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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia HSBC Manufacturing PMI fell to 52.8 in August 2026
FMPMonthlyReleased September 2026
India HSBC Manufacturing PMI fell to 52.8 in August 2026, released September 2026, down 0.7 from July's 53.5 reading. The reading matched the 52.9 consensus. HSBC Manufacturing PMI has now declined for 7 consecutive months. Over the past 3 months, HSBC Manufacturing PMI averaged 53.8, vs 54.6 in the prior 3-month window. HSBC Manufacturing PMI is now the lowest in 19 months.
Latest Release
52.8
Actual
52.9
Consensus
53.5
Previous
Median Absolute Error
±0.79
across last 12 releases
Last Call
Sep 2026
Predicted: 52.41
Actual: 52.8
Error: -0.39
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
THE RELEASE
HSBC Manufacturing PMI (India) was reported at 52.80 in September 2026. This missed the market consensus of 52.90 by 0.10. The reading fell from the previous value of 53.50. Trailing 12-month context per ETL data through September 2026. Over the past 12 months, the indicator has averaged 55.58, ranging from 52.80 to 59.20 across 21 releases.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 53.07, down from the prior three at 54.20. Volatility over the past year (σ 1.92) is higher than the prior year (σ 0.96). In September readings over the past 3 years, HSBC Manufacturing PMI has averaged 56.96.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with NIFTY 50 (Bearish NIFTY 50). Over the last 12 releases, the Sigmacast model's median absolute error is 0.79.
WHAT TO WATCH NEXT
The next release is scheduled for September 23, 2026. Same-country events in the next 14 days include Balance of Trade (Sep 15) and HSBC Services PMI (Sep 23).
Auto-generated from current model state · Refreshes on each release · Last update September 2026.
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HSBC Manufacturing PMI - IN
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About HSBC Manufacturing PMI — India
DEFINITION
HSBC Manufacturing PMI is a widely recognized financial indicator that measures the performance of the manufacturing sector in a specific country. It is based on a monthly survey of purchasing managers from various industries, providing valuable insights into the overall health and growth of the manufacturing industry. This indicator is used by investors, policymakers, and businesses to make informed decisions and assess the economic outlook of a country. With its timely and accurate data, HSBC Manufacturing PMI is a crucial tool for understanding the state of the manufacturing sector and its impact on the broader economy.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Aug 2026): actual 52.8, consensus 52.9. Prior reading (Aug 2026): 52.9. Before that (Jul 2026): 53.5.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection.
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EXPECTED ZONE
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Economic Calendar - IN Events
| Monday, September 14, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 06:30 | IN | WPI Manufacturing YoY | 8.37 | 8.29 | 8.5 | 9.11 | Low |
| 06:30 | IN | WPI Inflation YoY | 9.92 | 9.78 | 9.89 | 10.04 | Low |
| 06:30 | IN | WPI Food Index YoY | 7.05 | 6.65 | 6.7 | 7.38 | Low |
| 06:30 | IN | WPI Fuel YoY | 22.93 | 20.05 | 15 | 18.31 | Low |
| 10:30 | IN | Inflation Rate MoM | 0.73 | 0.88 | 0.6 | 0.67 | Low |
| 10:30 | IN | Inflation Rate YoY | 4.82 | 4.44 | 4.8 | 4.81 | Medium |
| Tuesday, September 15, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 09:00 | IN | Balance of Trade | -31.98 | -33 | -33.61 | Medium | |
| 10:30 | IN | Unemployment Rate | 5.1 | 5.2 | 5.30 | Low | |