India’s HSBC Composite PMI rose to 56.5 in September 2026 from a final 54.6 in August, flash data showed, signalling the fastest expansion in private-sector activity since June and remaining comfortably above its long-run average. Output growth picked up modestly in both manufacturing and services, supported by stronger demand across the two sectors.
New export orders continued to rise, though the pace of growth slowed to its weakest in nearly three years. This reflected softer gains among service providers, even as export growth in manufacturing edged up slightly.
Employment increased solidly, with both sectors adding staff at broadly similar rates, in line with ongoing expansions in output and new orders. Outstanding business rose slightly after having declined in each of the previous two months.
On the price front, input cost inflation eased to its lowest level since January, while output charge (selling price) inflation remained broadly unchanged. Business confidence improved in both manufacturing and services, pushing overall optimism to a four-month high.
