617 प्रकाशन | भारतीय रिज़र्व बैंक की आधिकारिक वेबसाइट
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भारतीय रिज़र्व बैंक की आधिकारिक वेबसाइट का लोगो

प्रकाशन



2026-27 की दूसरी तिमाही (Q2) के लिए सेवा एवं अवसंरचना परिदृश्य सर्वेक्षण

आज भारतीय रिज़र्व बैंक ने 2026-27 की दूसरी तिमाही के दौरान किए गए अपने तिमाही सेवा एवं अवसंरचना परिदृश्य सर्वेक्षण (SIOS) के 50वें दौर के परिणाम जारी किए। यह अग्रगामी सर्वेक्षण1 माँग की स्थिति, मूल्य की स्थिति तथा अन्य कारोबारी स्थितियों से संबंधित कारोबारी मानकों के एक समूह पर सेवा एवं अवसंरचना क्षेत्रों में संलग्न भारतीय कंपनियों के गुणात्मक आकलन और अपेक्षाओं को दर्शाता है। सर्वेक्षण2 के नवीनतम दौर में 750 कंपनियों ने 2026-27 की दूसरी तिमाही के लिए अपना आकलन और 2026-27 की तीसरी तिमाही के लिए अपनी अपेक्षाएँ, साथ ही उसके बाद की दो तिमाहियों के लिए प्रमुख मानकों पर अपना दृष्टिकोण प्रदान किया।

मुख्य बातें:

अ. सेवा क्षेत्र

2026-27 की दूसरी तिमाही के लिए आकलन

  • सेवा क्षेत्र के उद्यमों ने 2026-27 की दूसरी तिमाही के दौरान समग्र कारोबारी स्थिति, कारोबार (टर्नओवर) और पूर्णकालिक रोज़गार की स्थिति में सुदृढ़ता की सूचना दी (चार्ट 1 और सारणी A)।

  • फर्मों ने लागत दबाव में वृद्धि के साथ बिक्री मूल्यों में कुछ वृद्धि की सूचना दी, हालाँकि लाभ मार्जिन को लेकर धारणा कमज़ोर बनी रही।

2026-27 की तीसरी तिमाही के लिए अपेक्षाएँ

  • सेवा क्षेत्र की फर्मों ने 2026-27 की तीसरी तिमाही में माँग की स्थिति के बारे में अपना सकारात्मक दृष्टिकोण बनाए रखा, हालाँकि पिछली तिमाही की तुलना में उनके आशावाद के स्तर में नरमी दर्ज की गई (चार्ट 1 और सारणी ए)।

  • लागत दबाव में मामूली कमी आने की उम्मीद है।

  • फर्मों ने बिक्री मूल्यों और लाभ मार्जिन के संबंध में अपेक्षाकृत कम आशावाद व्यक्त किया।

2026-27 की चौथी तिमाही और 2027-28 की पहली तिमाही के लिए अपेक्षाएँ

  • उत्तरदाताओं का दृष्टिकोण 2027-28 की पहली तिमाही तक आशावादी बना हुआ है (सारणी सी)।

  • आगामी तिमाहियों में इनपुट लागत का दबाव बने रहने की संभावना है, जबकि बिक्री मूल्यों के स्थिर रहने की अपेक्षा है।

  • प्रतिक्रिया देने वाली सेवा फर्मों ने बताया कि अपने मौजूदा संसाधनों के साथ वे 2026-27 की पहली तिमाही के दौरान 8.7 प्रतिशत अतिरिक्त सेवाएँ प्रदान कर सकती थीं (सारणी S14)।

ब. अवसंरचना क्षेत्र

2026-27 की दूसरी तिमाही के लिए आकलन

  • अवसंरचना कंपनियाँ 2026-27 की दूसरी तिमाही के दौरान समग्र कारोबारी स्थिति, रोज़गार और कारोबार (टर्नओवर) के बारे में आशावादी बनी रहीं (चार्ट 2 और सारणी बी)।

  • उत्तरदाताओं ने लागत दबाव में कुछ कमी का आकलन किया, जबकि बिक्री मूल्य और लाभ मार्जिन को लेकर धारणा में नरमी आई।

