India March Manufacturing PMI Revised Slightly Higher

2026-04-02 05:04 By Kyrie Dichosa 1 min. read

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.



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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