2025-26 की तीसरी तिमाही (Q3) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

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असेट प्रकाशक

06 फ़रवरी 2026 को प्रकाशित

2025-26 की तीसरी तिमाही (Q3) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

आज भारतीय रिज़र्व बैंक ने 2025-26 की तीसरी तिमाही के दौरान संचालित सेवा और आधारभूत संरचना (इन्फ्रास्ट्रक्चर) परिदृश्य (एसआइओएस) के सर्वेक्षण के 47 वें दौर का परिणाम जारी किया। भविष्योन्मुखी सर्वेक्षण¹ यह अग्रलक्षी सर्वेक्षण सेवा और आधारभूत संरचना क्षेत्रों में संलग्न भारतीय कंपनियों की मांग की स्थिति, मूल्य स्थिति और अन्य व्यापार स्थितियों से संबंधित व्यापार मापदंडों पर गुणात्मक मूल्यांकन और अपेक्षाओं को दर्शाता है।सर्वेक्षण² के इस दौर में, 1004 कंपनियों ने 2025-26 की तीसरी तिमाही के लिए अपना मूल्यांकन और 2025-26 चौथी तिमाही के लिए अपेक्षाओं के साथ-साथ बाद की दो तिमाहियों के लिए प्रमुख मापदंडों पर अपना दृष्टिकोण प्रदान किया।

विशेष:

A. सेवा क्षेत्र

2025-26 की तीसरी तिमाही के लिए मूल्यांकन

2025-26 की तीसरी तिमाही के दौरान समग्र कारोबारी स्थिति और उनके कारोबार पर सेवा क्षेत्र की फर्मों का आकलन पिछले तिमाही की तुलना में थोड़ा कम होने के बावजूद सकारात्मक रहा (चार्ट 1 और तालिका ए)।
फर्मों ने 2025-26 की तीसरी तिमाही के दौरान इनपुट लागत और वेतन व्यय से होने वाले दबावों में कमी का आकलन किया।
बिक्री की कीमतों और लाभ मार्जिन में वृद्धि पर भावनाएं कम हो गईं लेकिन सकारात्मक बनी रहीं।

2025-26 की चौथी तिमाही के लिए अपेक्षाएं

उत्तरदाताओं ने 2025-26 की चौथी तिमाही में मांग की स्थितियों पर आशावादी बने रहे, हालांकि समग्र व्यावसायिक स्थिति, कारोबार और नौकरी परिदृश्य के बारे में उनकी आशावाद पिछली तिमाही की तुलना में मामूली रूप से कम है (चार्ट 1 और तालिका ए)।
2025-26 की चौथी तिमाही के दौरान इनपुट लागत से उत्पन्न दबाव बढ़ने की संभावना है; हालाँकि, वित्त लागत से उत्पन्न दबाव कम होने की उम्मीद है।
सेवा फर्मों को उम्मीद है कि बिक्री की कीमतें बढ़ेंगी; 2025-26 की चौथी तिमाही के दौरान लाभ मार्जिन सकारात्मक रहने की संभावना है।

2026-27 की पहली और दूसरी तिमाही के लिए अपेक्षाएं

सेवा कंपनियों को अगले वित्तीय वर्ष की पहली छमाही में समग्र व्यावसायिक स्थिति, कारोबार और रोजगार में सुधार की उम्मीद है (तालिका सी)।
सर्विस फर्मों के लिए इनपुट लागत का दबाव बने रहने की संभावना है; साथ ही बिक्री कीमतों में भी लगातार बढ़ोतरी होगी।

Chart 1: Turnover of Services Companies -Net Response

प्रतिक्रिया देने वाली सेवा फर्मों ने बताया कि अपने मौजूदा संसाधनों के साथ वे 2025-26 की दूसरी तिमाही के दौरान 10.1 प्रतिशत अतिरिक्त सेवाएं प्रदान करने में सक्षम थे (तालिका एस14)।

B. आधारभूत संरचना क्षेत्र

2025-26 की तीसरी तिमाही के लिए मूल्यांकन

इनफ्रास्ट्रक्चर कंपनियों ने समग्र कारोबारी स्थिति और अपने कारोबार का सकारात्मक मूल्यांकन किया, हालांकि पिछली तिमाही की तुलना में उनकी भावनाएं कम हो गईं (चार्ट 2 और तालिका बी)।
पूर्णकालिक और अंशकालिक रोजगार दोनों पर भावनाएं बेहतर हुईं।
इनफ्रास्ट्रक्चर फर्मों ने इनपुट लागत, वेतन व्यय और वित्त की लागत से उत्पन्न उच्च दबावों का आकलन किया।
प्रतिक्रिया देने वाली फर्मों ने पिछली तिमाही की तुलना में बिक्री की कीमतों और लाभ मार्जिन में कम वृद्धि दर्ज की।

