Operating margin across sectors

Sector Operating margin range
Engineering 10% to 20%
Cement 13% to 33%
Retail* 7% to 11%
Pharma 10% to 24%
FMCG$ 13% to 15%
IT 26% to 30%
Telecom 27% to 37%
Hotels 18% to 40%
Power 15% to 20%
Automobiles# 8% to 16%
Steel^ 9% to 28%
Construction 12% to 23%

Source: CMIE, Equitymaster Research; *

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