2026-27 की तीसरी तिमाही के लिए अपेक्षाएँ

  • अवसंरचना फर्में समग्र कारोबारी स्थितियों और कारोबार (टर्नओवर) को लेकर आश्वस्त बनी हुई हैं (चार्ट 2 और सारणी बी)।

  • 2026-27 की तीसरी तिमाही के लिए बिक्री मूल्य और लाभ मार्जिन दोनों को लेकर धारणा में नरमी आई।

2026-27 की चौथी तिमाही और 2027-28 की पहली तिमाही के लिए अपेक्षाएँ

  • अवसंरचना फर्में समग्र कारोबारी स्थिति और अपने कारोबार (टर्नओवर) के बारे में आशावादी बनी हुई हैं; वे इनपुट लागत में वृद्धि और उसके साथ बिक्री मूल्यों में वृद्धि की भी अपेक्षा करती हैं (सारणी डी)।

Summary of Net Responses3 on Survey Parameters

Table A: Services Sector
(per cent)
Parameters Assessment period Expectations period
Q1:2026-27* Q2:2026-27 Q2:2026-27* Q3:2026-27
Overall Business Situation 15.6 26.3 60.1 52.6
Turnover 16.4 28.2 62.1 54.8
Full-time Employees 12.9 19.3 50.1 33.7
Part-time Employees 6.8 6.3 44.9 25.0
Availability of Finance 13.1 17.7 48.3 33.4
Cost of Finance -17.8 -23.1 -49.6 -34.5
Salary & Wages -31.1 -24.8 -56.2 -37.4
Cost of Inputs -40.9 -47.7 -62.9 -45.9
Selling Price 12.5 17.5 48.5 27.9
Profit Margin -7.5 -4.9 38.7 24.4
Inventories 8.5 12.2 45.4 28.8
Technical/Service Capacity 13.1 14.8 55.0 33.8
Physical Investment 11.9 14.5 53.8 34.6
*: Based on the previous round’s response.

Table B: Infrastructure Sector
(per cent)
Parameters Assessment period Expectations period
Q1:2026-27* Q2:2026-27 Q2:2026-27* Q3:2026-27
Overall Business Situation 15.7 24.1 54.5 57.8
Turnover 18.4 26.2 57.6 54.2
Full-time Employees 14.6 16.7 46.9 36.1
Part-time Employees 14.9 17.1 49.4 34.7
Availability of Finance 23.8 23.2 49.5 45.1
Cost of Finance -21.1 -16.7 -38.3 -32.0
Salary & Wages -36.7 -25.9 -59.4 -38.3
Cost of Inputs -51.5 -42.5 -69.1 -55.7
Selling Price 28.9 18.3 53.5 36.8
Profit Margin 11.3 7.7 51.0 34.2
Inventories 16.8 30.8 41.9 42.3
Technical/Service Capacity 25.7 15.6 64.3 41.9
Physical Investment 25.3 20.6 67.6 41.9
*: Based on the previous round’s response.

Expectations of Select Parameters for extended period – Net response
(in per cent)
Table C: Services Sector
Parameter Round 49 Round 50
Q2:2026-27 Q3:2026-27 Q4:2026-27 Q1:2027-28
Overall Business Situation 60.1 52.6 55.5 53.9
Turnover 62.1 54.8 57.8 54.1
Full-time Employees 50.1 33.7 37.8 37.8
Part-time Employees 44.9 25.0 27.9 28.9
Cost of Inputs -62.9 -45.9 -45.6 -44.0
Selling Price 48.5 27.9 33.0 32.8

Table D: Infrastructure Sector
Parameter Round 49 Round 50
Q2:2026-27 Q3:2026-27 Q4:2026-27 Q1:2027-28
Overall Business Situation 54.5 57.8 54.3 56.8
Turnover 57.6 54.2 56.0 59.0
Full-time Employees 46.9 36.1 37.3 36.1
Part-time Employees 49.4 34.7 34.7 36.0
Cost of Inputs -69.1 -55.7 -45.0 -46.8
Selling Price 53.5 36.8 37.1 40.6

Note: Please see the excel file for time series data

सेवा क्षेत्र

Table S1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
Quarter Assessment Expectation
Better No Change Worse Net response# Better No Change Worse Net response
Q2:25-26 46.5 44.2 9.3 37.2 60.9 36.9 2.2 58.7
Q3:25-26 43.5 46.0 10.5 33.0 74.5 24.1 1.3 73.2
Q4:25-26 45.0 46.2 8.8 36.1 71.9 26.5 1.7 70.2
Q1:26-27 34.6 46.4 19.0 15.6 67.5 29.2 3.3 64.2
Q2:26-27 37.7 50.8 11.5 26.3 63.5 33.1 3.4 60.1
Q3:26-27         55.5 41.6 2.9 52.6
‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.

