The HSBC India Manufacturing PMI fell to 53.9 in March 2026 from 56.9 in February, slightly higher than preliminary estimates of 53.8. This marked the weakest improvement in business conditions in nearly four years, as factory output and new orders rose at the slowest pace since mid-2022, weighed down by cost pressures, intense competition, and heightened market uncertainty amid the Middle East conflict. Meanwhile, employment increased at the fastest rate in seven months as firms added staff, while input buying and inventories continued to expand, albeit at a slower pace. External sales also saw their strongest expansion since September 2025, supported by gains across multiple regions. On prices, input costs rose sharply to a 43-month high, but output price inflation remained modest, reflecting firms’ efforts to absorb higher expenses. Firms became more optimistic about production over the year, even as backlogs of work declined for the first time in nearly 18 months. source: S&P Global

Manufacturing PMI in India decreased to 53.80 points in March from 56.90 points in February 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 decreased to 53.80 points in March from 56.90 points in February 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 126.30 126.20 points Dec 2025
Capacity Utilization 74.80 75.80 percent Dec 2025
Car Production 2864612.00 2927394.00 Units Feb 2026
Car Sales 417705.00 449616.00 Units Feb 2026
Changes in Inventories 836.46 808.97 INR Billion Sep 2025
Composite Leading Indicator 102.06 101.91 points Mar 2026
Corruption Index 39.00 38.00 Points Dec 2025
Corruption Rank 91.00 96.00 Dec 2025
Deposit Growth YoY 10.80 11.90 percent Mar 2026
Electricity Production 126407.87 111874.48 Gigawatt-hour Dec 2025
Industrial Production YoY 5.20 4.80 percent Feb 2026
Industrial Production Mom -6.40 -0.50 percent Feb 2026
Manufacturing Production YoY 6.00 5.30 percent Feb 2026
Mining Production 3.10 4.30 percent Feb 2026
Steel Production 13600.00 15100.00 Thousand Tonnes Feb 2026
Passenger Vehicle Sales 418000.00 379394.00 Units Feb 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 March Manufacturing PMI Revised Slightly Higher
The HSBC India Manufacturing PMI fell to 53.9 in March 2026 from 56.9 in February, slightly higher than preliminary estimates of 53.8. This marked the weakest improvement in business conditions in nearly four years, as factory output and new orders rose at the slowest pace since mid-2022, weighed down by cost pressures, intense competition, and heightened market uncertainty amid the Middle East conflict. Meanwhile, employment increased at the fastest rate in seven months as firms added staff, while input buying and inventories continued to expand, albeit at a slower pace. External sales also saw their strongest expansion since September 2025, supported by gains across multiple regions. On prices, input costs rose sharply to a 43-month high, but output price inflation remained modest, reflecting firms’ efforts to absorb higher expenses. Firms became more optimistic about production over the year, even as backlogs of work declined for the first time in nearly 18 months.
2026-04-02
India Manufacturing Growth Hits 4½-Year Low
The HSBC India Manufacturing PMI fell to 53.8 in March 2026 from 56.9 in February, exceeding expectations for a slight easing to 56.8, preliminary estimates showed. This marks the weakest expansion in factory activity since September 2021, as output growth slowed amid softer domestic demand and uncertainty from the Middle East conflict. New orders rose only modestly, while international sales surged at a record pace. Employment increased moderately, supporting ongoing capacity expansion. Input purchases and inventories also rose, though at a slower pace than February, with delivery times improving. Input costs jumped at the fastest rate in 45 months, while output prices rose at the strongest pace in seven months, reflecting elevated inflationary pressures. Manufacturers remained cautiously optimistic about growth over the coming year, citing efficiency improvements, marketing efforts, and new client enquiries.
2026-03-24
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