IIP growth eased to 4.1% in March 2026: The YoY IIP growth slowed to 4.1% in March 2026 from the downward revised 5.1% in February 2026, while exceeding ICRA’s forecast (+1.5%). This was entirely driven by a deterioration in the output of the core sector (to -0.4% from +2.8%) in March 2026 compared to February, while the implicit expansion in the non-core segment (to +7.8% from +6.9%) improved between these months.

EXHIBIT: IIP growth eased to a 5-month low of 4.1% in March 2026 (+3.9% in March 2025) from the downward revised 5.1% in February 2026 (+2.7% in February 2025), while printing much higher than ICRA’s expectations (+1.5%)