The HSBC India Composite PMI fell to 58.9 in December 2025 from a final 59.7 in the prior month, flash data showed. It was the lowest reading since February, due to softer growth across manufacturing and service sectors. Total new orders eased, though foreign sales posted their strongest growth in three months. At the same time, employment levels were broadly unchanged, with workforce gains the weakest since February 2024, yet firms managed workloads and recorded a third straight month of stable backlogs. On prices, input costs rose modestly, only slightly above a near 5-1/2-year low, while inflation remained below the series average. Output charges also increased modestly, at the second-slowest pace in nine months, leaving overall price pressures weaker than the 2025 average. Looking ahead, confidence remained upbeat, though optimism weakened for a third consecutive month to its lowest since July 2022.