Table S2: Assessment and Expectation for Turnover
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 47.4 42.8 9.7 37.7 64.0 32.4 3.7 60.3
Q3:25-26 45.0 42.4 12.5 32.5 76.2 21.7 2.1 74.0
Q4:25-26 49.1 39.9 11.0 38.1 71.9 25.6 2.5 69.4
Q1:26-27 37.3 41.7 21.0 16.4 71.3 24.0 4.7 66.7
Q2:26-27 41.8 44.5 13.7 28.2 66.5 29.2 4.3 62.1
Q3:26-27         59.0 36.8 4.2 54.8
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S3: Assessment and Expectation for Full-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 28.2 63.7 8.1 20.0 41.9 56.7 1.5 40.4
Q3:25-26 29.9 61.1 9.1 20.8 51.2 47.1 1.7 49.5
Q4:25-26 32.7 58.6 8.7 24.0 47.4 51.2 1.3 46.1
Q1:26-27 28.0 57.0 15.1 12.9 51.8 46.5 1.8 50.0
Q2:26-27 29.4 60.4 10.1 19.3 52.6 44.9 2.5 50.1
Q3:26-27         36.5 60.7 2.8 33.7
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 25.5 67.2 7.3 18.3 41.9 56.1 2.1 39.8
Q3:25-26 25.3 67.9 6.8 18.5 51.1 46.1 2.7 48.4
Q4:25-26 20.3 72.2 7.5 12.8 47.7 50.2 2.0 45.7
Q1:26-27 19.9 67.0 13.1 6.8 44.5 52.6 2.9 41.6
Q2:26-27 15.3 75.7 9.0 6.3 48.2 48.5 3.3 44.9
Q3:26-27         27.7 69.6 2.7 25.0
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter Assessment Expectation
Improve No Change Worsen Net response Improve No Change Worsen Net response
Q2:25-26 34.2 58.7 7.0 27.2 46.1 52.2 1.7 44.4
Q3:25-26 30.7 61.4 7.8 22.9 59.5 38.9 1.7 57.8
Q4:25-26 30.7 62.4 6.9 23.9 54.3 44.3 1.5 52.8
Q1:26-27 25.5 62.0 12.5 13.1 50.2 48.0 1.8 48.3
Q2:26-27 24.8 68.0 7.1 17.7 50.3 47.7 2.0 48.3
Q3:26-27         35.3 62.8 1.9 33.4
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 31.0 61.3 7.7 -23.3 44.1 51.4 4.4 -39.7
Q3:25-26 32.8 59.7 7.4 -25.4 51.6 44.4 4.0 -47.6
Q4:25-26 31.0 60.5 8.5 -22.5 48.9 47.7 3.3 -45.6
Q1:26-27 28.5 60.8 10.7 -17.8 46.0 49.9 4.1 -41.8
Q2:26-27 30.4 62.3 7.3 -23.1 51.5 46.7 1.8 -49.6
Q3:26-27         37.7 59.1 3.2 -34.5
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 33.8 61.6 4.6 -29.1 43.6 55.5 0.9 -42.7
Q3:25-26 31.2 64.3 4.4 -26.8 51.9 46.9 1.2 -50.8
Q4:25-26 33.9 61.5 4.6 -29.2 51.9 47.0 1.1 -50.8
Q1:26-27 39.4 52.4 8.3 -31.1 64.0 34.9 1.2 -62.8
Q2:26-27 30.4 64.0 5.6 -24.8 57.0 42.2 0.8 -56.2
Q3:26-27         39.3 58.8 1.9 -37.4
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 43.7 51.7 4.6 -39.1 54.3 44.7 1.0 -53.2
Q3:25-26 40.0 54.7 5.3 -34.7 55.3 42.9 1.8 -53.5
