🏗️ India’s Industry Pulse — Slower Headline Growth, Hidden Pockets of Strength

June 2025 saw core industries grow 1.7%, better than May’s 0.7% but far below early 2024’s 5–6% pace. Coal and electricity output weakened on last year’s high base, but steel and cement surged over 9%, signalling robust construction activity. The broader IIP rose 1.5% in June. Manufacturing grew 3.9%, while mining fell 8.7% and electricity slipped 2.6%. Infrastructure-linked goods rose 7%, but consumer non-durables dipped. While official data appears sluggish, the HSBC Manufacturing PMI hit 59.1 (a 1-year high), and Services PMI stayed strong at 60.5. Business confidence is up, but hiring slowed. Transport & Trade Signals: Rail freight growth modest at 3.6%, ports stronger at 5.6%. Diesel demand steady (+2–2.4%), electricity use weak. GST e-way bills up 20% YoY; GST collections grew 7.5%. Credit Flow: MSME lending up 13%, micro & small up 19%. Large industry loans flat; personal loans +11.8%. Gold loans soared 124%. Corporate Earnings (Q1 FY26): Industrials: Revenue +9.2%, Profit +16.2%. FMCG: Sales +9.6%, Profit +3.7%. Telecom: Sales +20.2%, Profit +32.6%. Energy: Profit +36% on refining margins. Healthcare: Profit –30.3%. Infrastructure & Construction: UltraTech Cement

, L&T , JSW Steel – riding strong steel/cement demand. MSME Credit Enablers: SBI, HDFC Bank – benefiting from robust SME loan growth. Telecom Leaders: Bharti Airtel, Reliance Jio (RIL) – high revenue/profit growth. 💡 Lone-Man Storytelling Angle: Picture a builder in Pune watching cement trucks roll in daily. Orders are piling up, steel deliveries are on time, and workers are busy—his world is booming. Yet, across town, a textile mill owner sees fewer power bills, slower orders, and hesitates to hire. On Dalal Street, investors try to read these cross-currents: some sectors sprint ahead, others catch their breath. India’s economy isn’t one story—it’s a mosaic, and the best opportunities are hidden in the tiles that shine the brightest.