Key facts
- Sales for 1,817 listed private manufacturing companies grew 14.5% year-on-year in Q4 2025-26.
- Automobiles, electrical machinery, and non-ferrous metals industries were the primary drivers of this growth.
- Overall sales for listed private non-financial companies increased by 13.9% in the January-March 2025-26 period.
- Raw material expenses for manufacturing companies rose 18.3% year-on-year in Q4 FY26.
- The raw material to sales ratio for manufacturing companies increased to 58.5% in Q4 FY26.
Sales for listed private manufacturing companies in India experienced a significant acceleration, growing by 14.5% year-on-year in the fourth quarter of the 2025-26 fiscal year. This expansion was primarily fueled by strong performance in the automobile, electrical machinery, and non-ferrous metals industries.
According to data released by the Reserve Bank of India (RBI), the aggregate sales growth for listed private non-financial companies reached 13.9% during the January-March 2025-26 period, an increase from 10.1% in the preceding quarter. The IT sector also saw an improvement in sales growth, rising to 9.9% year-on-year from 8.8% in the previous quarter.
Conversely, the non-IT services sector demonstrated substantial growth, with sales expanding by 20.3%, largely attributed to the wholesale and retail trade industry. However, global uncertainties contributed to a notable increase in raw material expenses for manufacturing companies, which rose by 18.3% year-on-year during the fourth quarter. This led to an increase in the raw material to sales ratio to 58.5% from 57.5% in the prior quarter, signaling input cost pressures. Meanwhile, staff cost growth for manufacturing companies moderated to 9.8% year-on-year in Q4 FY26.