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03 December 2025
Author: Asif S Kasbati (FCA, FCMA & LLB)
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A. Background
This refers to the following Important EIQCs in trail, blue, italic and after double line 411 of 3.11.25 about August 2025 Quantum Index of Large Scale Manufacturing (QIM) for Better Planning
B. Updated Commentary
1. Further to KQU 3665 of 22.11.25, being an important matter, we would inform you about Summary of QIM September 2025 (Attachment 418.1).
2. The provisional quantum indices of Large Scale Manufacturing Industries (LSMI) for September, 2025 with base year 2015-16 have been developed on the basis of latest data supplied by the source agencies. The indices for September 2025 and July-September 2025-26 along with growth are as follows: -
• QIM estimated for July-September, 2025-26 is 114.23.
• Overall Large Scale Manufacturing Sector has shown a growth of 4.08% during July September 2025-26 when compared with the same period of last year.
• QIM estimated for September, 2025 is 114.69.
• The LSMI output increased by 2.69% for September, 2025 when compared with September, 2024 and 2.05% when compared with August, 2025.
3. The provisional quantum indices of LSMI for Jul-Sep 2025-26 with Monthly Indices and Growth percentage changes and growth impact by source are given in Table 1 below:
Monthly Indices and Growth | Jul-September 2025-26 | ||||||
Index for | Growth | Index for | Growth | ||||
Sep-25 | Sep-24 | Aug-25 | MOM | YOY | 2025-26 | 2024-25 | 2025-26 |
114.69 | 111.69 | 112.39 | 2.05 | 2.69 | 114.23 | 109.75 | 4.08 |
4. The growth of important items/group of items is as follows;
Manufacturing Sector | Weight | % Change | |
25-Sep | Jul-Sep 2025-26 | ||
Cotton Yarn | 8.88 | 1.99 | 2.62 |
Cotton Cloth | 7.29 | 0.21 | 0.28 |
Garments | 6.08 | -2.18 | 2.43 |
Petroleum Products | 6.66 | 6.96 | 3.35 |
Fertilizers | 3.93 | -4.13 | -0.97 |
Cement | 4.65 | 9.34 | 15.32 |
Iron & Steel | 3.45 | -3.7 | -3.52 |
Automobile | 3.1 | 75.25 | 84.58 |
The main contributors towards overall growth of 4.08% are Food (0.91), Tobacco (0.05), Textile 0.34) Garments (0.42), Paper & Board (0.13), Petroleum Products (-0.26), Chemicals (-0.19), Pharmaceuticals (-0.30), Cement (0.83), Iron & Steel Products (-0.16), Electrical Equipment (0.11), Machinery and Equipment (-0.04), Automobiles (1.84), Other transport Equipment (0.20), and Furniture (-0.40).
5. Month-wise trend of QIM from August, 2023 to September, 2025 is given in the following graph:
6. The sectors showing growth during July-September 2025-26 compared to July- September 2024-25 are given below:-
Manufacturing Sector | Weight | (%) Change | (%) Change | YOY Growth Impact 2025-26 | |||
2024-25 | 2025-26 | ||||||
Sep | Jul-Sep | Sep | Jul-Sep | Monthly | Cumulative | ||
Food | 10.69 | 2.24 | 2.31 | 4.61 | 6.94 | 0.6 | 0.91 |
Tobacco | 2.07 | 52.61 | 40.36 | -12.08 | 2.48 | -0.21 | 0.04 |
Textile | 18.16 | 2.38 | 3.18 | 5.95 | 1.88 | 1.04 | 0.34 |
Wearing Apparel | 6.08 | 23.83 | 17.62 | -2.18 | 2.43 | -0.39 | 0.42 |
Leather Products | 1.23 | -3.58 | -0.62 | 3.67 | 2.14 | 0.03 | 0.02 |
Paper & Board | 1.63 | 5.87 | 6.34 | -2.31 | 5.34 | -0.06 | 0.13 |
Coke & Petroleum Products | 6.66 | 9.52 | 7.85 | 6.96 | 3.35 | 0.54 | 0.26 |
Rubber Products | 0.24 | 2.57 | -4.59 | 13.01 | 14.1 | 0.03 | 0.03 |
Non Metallic Mineral Products | 5.01 | -18.06 | -19 | 6.52 | 13.86 | 0.4 | 0.81 |
Fabricated Metal | 0.42 | -31.29 | -24.52 | 11.28 | 3.37 | 0.03 | 0.01 |
Computer, electronics and Optical products | 0.03 | 0.84 | -0.46 | 1.76 | 1.7 | 0 | 0 |
Electrical Equipment | 2.05 | -31.38 | -23.31 | 6.52 | 4 | 0.17 | 0.11 |
Automobiles | 3.1 | 32.96 | 25.59 | 75.25 | 84.58 | 1.85 | 1.84 |
Other transport Equipment | 0.69 | 23.88 | 23.25 | 26.19 | 35.38 | 0.17 | 0.2 |
Other Manufacturing (Football) | 0.32 | -12.81 | -2.87 | 38.98 | 25.39 | 0.15 | 0.11 |
7. The sectors showing Decline during July- September 2025-26 compared to July- September 2024-25 are given below:-
Manufacturing Sector | Weight | (%) Change | (%) Change | YOY Growth Impact 2025-26 | |||
2024-25 | 2025-26 | ||||||
Sep | Jul-Sep | Sep | Jul-Sep | Monthly | Cumulative | ||
Beverages | 3.84 | -4.71 | -1.7 | 5.19 | -1.06 | 0.23 | -0.05 |
Wood Products | 0.18 | 0.87 | 3.45 | -1.2 | -1.5 | 0 | 0 |
Chemicals | 6.48 | -3.4 | -0.66 | -3.68 | -2.18 | -0.3 | -0.19 |
Chemicals Products | 2.55 | -15.91 | -6.97 | -2.82 | -4.38 | -0.08 | -0.13 |
Fertilizers | 3.93 | 4.69 | 3.18 | -4.13 | -0.97 | -0.22 | -0.05 |
Pharmaceuticals | 5.15 | 2.46 | -0.29 | -10.8 | -4.81 | -0.68 | -0.3 |
Iron & Steel Products | 3.45 | -10.67 | -12.6 | -3.7 | -3.52 | -0.16 | -0.16 |
Machinery and Equipment | 0.39 | -73.39 | -47.2 | 50.7 | -14.15 | 0.1 | -0.04 |
Furniture | 0.51 | -66.09 | -59.69 | -38.46 | -22.26 | -0.85 | -0.4 |
The production in July-September 2025-26 as compared to July-September 2024-25 has increased in Food, Tobacco, wearing apparel, Non Metallic Mineral Products, Electrical Equipment, Automobiles and Other Transport Equipment while it Decreased in Beverages, Textile, Chemical Products, Iron & Steel Products, Machinery and Equipment, and Furniture.
C. Further Details & Services
Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email Mr Amsal at amsal@kasbati.co with CC to info.kasbati@professional-
Best regards for Here & Hereafter
Asif S Kasbati (FCA, FCMA & LLB)
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