Services PMI: HSBC India index rises to 55.2 in September 2026
Why in the news
The final HSBC India Services PMI for September 2026, released on 6 October, showed services activity picking up to 55.2, helped by stronger domestic demand.
Key facts
- Services PMI: 55.2 in September, up from 54.1 in August; the flash estimate had been 55.8.
- Composite PMI: 55.9, higher than 54.3 in August.
- Pace: fastest services growth in three months, though the July-September average was the weakest since the quarter ending March 2022.
- New business grew at the quickest rate in three months; hiring continued but slower than in August.
- Exports: still rising, but at the slowest pace in almost three years.
- Costs: input price inflation eased to the lowest since November 2025; selling price rises were the mildest since June.
- Finance and insurance and consumer services were the strongest sub-sectors.
| Index | August 2026 | September 2026 |
|---|---|---|
| Services PMI | 54.1 | 55.2 |
| Composite PMI | 54.3 | 55.9 |
About PMI
The Purchasing Managers’ Index is a survey-based gauge of business activity. A reading above 50 means expansion and below 50 means contraction. The India series is sponsored by HSBC, whose chief India economist is Pranjul Bhandari.
Exam angle
- 50 is the dividing line between growth and contraction.
- Know the September 2026 figures: services 55.2, composite 55.9.
- Weak exports and softer cost pressures are the notable trends.