |
| Other expenses | 87.9 | 99.2 | 79.0 | 86.0 | 89.8 | 91.8 | 95.7 | 83.4 |
| EBITDA excluding other income and exceptional items | 189.3 | 146.0 | 227.5 | 210.0 | 229.9 | 228.2 | 236.0 | 247.6 |
| Other income | 43.1 | 42.8 | 44.6 | 67.2 | 41.9 | 38.2 | 40.7 | 44.8 |
| Depreciation and amortisation | 15.0 | 14.8 | 16.4 | 14.4 | 14.3 | 14.3 | 14.8 | 14.3 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 16.6% | -7.2% | -9.5% | 4.0% | 10.4% |
| EBITDA margin | 29.0% | 32.4% | 35.9% | ||
| Net margin | 23.5% | 25.8% | 25.1% | 33.6% | 28.7% |
| Return on equity | 23.3% | 20.6% | 16.2% | 19.6% | 17.2% |
| Return on capital employed | 28.3% | 26.3% | 21.5% | 25.6% | 22.9% |
| Return on assets | 17.1% | 15.8% | 13.4% | 16.8% | 14.7% |
| Net debt (₹ crore) | -1,952 | -2,693 | -3,041 | ||
| Net debt / EBITDA | -3.07x | -3.64x | -3.36x | ||
| Interest cover | 74.7x | 62.5x | 49.1x | 121.8x | 103.9x |
| Asset turnover | 0.73x | 0.61x | 0.53x | 0.50x | 0.51x |
| Receivable days | 17 | 23 | 31 | 31 | 26 |
| Inventory days (on revenue) | 63 | 63 | 72 | 76 | 68 |
| Payable days (on revenue) | 37 | 33 | 28 | 24 | 31 |
| Cash conversion | 1.28x | 1.30x | 0.47x | 0.86x | 1.34x |
| Capex intensity | 0.5% | 2.6% | 0.9% | 1.2% | 1.0% |
| Free cash flow (₹ crore) | 773.4 | 746.1 | 237.9 | 631.6 | 942.3 |
| Dividend payout | 26.1% | 47.6% | 33.3% | 20.9% | 104.0% |
| EPS, diluted (₹) | 133.9 | 136.4 | 120.5 | 167.8 | 157.9 |
| Book value per share (₹) | 626.1 | 701.0 | 785.9 | 921.8 | 918.7 |
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and exceptional items / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases and bank deposits; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income and exceptional items.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (EPS basic and diluted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Pfizer includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Pfizer
- Research reportLatest
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