Q4:25-26 40.2 55.1 4.7 -35.5 56.6 42.4 1.1 -55.5
Q1:26-27 48.9 43.1 8.0 -40.9 59.7 39.6 0.8 -58.9
Q2:26-27 52.2 43.4 4.5 -47.7 63.8 35.2 1.0 -62.9
Q3:26-27         47.2 51.4 1.3 -45.9
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 23.7 68.6 7.7 16.0 39.4 58.4 2.2 37.2
Q3:25-26 23.2 68.3 8.5 14.6 48.6 48.6 2.8 45.8
Q4:25-26 19.9 72.8 7.3 12.5 49.0 49.0 2.0 47.1
Q1:26-27 24.1 64.2 11.7 12.5 44.4 54.0 1.6 42.8
Q2:26-27 24.3 69.0 6.8 17.5 50.2 48.1 1.7 48.5
Q3:26-27         29.9 68.0 2.0 27.9
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 29.0 56.4 14.6 14.4 39.2 56.1 4.6 34.6
Q3:25-26 25.4 57.6 16.9 8.5 54.8 40.3 4.9 49.9
Q4:25-26 23.7 61.6 14.7 9.0 49.4 46.3 4.3 45.1
Q1:26-27 19.9 52.7 27.4 -7.5 44.9 49.5 5.6 39.3
Q2:26-27 16.8 61.5 21.7 -4.9 46.3 46.1 7.6 38.7
Q3:26-27         31.1 62.2 6.7 24.4
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 26.7 64.2 9.1 17.6 41.9 55.3 2.9 39.0
Q3:25-26 28.6 62.9 8.5 20.1 55.4 42.0 2.6 52.7
Q4:25-26 25.0 67.5 7.5 17.5 49.9 47.5 2.6 47.3
Q1:26-27 20.7 67.1 12.2 8.5 42.4 54.6 2.9 39.5
Q2:26-27 19.5 73.1 7.3 12.2 48.1 49.3 2.6 45.4
Q3:26-27         31.1 66.6 2.3 28.8
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 28.4 65.7 5.9 22.4 46.0 53.7 0.3 45.7
Q3:25-26 29.7 66.1 4.2 25.5 56.6 41.8 1.6 54.9
Q4:25-26 25.6 69.4 5.0 20.6 56.3 43.4 0.3 56.0
Q1:26-27 23.1 66.9 10.0 13.1 50.6 49.0 0.4 50.2
Q2:26-27 20.9 73.1 6.1 14.8 56.0 42.9 1.0 55.0
Q3:26-27         35.1 63.5 1.4 33.8
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 25.5 68.4 6.0 19.5 43.1 56.0 0.9 42.3
Q3:25-26 27.4 68.1 4.5 22.9 57.3 41.2 1.5 55.9
Q4:25-26 20.3 75.0 4.7 15.6 54.9 44.6 0.5 54.4
Q1:26-27 22.3 67.4 10.4 11.9 47.9 52.1 0.0 47.9
Q2:26-27 19.8 75.0 5.2 14.5 55.0 43.8 1.2 53.8
Q3:26-27         35.5 63.6 0.9 34.6
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S14: Estimated Spare Capacity for the Services Sector
Survey conducted during Reference quarter Response rate for the question on Spare Capacity
(per cent)		 Spare Capacity
(per cent)
Q4:2023-24 Q3:2023-24 74.8 11.7
Q1:2024-25 Q4:2023-24 78.8 11.3
Q2:2024-25 Q1:2024-25 71.5 11.2
Q3:2024-25 Q2:2024-25 79.9 10.6
Q4:2024-25 Q3:2024-25 83.7 10.9
Q1:2025-26 Q4:2024-25 65.7 11.2
Q2:2025-26 Q1:2025-26 80.0 10.7
Q3:2025-26 Q2:2025-26 77.4 10.1
Q4:2025-26 Q3:2025-26 79.6 9.0
Q1:2026-27 Q4:2025-26 78.2 8.8
Q2:2026-27 Q1:2026-27 77.2 8.7

