India's HSBC Manufacturing PMI slipped to 54.9 in October 2026 from 55.1 in September, signaling that factory activity continued to expand, though at a slightly slower pace. Manufacturing output and new orders rose at broadly similar rates to the previous month, while new export orders registered their fastest increase since June 2025.
Manufacturers raised their stocks of purchases at the quickest pace in eight months, and finished goods inventories grew at a record rate as firms responded to stronger demand. However, growth in purchasing activity moderated to its slowest pace since the current expansion began in July 2021.
Employment in the manufacturing sector rose only marginally, with firms indicating that existing staffing levels were sufficient to manage current workloads. On the price front, input cost inflation eased, and the rate of increase in output charges slowed to its weakest level in nearly four years.
