More Stories

Informist, Thursday, Apr. 2, 2026

 

--India Mar manufacturing PMI 53.9 vs 56.9 in Feb

--India Mar manufacturing PMI 53.9, lowest since June 2022 

 

NEW DELHI – Growth in India's manufacturing sector activity fell to a near four-year low in March as the war in West Asia pushed up prices and increased market uncertainity, S&P Global said Thursday. The HSBC India Manufacturing Purchasing Managers' Index in March fell to 53.9, lowest since June 2022. It was at a four-month high of 56.9 in February.

 

The final manufacturing PMI print for March was almost in line with the flash figure of 53.8, data for which was released on Mar. 24. A PMI reading of more than 50 denotes expansion in activity, while a print below it shows contraction. 

 

"Growth across India's manufacturing industry took a step back in March as cost pressures, fierce competition, heightened market uncertainty and the war in the Middle East all led to softer increases in new orders and output," S&P Global, which compiles the PMI, said in a release. "Firms also faced an intensification of cost pressures, the steepest since August 2022." 

 

The headline figure in March was below its long-run average of 54.2, S&P Global said. "Disruptions linked to the conflict in the Middle East are reverberating through the global economy and weighing on Indian manufacturers," Pranjul Bhandari, chief India economist at HSBC, said in the release. The slowdown in output and new orders to near four-year lows indicated softer demand amid geopolitical uncertainity, Bhandari said. 

 

Input prices for manufacturers in March rose at the quickest pace in over three-and-a-half years. Cost of inputs rose sharply across a broad range of items, including aluminium, chemicals, and fuels, S&P Global said.

 

Companies absorbed the added expenses with selling prices rising at a slower than input prices. Output price inflation fell to a two-year low, curbed by customer-retention efforts and attempts to secure new clients at some firms, S&P Global said.

 

During the month, Indian manufacturers received the supply of raw materials in a timely manner, S&P Global said. "...only 7% of panel members reported faster lead times on inputs and the vast majority (92%) indicated no change from February," S&P Global said.

 

Domestic manufacturers also saw "strongest expansion" in exports since last September with improved demand from Australia, Brazil, Canada, mainland China, Europe, Japan, West Asia, Turkey, and Vietnam. This pushed employment in the manufacturing sector to a seven-month high in March, making the sector more optimistic towards the year-ahead outlook for production, S&P Global said.  End

 

Reported by Shweta

Edited by Akul Nishant Akhoury

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.