अवसंरचना क्षेत्र

Table I1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
Quarter Assessment Expectation
Better No Change Worse Net response# Better No Change Worse Net response
Q2:25-26 44.0 47.3 8.8 35.2 69.2 28.2 2.6 66.7
Q3:25-26 41.3 44.7 14.0 27.3 71.1 25.6 3.3 67.8
Q4:25-26 39.3 50.8 9.8 29.5 70.5 28.9 0.7 69.8
Q1:26-27 34.3 47.1 18.6 15.7 74.4 23.1 2.5 71.9
Q2:26-27 34.9 54.2 10.8 24.1 59.6 35.4 5.1 54.5
Q3:26-27         60.2 37.3 2.4 57.8
‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.

Table I2: Assessment and Expectation for Turnover
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 46.7 41.3 12.0 34.8 69.2 26.5 4.3 65.0
Q3:25-26 43.0 42.4 14.6 28.5 75.6 18.9 5.6 70.0
Q4:25-26 39.8 49.6 10.6 29.3 72.0 26.0 2.0 70.0
Q1:26-27 35.9 46.6 17.5 18.4 73.8 21.3 4.9 68.9
Q2:26-27 35.7 54.8 9.5 26.2 61.6 34.3 4.0 57.6
Q3:26-27         61.4 31.3 7.2 54.2
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I3: Assessment and Expectation for Full-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 28.4 61.4 10.2 18.2 56.5 41.7 1.7 54.8
Q3:25-26 33.3 57.3 9.3 24.0 49.4 46.0 4.6 44.8
Q4:25-26 28.7 60.7 10.7 18.0 59.1 40.9 0.0 59.1
Q1:26-27 26.2 62.1 11.7 14.6 58.7 39.7 1.7 57.0
Q2:26-27 27.4 61.9 10.7 16.7 51.0 44.9 4.1 46.9
Q3:26-27         45.8 44.6 9.6 36.1
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 23.7 69.7 6.6 17.1 66.3 31.5 2.2 64.1
Q3:25-26 27.5 63.4 9.2 18.3 50.7 44.0 5.3 45.3
Q4:25-26 27.1 62.6 10.3 16.8 63.5 34.9 1.6 61.9
Q1:26-27 21.8 71.3 6.9 14.9 60.4 38.7 0.9 59.4
Q2:26-27 22.4 72.4 5.3 17.1 50.6 48.2 1.2 49.4
Q3:26-27         41.3 52.0 6.7 34.7
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter Assessment Expectation
Improve No Change Worsen Net response Improve No Change Worsen Net response
Q2:25-26 41.3 51.1 7.6 33.7 63.5 34.8 1.7 61.7
Q3:25-26 36.7 52.0 11.3 25.3 65.9 30.8 3.3 62.6
Q4:25-26 27.9 64.8 7.4 20.5 62.4 36.9 0.7 61.7
Q1:26-27 30.7 62.4 6.9 23.8 61.2 37.2 1.7 59.5
Q2:26-27 29.3 64.6 6.1 23.2 51.5 46.5 2.0 49.5
Q3:26-27         46.3 52.4 1.2 45.1
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 33.8 57.5 8.8 -25.0 60.5 35.1 4.4 -56.1
Q3:25-26 39.4 49.3 11.3 -28.2 57.7 32.1 10.3 -47.4
Q4:25-26 26.3 61.0 12.7 -13.6 60.3 34.8 5.0 -55.3
Q1:26-27 29.5 62.1 8.4 -21.1 56.8 35.6 7.6 -49.2
Q2:26-27 28.2 60.3 11.5 -16.7 43.6 51.1 5.3 -38.3
Q3:26-27         42.7 46.7 10.7 -32.0
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 28.3 69.6 2.2 -26.1 63.5 34.8 1.7 -61.7
Q3:25-26 32.0 63.3 4.7 -27.3 48.4 49.5 2.2 -46.2
Q4:25-26 27.9 65.6 6.6 -21.3 58.4 41.6 0.0 -58.4
Q1:26-27 42.9 51.0 6.1 -36.7 64.5 35.5 0.0 -64.5
Q2:26-27 33.3 59.3 7.4 -25.9 61.5 36.5 2.1 -59.4
Q3:26-27         43.2 51.9 4.9 -38.3
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 52.7 42.9 4.4 -48.4 74.3 22.9 2.8 -71.6