2025-26 की चौथी तिमाही के लिए अपेक्षाएं

2025-26 की चौथी तिमाही में इनफ्रास्ट्रक्चर कंपनियां समग्र कारोबारी स्थिति और मांग की स्थितियों पर अत्यधिक आशावादी बनी हुई हैं (चार्ट 2 और तालिका बी)।
लागत दबाव और बढ़ने की संभावना है, और बुनियादी ढांचा कंपनियां बिक्री की कीमतों और लाभ मार्जिन में सुधार की उम्मीद करती हैं।

2026-27 की पहली और दूसरी तिमाही के लिए अपेक्षाएं

2026-27 (तालिका डी) तक प्रतिक्रिया देने वाली फर्मों को मांग की स्थितियों में क्रमिक सुधार की उम्मीद है।
2026-27 के निकट भविष्य में इनपुट लागत दबाव बने रहने की संभावना है और बिक्री कीमतों में वृद्धि उच्च स्तर पर रहने की उम्मीद है।

Chart 2: Turnover of Infrastructure Companies -Net Response

Summary of Net Responses³ on Survey Parameters

Table A: Services Sector

(per cent)

Parameters

Assessment period

Expectations period

Q2:2025-26*

Q3:2025-26

Q3:2025-26*

Q4:2025-26

Overall Business Situation

37.2

33.0

73.2

70.2

Turnover

37.7

32.5

74.0

69.4

Full-time Employees

20.0

20.8

49.5

46.1

Part-time Employees

18.3

18.5

48.4

45.7

Availability of Finance

27.2

22.9

57.8

52.8

Cost of Finance

-23.3

-25.4

-47.6

-45.6

Salary & Wages

-29.1

-26.8

-50.8

Cost of Inputs

-39.1

-34.7

-53.5

-55.5

Selling Price

16.0

14.6

45.8

47.1

Profit Margin

14.4

8.5

49.9

45.1

Inventories

17.6

20.1

52.7

47.3

Technical/Service Capacity

22.4

25.5

54.9

56.0

Physical Investment

19.5

22.9

55.9

54.4

*: Based on the previous round’s response.

Table B: Infrastructure Sector

(per cent)

