Polycab IndiaNSE:POLYCAB -1.02%95 Operating Margin % is 12.00% as of Mar. 2026, which is 6% above its 10-year median of 11.33. GuruFocus rates NSE:POLYCAB with a GF Score™ of 95/100 and a GF Value™ of ₹9,427.94 (Fairly Valued). The stock has 6 warning signs investors should review. Among 3,038 Industrial Products companies, Polycab India ranks better than 75.87% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Polycab India's Operating Income for the
three
months ended in Mar. 2026 was ₹10,635 Mil. Polycab India's Revenue for the
three
months ended in Mar. 2026 was ₹88,645 Mil. Therefore, Polycab India's Operating Margin % for the quarter that ended in Mar. 2026 was 12.00%.
Good Sign:
Polycab India Ltd operating margin is expanding. Margin expansion is usually a good sign.
The historical rank and industry rank for Polycab India's Operating Margin % or its related term are showing as below:
NSE:POLYCAB'
s Operating Margin % Range Over the Past 10 Years
Min: 7.26 Med: 11.33 Max: 13.14
Current: 12.62
NSE:POLYCAB's Operating Margin % is ranked better than 75.87% of 3038
companies
in the Industrial Products industry
Industry Median: 6.53
vs NSE:POLYCAB: 12.62
Polycab India's 5-Year Average Operating Margin % Growth Rate was 5.60% per year.
Polycab India's Operating Income for the
three
months ended in Mar. 2026 was ₹10,635 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹36,252 Mil.
Polycab India (NSE:POLYCAB) 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.
Polycab India Operating Margin % Related Terms
Polycab India Operating Margin % Historical Data
* Premium members only.
The historical data trend for Polycab India'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.
NSE:POLYCAB vs VRT, BE: Operating Margin % Comparison
For the Electrical Equipment & Parts subindustry, Polycab India'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.
Polycab India Operating Margin % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Polycab India's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Polycab India'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.
Polycab India's Operating Margin % for the fiscal year that ended in Mar. 2026 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.
Polycab India (NSE:POLYCAB) has a Operating Margin % of 12.00% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Polycab India and its competitors. This is near median its historical median of 11.33. Over the past decade, Polycab India's Operating Margin % has ranged from 7.26 to 13.14. According to the industry distribution chart, Polycab India ranks #733 out of 3038 companies in the Industrial Products industry, placing it in the top 24.1%.
Is Polycab India's Operating Margin % too high?
Polycab India's current Operating Margin % of 12.00% is near median its 10-year median of 11.33. Over the past 10 years, this metric has ranged from a low of 7.26 to a high of 13.14. The Industrial Products industry median Operating Margin % is 6.53. Polycab India's value of 12.00% is 83.8% above this industry median. Based on the distribution chart, Polycab India ranks #733 out of 3038 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Polycab India has a GF Score™ of 95/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Polycab India's Operating Margin % compare to VRT and BE?
According to the Industrial Products industry distribution chart, Polycab India ranks #733 out of 3038 companies for Operating Margin %. This places Polycab India in the top 24% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 6.53. Polycab India's value of 12.00% is 83.8% above this benchmark. Historically, Polycab India's own Operating Margin % has ranged from 7.26 to 13.14 over the past decade. While the company's 10-year median is 11.33 vs. the industry median of 6.53, Polycab India 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 Industrial Products company?
The median Operating Margin % among Industrial Products companies is 6.53, based on 3,038 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. Polycab India's current Operating Margin % of 12.00% is 83.8% 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 Polycab India and its competitors. For the Industrial Products industry, the median Operating Margin % is 6.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Polycab India's current Operating Margin % is 12.00%, which is near median its own 10-year median of 11.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Polycab India stock overvalued right now?
Based on GuruFocus' analysis, Polycab India (NSE:POLYCAB) is currently considered Fairly Valued. The stock's GF Value™ is ₹9,427.94, compared to a current price of ₹9,920.50 — trading 5.2% above its estimated fair value. The current Operating Margin % is 12.00%, which is near median its 10-year median of 11.33 and 83.8% above the Industrial Products industry median of 6.53. Polycab India's overall GF Score™ is 95/100 with 6 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 Polycab India (NSE:POLYCAB), the current Operating Margin % is 12.00% 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 Polycab India (NSE:POLYCAB) Overvalued in 2026?
Based on GuruFocus' analysis, Polycab India stock appears to be overvalued.
The current stock price of ₹9,920.50 is trading 5.2% above its estimated GF Value™ of ₹9,427.94.
GuruFocus considers Polycab India to be Fairly Valued.
Key valuation signals for NSE:POLYCAB:
Operating Margin %: 12.00% (near median its 10-year median of 11.33)
GF Value™: ₹9,427.94 vs. price of ₹9,920.50 (5.2% above fair value)
Industry Position: 83.8% above the Industrial Products median (#733 of 3038)
No single metric tells the full story. See the NSE:POLYCAB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Polycab India Ltd is engaged in the business of manufacturing and selling wires and cables and fast moving electrical goods under the POLYCAB brand. The business activities are carried out through Wires and cables, Fast moving electrical goods (FMEG), and the EPC segment. It generates maximum revenue from the Wires and cables segment. Geographically, it derives a majority of revenue from India, and also has its presence Overseas. Some of its products include Power cables, Control Cables, Instrumentation Cables, Optical Fibre Cables (OFC), Solar Cables, Building Cables, Flexible Wires, and others.
95GF Score
Get the complete analysis for NSE:POLYCAB
Operating Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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