FX.co ★ India Composite PMI Revised Lower

India’s HSBC Composite PMI registered 55.9 in September 2026, down from the flash estimate of 56.6 but higher than 54.6 in August. While this reading marked the strongest level since June, the average for the second fiscal quarter was the lowest since Q1 2022.

New orders grew at a faster pace in September; however, on a quarterly basis, order growth was the weakest since the end of fiscal year 2021/22, indicating softer underlying demand momentum. At the same time, the resumption of job creation in manufacturing, together with continued employment gains in services, supported an increase in overall private-sector employment.

Price pressures eased as well. Firms reported the smallest rise in input costs in nine months and the slowest increase in output charges in three months, pointing to a moderation in inflationary pressures.