Parameters

Assessment period

Expectations period

Q2:2025-26*

Q3:2025-26

Q3:2025-26*

Q4:2025-26

Overall Business Situation

35.2

27.3

67.8

69.8

Turnover

34.8

28.5

70.0

Full-time Employees

18.2

24.0

44.8

59.1

Part-time Employees

17.1

18.3

45.3

61.9

Availability of Finance

33.7

25.3

62.6

61.7

Cost of Finance

-25.0

-28.2

-47.4

-55.3

Salary & Wages

-26.1

-27.3

-46.2

-58.4

Cost of Inputs

-48.4

-49.3

-57.8

-68.8

Selling Price

25.0

22.2

43.6

60.8

Profit Margin

23.3

13.4

47.2

63.1

Inventories

30.8

21.6

54.5

63.2

Technical/Service Capacity

25.0

21.7

57.6

69.4

Physical Investment

30.9

25.2

66.7

72.6

*: 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 46

Round 47

Q3:2025-26

Q4:2025-26

Q1:2025-26

Q2:2026-27

Overall Business Situation

73.2

70.2

71.3

72.5

Turnover

74.0

69.4

73.3

Full-time Employees

49.5

46.1

51.2

50.3

Part-time Employees

48.4

45.7

50.9

50.6

Cost of Inputs

-53.5

-55.5

-56.3

-54.9

Selling Price

45.8

47.1

50.3

51.2

Table D: Infrastructure Sector

Parameter

Round 46

Round 47

Q3:2025-26

Q4:2025-26

Q1:2025-26

Q2:2026-27

Overall Business Situation

67.8

69.8

70.9

73.6

Turnover

70.0

71.1

72.5

Full-time Employees

44.8

59.1

56.5

57.8

Part-time Employees

45.3

61.9

61.4

62.2

Cost of Inputs

-57.8

-68.8

-66.7

Selling Price

43.6

60.8

66.7

65.0

Note: Please see the excel file for time series data

Service Sector

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

Q3:24-25

42.8

48.3

8.9

33.9

70.1

27.8

2.1

68.0

Q4:24-25

42.5

49.9

7.6

34.9

71.4

26.4

2.2

69.2

Q1:25-26

45.8

44.0

10.2

35.5

71.7

26.2

2.1

69.6

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

71.9

26.5

1.7

70.2

‘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

Q3:24-25

44.8

44.0

11.2

33.5

71.9

25.2

3.0

68.9

Q4:24-25

44.9

44.4

10.7

34.3

74.1

23.3

2.6

71.6

Q1:25-26

46.8

41.8

11.4

35.4

74.8

22.7

2.5

72.3

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

71.9

25.6

2.5

69.4

‘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

Q3:24-25

34.5

58.7

6.8

27.8

45.8

52.4

1.8

44.0

Q4:24-25

28.4

63.7

7.9

20.4

54.3

44.0

1.7

52.6

Q1:25-26

30.5

60.6

9.0

21.5

55.1

43.8

1.1

53.9

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

47.4

51.2

1.3

46.1

‘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

Q3:24-25

29.7

64.4

5.9

23.8

54.1

43.8

2.1

52.1

Q4:24-25

22.5

70.7

6.8

15.8

59.0

38.9

2.2

56.8

Q1:25-26

23.4

69.3

7.3

16.1

58.0

40.6

1.5

56.5

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

47.7

50.2

2.0

45.7

‘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

Q3:24-25

34.7

58.9

6.4

28.3

51.4

47.2

1.4

50.1

Q4:24-25

27.9

63.9

8.2

19.7

58.0

40.6

1.4

56.6

Q1:25-26

30.1

62.8

7.0

23.1

58.4

40.2

1.4

57.0

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

54.3

44.3

1.5

52.8

‘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

Q3:24-25

38.9

57.7

3.4

-35.4

55.9

42.5

1.6

-54.3

Q4:24-25

33.7

59.3

6.9

-26.8

61.1

37.0

1.9

-59.2

Q1:25-26

32.3

59.4

8.3

-23.9

61.5

36.4

2.0

-59.5

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

48.9

47.7

3.3

-45.6

‘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

Q3:24-25

33.5

63.5

3.0

-30.4

45.0

54.5

0.5

-44.5

Q4:24-25

29.5

66.4

4.0

-25.5

55.7

43.7

0.6

-55.1

Q1:25-26

42.2

54.4

3.4

-38.8

61.9

37.7

0.4

-61.5

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

51.9

47.0

1.1

-50.8

‘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

Q3:24-25

46.2

50.4

3.4

-42.7

65.6

33.1

1.3

-64.2

Q4:24-25

41.2

54.2

4.5

-36.7

69.4

30.1

0.5

-68.9

Q1:25-26

41.4

53.1

5.5

-35.9

70.1

29.0

0.9

-69.2

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

56.6

42.4

1.1

-55.5

‘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

Q3:24-25

29.0

64.1

6.9

22.2

50.4

47.3

2.3

48.0

Q4:24-25

21.2

72.4

6.4

14.8

57.9

39.8

2.3

55.6

Q1:25-26

22.9

69.6

7.5

15.4

57.4

41.1

1.6

55.8

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

2.8

45.8

Q4:25-26

49.0

2.0

47.1

‘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

Q3:24-25

28.4

58.2

13.4

15.0

42.3

53.7

3.9

38.4

Q4:24-25

21.2

65.1

13.6

7.6

52.6

43.7

3.7

48.9

Q1:25-26

24.4

59.3

16.3

8.1

53.0

43.3

3.7

49.3

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

49.4

46.3

4.3

45.1

‘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

Q3:24-25

29.8

64.6

5.5

24.3

47.7

51.3

1.1

46.6

Q4:24-25

26.5

65.6

7.9

18.6

55.0

43.6

1.4

53.6

Q1:25-26

22.8

68.6

8.6

14.3

56.1

41.9

2.0

54.1

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

49.9

47.5

2.6

47.3

‘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

Q3:24-25

32.4

64.2

3.4

29.0

58.6

41.1

0.3

58.3

Q4:24-25

22.0

73.2

4.8

17.1

64.3

35.0

0.7

63.6

Q1:25-26

23.3

73.0

3.7

19.7

62.7

37.3

0.0

62.7

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

56.3

43.4

0.3

56.0

‘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

Q3:24-25

30.2

66.4

3.4

26.8

57.0

42.7

0.3

56.7

Q4:24-25

20.2

74.4

5.4

14.8

61.5

37.7

0.9

60.6

Q1:25-26

20.8

75.8

3.4

17.5

58.0

41.6

0.4

57.6

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

54.9

44.6

0.5

54.4

‘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)

