India’s HSBC Manufacturing PMI fell to 54.3 in May 2026 from 54.7 in April, marking the second-weakest improvement in factory conditions in nearly four years, ahead only of the level seen in March. Output growth eased to the second-softest expansion since mid-2022, while new orders rose at a slower pace as firms cited competitive pressures, softer demand conditions, travel disruptions, and the ongoing war in the Middle East as factors weighing on sales. Export demand also weakened, with international sales recording the second-slowest increase since September 2024. Meanwhile, input cost inflation accelerated to its highest level since July 2022, driven by higher prices for energy, fuel, metals, plastics, rubber, and transportation. However, manufacturers raised selling prices at a slower pace as firms cautiously passed on higher costs to clients. Hiring growth softened from April but remained solid, while firms continued to build inventories and increase purchasing activity. source: S&P Global

Manufacturing PMI in India decreased to 54.30 points in May from 54.70 points in April of 2026. Manufacturing PMI in India averaged 53.42 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 decreased to 54.30 points in May from 54.70 points in April of 2026. Manufacturing PMI in India is expected to be 57.00 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 56.00 points in 2027 and 53.00 points in 2028, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 118.80 126.30 points Mar 2026
Capacity Utilization 75.60 74.30 percent Mar 2026
Car Production 2922427.00 2978173.00 Units Apr 2026
Car Sales 437312.00 442460.00 Units Apr 2026
Changes in Inventories 836.46 808.97 INR Billion Sep 2025
Composite Leading Indicator 102.24 102.04 points Apr 2026
Corruption Index 39.00 38.00 Points Dec 2025
Corruption Rank 91.00 96.00 Dec 2025
Deposit Growth YoY 12.30 12.20 percent Apr 2026
Electricity Production 134739.80 119706.27 Gigawatt-hour Mar 2026
Industrial Production YoY 4.10 5.10 percent Mar 2026
Industrial Production Mom 9.10 -6.50 percent Mar 2026
Manufacturing Production YoY 4.30 5.90 percent Mar 2026
Mining Production 5.50 3.10 percent Mar 2026
Steel Production 15300.00 13600.00 Thousand Tonnes Mar 2026
Passenger Vehicle Sales 378312.00 376268.00 Units Apr 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 Growth Slows in May
India’s HSBC Manufacturing PMI fell to 54.3 in May 2026 from 54.7 in April, marking the second-weakest improvement in factory conditions in nearly four years, ahead only of the level seen in March. Output growth eased to the second-softest expansion since mid-2022, while new orders rose at a slower pace as firms cited competitive pressures, softer demand conditions, travel disruptions, and the ongoing war in the Middle East as factors weighing on sales. Export demand also weakened, with international sales recording the second-slowest increase since September 2024. Meanwhile, input cost inflation accelerated to its highest level since July 2022, driven by higher prices for energy, fuel, metals, plastics, rubber, and transportation. However, manufacturers raised selling prices at a slower pace as firms cautiously passed on higher costs to clients. Hiring growth softened from April but remained solid, while firms continued to build inventories and increase purchasing activity.
2026-05-21
India Manufacturing PMI Revised Lower
India’s HSBC Manufacturing PMI came in at 54.7 in April 2026, revised down from the preliminary estimate of 55.9 but still up from 53.9 in the previous month. While both output and new orders continued to expand, the pace of growth remained subdued compared to levels seen over the past three-and-a-half years. On the employment front, hiring gathered momentum, with job creation rising at the fastest rate in ten months as firms expanded capacity in line with growth expectations. Inflationary pressures intensified, with input costs rising at the fastest rate since August 2022, driven by higher prices for key materials amid the ongoing war in the Middle East. In response, manufacturers passed on these costs, raising output prices at the sharpest rate in six months. Finally, sentiment remained broadly positive, as manufacturers expressed confidence that continued marketing initiatives and the anticipated clearance of pending projects would support production growth in the months ahead.
2026-05-04
India Manufacturing Growth Picks Up in April
The HSBC India Manufacturing PMI rose to 55.9 in April 2026 from 53.9 in March, signalling a stronger improvement in factory conditions, flash data showed. Output and new orders expanded at faster rates, supported by improved demand, capacity expansion, and technology investment. New export orders grew at their fastest pace in nine months, though external demand rose more moderately overall. Employment also increased at a 10-month high as firms expanded staffing in response to stronger order inflows. Input purchasing accelerated, while firms continued to build inventories, with finished goods stocks rising for the first time in six months at the fastest pace since 2015. Cost pressures remained elevated, driven by higher fuel, gas, oil, and raw material prices, although input cost inflation eased from March’s peak. Firms continued to raise output prices at a more measured pace, reflecting partial pass-through of higher costs amid competitive pressures.
2026-04-23