Report published October 1, 2026

India: Manufacturing PMI at a Seven-Month High in September – Goldman Sachs

Goldman Sachs · October 1, 2026

India's HSBC Manufacturing PMI rebounded to a seven-month high of 55.1 in September from 52.8 in August, driven by stronger output, new orders, and employment. Input costs ticked up in sectors such as electronics and steel, prompting firms to modestly lift output prices.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.India's seasonally adjusted HSBC manufacturing PMI increased to a seven-month high of 55.1 in September from 52.8 in August.
2.Output and new orders both accelerated to 57.5, driven by firmer demand for electronics, food, pharmaceuticals, and textiles.
3.External demand remained in expansion with export orders at 53.8, while employment growth resumed, pushing the employment index to 52.6.

Main points

Report data

Exhibit 1: Manufacturing PMI rebounded to a seven-month high in September

Metric	Estimate	Context
HSBC India Manufacturing PMI	55.1 index	Reached a seven-month high
Output Index	57.5 index	Reached a four-month high
New Orders Index	57.5 index	Reached a seven-month high
New Export Orders Index	53.8 index	Remained in expansionary territory supported by demand from US, UAE, Brazil, and Europe
Employment Index	52.6 index	Rose to a four-month high after moderating in August