HSBC India Manufacturing PMI hits 55.1 in September 2026
Why in the news
The HSBC India Manufacturing PMI, compiled by S&P Global, rose to 55.1 in September 2026, a seven-month high, as factories reported firmer demand at home and abroad.
Key facts
- September 2026 reading: 55.1, up from the final August figure of 52.8.
- Flash vs final: the September flash estimate was 55.7, so the final number was revised down.
- Seven-month high: strongest since February 2026, when the index was 56.9.
- Expansion streak: 59th straight month above the 50 mark.
- Exports: new export orders gained pace, with buyers in Brazil, Europe, the UAE and the US.
- Jobs: hiring rose at the fastest rate since May after a dip in August.
- Prices: costs of electronic parts, pharmaceuticals and steel pushed input inflation higher, though it stayed below the long-run average.
- Business confidence improved to a four-month high.
Recent trend
| Month (2026) | PMI |
|---|---|
| February | 56.9 |
| July | 53.5 |
| August (final) | 52.8 |
| September | 55.1 |
August’s 52.8 had been the weakest reading since August 2021.
About the PMI
The Purchasing Managers’ Index is a monthly survey-based indicator of factory conditions. A value above 50 signals expansion and below 50 signals contraction. HSBC sponsors the India series and S&P Global compiles it.
Exam angle
- September 2026 PMI: 55.1; August final: 52.8; September flash: 55.7.
- Compiler: S&P Global; sponsor: HSBC.
- 50 is the dividing line between growth and contraction.