The HSBC India Composite PMI for March 2026 was revised up to 57.0 from a flash estimate of 56.5, but declined from 59.9 in February, marking its lowest level since November 2022. Growth continued to be led by the services sector, while manufacturing expanded more modestly, with both areas showing signs of moderation.
Total new orders increased at their slowest pace since November 2023, indicating a cooling in domestic demand, even as export orders rose at the fastest rate in seven months. Input cost pressures intensified, reaching their highest level in almost four years.
Pricing dynamics diverged between sectors: service providers implemented more aggressive increases in selling prices, whereas manufacturers recorded the smallest rise in output charges in two years. Overall, composite inflation was broadly unchanged from February.
