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; *

Investory physcology

Source -- EquityMaster