The HSBC India Manufacturing PMI rose to 56.9 in February 2026 from 55.4 in January, revising lower from initial estimates of 57.5. Still, this marked a four-month high and signals a notable improvement in operating conditions. Factory output expanded at the fastest pace in four months, supported by strong domestic demand and rising new orders, although growth in new export orders slowed to the weakest in 17 months. Employment rose slightly, recording the fastest pace in four months, as firms hired to cope with higher workloads. Input purchases and inventories expanded at the quickest pace in three months, reflecting increased production needs and precautionary stock building. Input cost inflation remained moderate and unchanged from January, while output prices rose at a faster rate, outpacing the long-run trend. Backlogs of work rose marginally to a seven-month high, and firms remained optimistic about output over the year, with 16% anticipating growth. source: S&P Global

Manufacturing PMI in India increased to 56.90 points in February from 55.40 points in January of 2026. Manufacturing PMI in India averaged 53.40 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 56.90 points in February from 55.40 points in January of 2026. Manufacturing PMI in India is expected to be 58.00 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 53.00 points in 2027, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 126.30 126.20 points Dec 2025
Capacity Utilization 74.80 75.80 percent Dec 2025
Car Production 2927394.00 2633506.00 Units Jan 2026
Car Sales 449616.00 399216.00 Units Jan 2026
Changes in Inventories 836.46 808.97 INR Billion Sep 2025
Composite Leading Indicator 102.07 101.80 points Jan 2026
Corruption Index 39.00 38.00 Points Dec 2025
Corruption Rank 91.00 96.00 Dec 2025
Deposit Growth YoY 11.20 12.50 percent Feb 2026
Electricity Production 126407.87 111874.48 Gigawatt-hour Dec 2025
Industrial Production YoY 7.80 6.70 percent Dec 2025
Industrial Production Mom 7.30 5.00 percent Dec 2025
Manufacturing Production YoY 8.10 8.50 percent Dec 2025
Mining Production 6.80 5.80 percent Dec 2025
Steel Production 15100.00 14800.00 Thousand Tonnes Jan 2026
Passenger Vehicle Sales 379394.00 349170.00 Units Jan 2026


India Manufacturing PMI
The S&P Global 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 February Manufacturing PMI Revised Lower
The HSBC India Manufacturing PMI rose to 56.9 in February 2026 from 55.4 in January, revising lower from initial estimates of 57.5. Still, this marked a four-month high and signals a notable improvement in operating conditions. Factory output expanded at the fastest pace in four months, supported by strong domestic demand and rising new orders, although growth in new export orders slowed to the weakest in 17 months. Employment rose slightly, recording the fastest pace in four months, as firms hired to cope with higher workloads. Input purchases and inventories expanded at the quickest pace in three months, reflecting increased production needs and precautionary stock building. Input cost inflation remained moderate and unchanged from January, while output prices rose at a faster rate, outpacing the long-run trend. Backlogs of work rose marginally to a seven-month high, and firms remained optimistic about output over the year, with 16% anticipating growth.
2026-03-02
India Manufacturing Growth at 4-Month High
The HSBC India Manufacturing PMI rose to 57.5 in February 2026 from 55.4 in January, preliminary estimates showed. This signals robust expansion in factory activity and marks a four-month high, as output growth accelerated, supported by stronger domestic demand, while new orders increased at the fastest pace since last November. However, export sales expanded only modestly, registering the slowest rise in 16 months. Employment also rose modestly, reflecting firms hiring to manage higher workloads, while input purchases and inventories increased to meet production needs and precautionary buying. In terms of prices, input costs continued to climb at a sustained pace, matched by rising output prices, reflecting ongoing inflationary pressures. Business sentiment remained positive, with manufacturers optimistic about growth over the year despite cost pressures.
2026-02-20
India January Manufacturing PMI Revised Lower
The HSBC India Manufacturing PMI rose to 55.4 in January 2026 from 55.0 in December, but was revised lower from the initial estimate of 56.8. The reading still indicates a solid improvement in operating conditions at the start of the year. Factory output expanded at a faster pace, supported by robust domestic demand, while new orders also increased, driven mainly by the domestic market, with a modest rise in exports. Employment rose slightly, the fastest pace in three months, as firms hired to meet higher workloads. Input purchases and inventories expanded, reflecting greater production needs and precautionary buying, while input costs rose at the fastest pace in four months, albeit modestly by historical standards. Output prices increased moderately, constrained by competitive pressures and efficiency gains. Lastly, business confidence fell to a three-and-a-half-year low, with only 15% of firms expecting output growth over the year.
2026-02-02