Source: Trading Economics / S&P Global
Period: February 2026
Release Date: March 4, 2026
The HSBC India Composite PMI rose to 58.9 in February 2026 from 58.4 in the previous month, though it remained slightly below the flash estimate of 59.3. The latest reading marked the strongest expansion since November, supported by a significant improvement in demand conditions. Overall, new order growth remained broadly in line with rates seen around the turn of the year, while job creation accelerated to its fastest level since October. Manufacturing led the expansion, posting sharper gains in both output and sales. In contrast, growth in the services sector moderated, though it remained firmly in expansionary territory. On the price front, both input costs and output charges rose at faster rates, with overall price increases reaching nine- and six-month highs, respectively. Services firms were the primary source of price pressures, reporting stronger cost and charge inflation than their manufacturing counterparts, highlighting persistent underlying demand in the services economy.
The HSBC India Composite PMI increased to 59.3 in February 2026 from a final 58.4 in the previous month, flash data showed. It was the highest reading since last November, amid a quicker upturn in factory production, as growth of services activity was broadly similar to that in January. Output and new orders grew the most in three months, helped by local tourism, marketing initiatives, and rising client enquiries. Foreign sales also grew at the quickest rate since last September. Hiring strengthened to a three-month high, while outstanding business rose for a third month, marking the sharpest rise since July 2025, though the overall accumulation was modest. On the price front, input costs climbed at the steepest rate in 15 months, reflecting mounting pressures that pushed selling prices to a six-month high, above their long-run average. Finally, sentiment hit its strongest level in a year, as firms expressed confidence that investment and marketing efforts will deliver results.
The HSBC India Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 350 private service sector companies. The Composite PMI is a weighted average of the Manufacturing Output Index and the Services Business Activity Index. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining. This is only a limited sample of PMI headline data displayed on the Customer's service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.