National RefineryKAR:NRL -0.79%70 Operating Margin % is 11.50% as of Mar. 2026, which is 672% above its 10-year median of 1.49. GuruFocus rates KAR:NRL with a GF Score™ of 70/100 and a GF Value™ of ₨330.68 (Fairly Valued). The stock has 2 warning signs investors should review. Among 916 Oil & Gas companies, National Refinery ranks worse than 52.62% on this metric.
National Refinery (KAR:NRL) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
National Refinery Operating Margin % Related Terms
National Refinery Operating Margin % Historical Data
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The historical data trend for National Refinery's Operating Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
KAR:NRL vs VLO, MPC, PSX: Operating Margin % Comparison
For the Oil & Gas Refining & Marketing subindustry, National Refinery's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
National Refinery Operating Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Refinery's Operating Margin % distribution charts can be found below:
* The bar in red indicates where National Refinery's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
National Refinery's Operating Margin % for the fiscal year that ended in Jun. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
National Refinery (KAR:NRL) has a Operating Margin % of 11.50% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on National Refinery and its competitors. This is 672% above median its historical median of 1.49. According to the industry distribution chart, National Refinery ranks #482 out of 916 companies in the Oil & Gas industry, placing it in the top 52.6%.
Is National Refinery's Operating Margin % too high?
National Refinery's current Operating Margin % of 11.50% is 672% above median its 10-year median of 1.49. The Oil & Gas industry median Operating Margin % is 6.86. National Refinery's value of 11.50% is 67.6% above this industry median. Based on the distribution chart, National Refinery ranks #482 out of 916 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, National Refinery has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Refinery's Operating Margin % compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, National Refinery ranks #482 out of 916 companies for Operating Margin %. This places National Refinery in the lower half of its industry. The industry median Operating Margin % is 6.86. National Refinery's value of 11.50% is 67.6% above this benchmark. While the company's 10-year median is 1.49 vs. the industry median of 6.86, National Refinery has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for an Oil & Gas company?
The median Operating Margin % among Oil & Gas companies is 6.86, based on 916 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Refinery's current Operating Margin % of 11.50% is 67.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on National Refinery and its competitors. For the Oil & Gas industry, the median Operating Margin % is 6.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Refinery's current Operating Margin % is 11.50%, which is 672% above median its own 10-year median of 1.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Refinery stock overvalued right now?
Based on GuruFocus' analysis, National Refinery (KAR:NRL) is currently considered Fairly Valued. The stock's GF Value™ is ₨330.68, compared to a current price of ₨365.16 — trading 10.4% above its estimated fair value. The current Operating Margin % is 11.50%, which is 672% above median its 10-year median of 1.49 and 67.6% above the Oil & Gas industry median of 6.86. National Refinery's overall GF Score™ is 70/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For National Refinery (KAR:NRL), the current Operating Margin % is 11.50% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Refinery (KAR:NRL) Overvalued in 2026?
Based on GuruFocus' analysis, National Refinery stock appears to be overvalued.
The current stock price of ₨365.16 is trading 10.4% above its estimated GF Value™ of ₨330.68.
GuruFocus considers National Refinery to be Fairly Valued.
Key valuation signals for KAR:NRL:
Operating Margin %: 11.50% (672% above median its 10-year median of 1.49)
GF Value™: ₨330.68 vs. price of ₨365.16 (10.4% above fair value)
Industry Position: 67.6% above the Oil & Gas median (#482 of 916)
No single metric tells the full story. See the KAR:NRL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Refinery Ltd is a Pakistan-based company engaged in manufacturing and supplying fuel products, lubes, BTX, asphalts and specialty products for domestic consumption and export. It is also involved in the crude oil refining business. The company operates through two segments namely Fuel and Lube. The Fuel segment, which is the key revenue driver, is engaged in the production of high-speed diesel, naphtha, motor gasoline, liquefied petroleum gas, jet fuels, and furnace oil. The Lube segment produces multiple grades of lube base oils, bitumen, waxes and rubber process oil and some quantities of other fuel products. It derives maximum revenue from Fuel Segment.
70GF Score
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