Q4 FY2026 GDP growth printed at better-than-expected 7.8%: India’s GDP growth eased only marginally to 7.8% in Q4 FY2026 from the upward revised 8.0% in Q3 FY2026, amid a stronger-than-expected performance of the services sector (at +9.9% each). The industrial GVA growth decelerated to 7.3% in Q4 FY2026 from 9.5% in Q3, while agricultural GVA growth rose to 3.6% from 1.7%, respectively. Amongst the industrial segments, the construction GVA growth was robust, despite the YoY contraction seen in Government of India’s capital expenditure (-23.3%) in Q4 FY2026.

EXHIBIT: YoY GDP growth trends