Q2:2023-24

Q1:2023-24

84.3

12.3

Q3:2023-24

Q2:2023-24

74.0

11.8

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

Infrastructure Sector

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

Q3:24-25

40.2

47.2

12.6

27.6

70.3

26.8

2.9

67.4

Q4:24-25

44.4

49.0

6.5

37.9

70.9

25.2

3.9

66.9

Q1:25-26

41.3

49.6

9.1

32.2

72.2

24.5

3.3

68.9

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

70.5

28.9

0.7

69.8

Table I2: Assessment and Expectation for Turnover

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q3:24-25

44.1

42.5

13.4

30.7

73.2

24.6

2.2

71.0

Q4:24-25

45.5

46.1

8.4

37.0

72.7

24.2

3.1

69.5

Q1:25-26

46.2

42.0

11.8

34.5

75.2

20.9

3.9

71.2

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

72.0

26.0

2.0

70.0

‘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

Q3:24-25

30.7

60.6

8.7

22.0

41.5

56.3

2.2

39.3

Q4:24-25

29.9

63.6

6.5

23.4

48.4

3.1

45.3

Q1:25-26

22.7

70.6

6.7

16.0

61.2

37.5

1.3

59.9

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

59.1

40.9

0.0

59.1

‘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

Q3:24-25

30.3

61.6

8.1

22.2

54.3

40.2

5.4

48.9

Q4:24-25

31.5

65.4

3.1

28.5

62.0

34.0

4.0

58.0

Q1:25-26

19.1

75.5

5.3

13.8

62.8

34.1

3.1

59.7

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

63.5

34.9

1.6

61.9

‘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

Q3:24-25

34.1

57.9

7.9

26.2

55.1

44.1

0.7

54.4

Q4:24-25

34.0

59.5

6.5

27.5

60.8

37.6

1.6

59.2

Q1:25-26

22.7

68.1

9.2

13.4

71.8

26.2

2.0

69.8

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

62.4

36.9

0.7

61.7

‘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

Q3:24-25

37.3

52.4

10.3

-27.0

63.5

33.3

3.2

-60.3

Q4:24-25

40.1

49.3

10.5

-29.6

60.7

36.9

2.5

-58.2

Q1:25-26

25.0

65.8

9.2

-15.8

68.2

26.4

5.4

-62.8

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

60.3

34.8

5.0

-55.3

‘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

Q3:24-25

34.9

61.1

4.0

-31.0

43.1

56.9

0.0

-43.1

Q4:24-25

35.9

61.4

2.6

-33.3

47.6

52.4

0.0

-47.6

Q1:25-26

30.0

65.0

5.0

-25.0

66.7

32.7

0.7

-66.0

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

58.4

41.6

0.0

-58.4

‘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

Q3:24-25

48.0

45.6

6.4

-41.6

70.8

29.2

0.0

-70.8

Q4:24-25

52.3

43.0

4.6

-47.7

70.4

29.6

0.0

-70.4

Q1:25-26

39.8

53.1

7.1

-32.7

74.3

22.4

3.3

-71.1

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

70.9

27.0

2.1

-68.8

‘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

Q3:24-25

27.0

63.1

9.9

17.1

52.7

44.5

2.7

50.0

Q4:24-25

30.1

65.4

4.5

25.6

56.4

43.6

0.0

56.4

Q1:25-26

22.9

67.6

9.5

13.3

62.9

36.4

0.8

62.1

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

63.2

34.4

2.4

60.8

‘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

Q3:24-25

28.0

55.2

16.8

11.2

45.7

49.3

5.1

40.6

Q4:24-25

27.5

61.4

11.1

16.3

55.2

40.0

4.8

50.4

Q1:25-26

23.3

60.3

16.4

6.9

61.8

34.2

3.9

57.9

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

67.8

27.5

4.7

63.1

‘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

Q3:24-25

35.6

56.8

7.6

28.0

59.1

38.2

2.7

56.4

Q4:24-25

37.2

52.4

10.3

26.9

62.4

35.9

1.7

60.7

Q1:25-26

24.8

67.3

8.0

16.8

74.1

22.4

3.5

70.6

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

66.9

29.4

3.7

63.2

‘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

Q3:24-25

32.9

62.0

5.1

27.8

72.5

27.5

0.0

72.5

Q4:24-25

34.8

62.6

2.6

32.2

68.8

30.0

1.3

67.5

Q1:25-26

20.7

73.2

6.1

14.6

72.6

27.4

0.0

72.6

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

70.3

28.8

0.9

69.4

‘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

Q3:24-25

32.6

61.6

5.8

26.7

75.3

24.7

0.0

75.3

Q4:24-25

34.1

63.4

2.4

31.7

71.1

28.9

0.0

71.1

Q1:25-26

25.0

70.2

4.8

20.2

73.8

26.2

0.0

73.8

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

72.6

27.4

0.0

72.6

‘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, जिन्हें आवश्यक रूप से रिज़र्व बैंक द्वारा साझा नहीं किया जाता है।

² पिछले सर्वेक्षण दौर के परिणाम 01 अक्तूबर 2025 को बैंक की वेबसाइट पर जारी किए गए।

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.