The HSBC India Manufacturing PMI eased to 56.6 in November 2025, revised down from initial estimates of 57.4 and October’s 59.2. This marks the slowest improvement in operating conditions since February, though the sector remained above its long-run average of 54.2. Factory output expanded at a sharp pace, but growth was the weakest since February, reflecting softer new order inflows and challenging market conditions. New domestic orders rose modestly, while new export orders increased at their slowest pace in over a year. Employment growth eased to the softest rate in the 21-month period of uninterrupted expansion. Input cost inflation and output price rises moderated to their lowest levels in nine and eight months, respectively. Stocks of purchases rose, albeit at the slowest pace in nine months, while finished goods inventories declined. Business confidence for the year ahead remained positive, although the degree of optimism fell to its lowest level since mid-2022.