The HSBC India Manufacturing PMI rose to 55.9 in April 2026 from 53.9 in March, indicating a stronger improvement in factory conditions, according to flash estimates. Both manufacturing output and new orders expanded at a faster pace, supported by firmer demand, capacity additions, and increased investment in technology.
New export orders recorded their quickest increase in nine months, although overall external demand growth remained more moderate. Employment rose at its fastest rate in ten months, as firms stepped up hiring in line with stronger inflows of new business.
Input purchasing accelerated, and companies continued to build stocks. Inventories of finished goods increased for the first time in six months and at the sharpest rate since 2015. Cost pressures stayed elevated, driven by higher prices for fuel, gas, oil, and raw materials, though input cost inflation eased from March’s peak.
Producers continued to raise selling prices, but at a more measured pace, indicating only a partial pass-through of higher costs in the face of competitive pressures.
