HSBC India Services PMI eases to 58.1 in February 2026 as new orders grow at a 13-month low
The HSBC India Services PMI, released by S&P Global on 4 March 2026, eased to 58.1 in February from 58.5 in January, while input costs rose at the fastest pace in about two and a half years.
Summary
The HSBC India Services PMI Business Activity Index, compiled by S&P Global and released on 4 March 2026, came in at 58.1 for February, little changed from 58.5 in January and still showing sharp expansion. New orders rose at the slowest pace since January 2025, a 13-month low, though international sales grew at the fastest pace since August and hiring picked up. Input costs rose at the fastest pace in about two and a half years, and business confidence hit a one-year high. The Financial Express reported that the composite PMI, combining manufacturing and services, rose to 58.9 from 58.4, the fastest private-sector growth in three months. A reading above 50 indicates expansion.
Key facts
- Released
- 4 March 2026 (S&P Global)
- Services PMI
- 58.1 in Feb 2026 (58.5 in Jan)
- New orders
- Slowest rise since Jan 2025 (13-month low)
- Exports
- Fastest growth since August
- Costs
- Input inflation fastest in ~2.5 years
- Composite PMI
- 58.9 (from 58.4)
- Threshold
- Above 50 = expansion
Practice MCQs 3 questions
What was the HSBC India Services PMI for February 2026, released on 4 March 2026?
Show answer
Correct answer: B — 58.1
The services PMI was 58.1 in February, compared with 58.5 in January.
Which agency compiles the HSBC India Services PMI?
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Correct answer: B — S&P Global
The HSBC India PMI series is compiled by S&P Global; data for February 2026 were collected from 9 to 25 February.
Consider the following statements about India's PMI data for February 2026: 1. New orders in the services sector rose at the slowest pace since January 2025. 2. The composite PMI fell from January's level. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. New services orders grew at a 13-month low, but the composite PMI rose to 58.9 from 58.4, the fastest private-sector growth in three months.