India's HSBC Manufacturing PMI rose to 55.7 in September 2026 from 52.8 in August, marking the strongest improvement in the sector's health since February, preliminary estimates showed. Output and new orders grew at faster rates, with goods producers reporting stronger demand. New export orders also increased at a marginally faster pace, with gains from Brazil, Europe, the UAE and the US. Manufacturing companies also increased buying activity, while shorter supplier lead times supported a further improvement in operating conditions. Input stocks rose at the fastest pace since February, while finished goods inventories increased to an 11-and-a-half-year high. On the price front, input cost inflation picked up, driven by higher spending on electrical components, food, fuel, metals, pharmaceutical ingredients and technology resources. Factory-gate price inflation also strengthened. Looking ahead, business confidence among manufacturers improved in September. source: S&P Global

Manufacturing PMI in India increased to 55.70 points in September from 52.90 points in August of 2026. Manufacturing PMI in India averaged 53.44 points from 2012 until 2026, reaching an all time high of 59.30 points in August of 2025 and a record low of 27.40 points in April of 2020. This page provides the latest reported value for - India Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Manufacturing PMI in India increased to 55.70 points in September from 52.90 points in August of 2026. Manufacturing PMI in India is expected to be 55.70 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Manufacturing PMI is projected to trend around 54.00 points in 2027, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 111.10 118.80 points Sep 2026
Capacity Utilization 77.40 75.60 percent Jun 2026
Car Production 3157822.00 3370958.00 Units Aug 2026
Car Sales 439309.00 457810.00 Units Aug 2026
Changes in Inventories 1230.63 1095.44 INR Billion Jun 2026
Composite Leading Indicator 101.60 101.46 points Aug 2026
Corruption Index 39.00 38.00 Points Dec 2025
Corruption Rank 91.00 96.00 Dec 2025
Deposit Growth YoY 17.80 14.70 percent Aug 2026
Electricity Production 144161.76 144025.62 Gigawatt-hour Aug 2026
Industrial Production YoY 6.70 8.80 percent Jul 2026
Industrial Production Mom 0.00 1.80 percent Jul 2026
Manufacturing Production YoY 7.30 9.50 percent Jul 2026
Mining Production -0.90 1.60 percent Jul 2026
Steel Production 14800.00 14400.00 Thousand Tonnes Aug 2026
Passenger Vehicle Sales 374056.00 395199.00 Units Aug 2026


India Manufacturing PMI
The HSBC India Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 500 manufacturing companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
India Manufacturing Expands Most in 7 Months
India's HSBC Manufacturing PMI rose to 55.7 in September 2026 from 52.8 in August, marking the strongest improvement in the sector's health since February, preliminary estimates showed. Output and new orders grew at faster rates, with goods producers reporting stronger demand. New export orders also increased at a marginally faster pace, with gains from Brazil, Europe, the UAE and the US. Manufacturing companies also increased buying activity, while shorter supplier lead times supported a further improvement in operating conditions. Input stocks rose at the fastest pace since February, while finished goods inventories increased to an 11-and-a-half-year high. On the price front, input cost inflation picked up, driven by higher spending on electrical components, food, fuel, metals, pharmaceutical ingredients and technology resources. Factory-gate price inflation also strengthened. Looking ahead, business confidence among manufacturers improved in September.
2026-09-23
India Manufacturing Growth Revised Lower
India's HSBC Manufacturing PMI eased to 52.8 in August 2026 from 53.5 in July, revised down from the preliminary estimate of 52.9, and marking the weakest improvement in the sector's health in five years. Output and new orders continued to expand, but both grew at their slowest rates since August 2021 amid softer demand and challenging market conditions. Export orders also increased, although growth in international sales eased from July. Softer demand weighed on purchasing activity and inventories, while manufacturing employment fell for the first time in two-and-a-half years. Input buying still expanded for the 62nd consecutive month, but at its weakest pace over the period. On prices, input cost inflation eased to a six-month low, while output price inflation remained slight and rose at its slowest pace in 45 months. Business confidence improved to its highest level since May, although it remained subdued by historical standards.
2026-09-01
India Manufacturing Expands Least in 5 Years
India's HSBC Manufacturing PMI eased to 52.9 in August 2026 from 53.5 in July, marking the weakest improvement in factory conditions since August 2021. Output and new orders continued to expand, although both recorded their slowest growth in five years amid challenging market conditions, competitive pressures and softer customer demand. Export orders also increased solidly, but growth eased from July. Purchasing activity rose, broadly reflecting stronger new order volumes, but input buying expanded at its slowest pace in more than five years, leading to softer inventory accumulation. Employment in the manufacturing sector fell for the first time in two-and-a-half years. On prices, input cost inflation softened to a seven-month low, while output price inflation accelerated to its strongest pace since April as firms increased efforts to pass higher costs on to customers. Business confidence improved from July on hopes of better market conditions.
2026-08-21