India’s HSBC Manufacturing PMI fell to 54.7 in October 2026 from 55.1 in September, revised slightly down from a preliminary estimate of 54.9, but remained comfortably above the 50.0 threshold and its long-run average. New orders continued to rise sharply, although the pace of expansion moderated slightly from September’s seven-month high, while output also increased at a solid pace, led by intermediate goods producers. New export orders expanded at their fastest rate in six months, supported by stronger demand from a broad range of overseas markets. Meanwhile, manufacturers continued to hire and build inventories, with finished goods stocks rising at a record pace and input inventories reaching an eight-month high. However, employment growth remained modest, while business confidence weakened and stayed below its long-run average. On prices, input cost inflation eased to its lowest level since February, while selling price inflation slowed to its weakest pace in nearly four years.