Q3:25-26 55.6 38.2 6.3 -49.3 60.0 37.8 2.2 -57.8
Q4:25-26 45.4 47.1 7.6 -37.8 70.9 27.0 2.1 -68.8
Q1:26-27 56.4 38.6 5.0 -51.5 72.9 24.6 2.5 -70.3
Q2:26-27 48.8 45.0 6.3 -42.5 71.1 26.8 2.1 -69.1
Q3:26-27         58.2 39.2 2.5 -55.7
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 30.0 65.0 5.0 25.0 63.4 33.7 3.0 60.4
Q3:25-26 31.7 58.7 9.5 22.2 50.0 43.6 6.4 43.6
Q4:25-26 25.5 65.5 9.1 16.4 63.2 34.4 2.4 60.8
Q1:26-27 35.6 57.8 6.7 28.9 59.6 38.5 1.8 57.8
Q2:26-27 22.5 73.2 4.2 18.3 55.8 41.9 2.3 53.5
Q3:26-27         41.2 54.4 4.4 36.8
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 35.6 52.2 12.2 23.3 55.7 40.0 4.3 51.3
Q3:25-26 30.9 51.7 17.4 13.4 53.9 39.3 6.7 47.2
Q4:25-26 23.3 59.2 17.5 5.8 67.8 27.5 4.7 63.1
Q1:26-27 30.9 49.5 19.6 11.3 57.5 35.8 6.7 50.8
Q2:26-27 25.6 56.4 17.9 7.7 57.3 36.5 6.3 51.0
Q3:26-27         43.0 48.1 8.9 34.2
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 39.7 51.3 9.0 30.8 62.7 32.7 4.5 58.2
Q3:25-26 33.1 55.4 11.5 21.6 59.7 35.1 5.2 54.5
Q4:25-26 26.3 58.5 15.3 11.0 66.9 29.4 3.7 63.2
Q1:26-27 28.4 60.0 11.6 16.8 61.9 33.9 4.2 57.6
Q2:26-27 37.2 56.4 6.4 30.8 47.3 47.3 5.4 41.9
Q3:26-27         50.0 42.3 7.7 42.3
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 29.4 66.2 4.4 25.0 72.2 26.6 1.3 70.9
Q3:25-26 29.6 62.6 7.8 21.7 59.1 39.4 1.5 57.6
Q4:25-26 25.0 68.0 7.0 18.0 70.3 28.8 0.9 69.4
Q1:26-27 31.1 63.5 5.4 25.7 62.2 37.8 0.0 62.2
Q2:26-27 21.9 71.9 6.3 15.6 64.3 35.7 0.0 64.3
Q3:26-27         43.5 54.8 1.6 41.9
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:25-26 33.8 63.2 2.9 30.9 77.8 22.2 0.0 77.8
Q3:25-26 32.2 60.9 7.0 25.2 68.2 30.3 1.5 66.7
Q4:25-26 33.7 59.4 6.9 26.7 72.6 27.4 0.0 72.6
Q1:26-27 30.7 64.0 5.3 25.3 71.7 28.3 0.0 71.7
Q2:26-27 25.4 69.8 4.8 20.6 67.6 32.4 0.0 67.6
Q3:26-27         45.2 51.6 3.2 41.9
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table I1 are applicable here.

1 सर्वेक्षण के परिणाम उत्तरदाताओं के विचारों को दर्शाते हैं, जिनसे भारतीय रिज़र्व बैंक का सहमत होना आवश्यक नहीं है।

2 पिछले सर्वेक्षण दौर के परिणाम बैंक की वेबसाइट पर 05 अगस्त 2026 को जारी किए गए थे।

3 Net Response (NR) is the difference between the percentage of respondents reporting optimism and those reporting pessimism. It ranges between -100 to 100. Positive value indicates expansion/optimism and negative value indicates contraction/pessimism. In other words, NR = (I – D); where, I is the percentage response of ‘Increase/optimism’, D is the percentage response of ‘Decrease/pessimism’ and E is the percentage response as ‘no change/ equal’ (i.e., I+D+E=100). For example, increase in turnover is optimism whereas decrease in cost of inputs is optimism.

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