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प्रकाशन

2025-26 की दूसरी तिमाही (Q2) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

आज भारतीय रिज़र्व बैंक ने 2025-26 की दूसरी तिमाही के दौरान संचालित सेवा और आधारभूत संरचना (इन्फ्रास्ट्रक्चर) परिदृश्य (एसआइओएस) के सर्वेक्षण के 46 वें दौर का परिणाम जारी किया। भविष्योन्मुखी सर्वेक्षण1 यह अग्रलक्षी सर्वेक्षण सेवा और बुनियादी ढांचा 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, 706 कंपनियों ने 2025-26 की दूसरी तिमाही के लिए अपना मूल्यांकन और 2025-26 तीसरी 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 दूसरी तिमाही के लिए मूल्यांकन

  • सेवा क्षेत्र की फर्मों ने 2025-26 की दूसरी तिमाही के दौरान समग्र व्यावसायिक स्थिति और अपने कारोबार में सुधार का आकलन किया (चार्ट 1 और तालिका A)। 2025-26 की दूसरी तिमाही के दौरान वित्त की उपलब्धता के बेहतर आकलन के साथ रोज़गार की स्थिति सकारात्मक बनी रही।

  • उद्यमों ने इनपुट लागत से उच्च दबाव का अनुमान लगाया, हालांकि तिमाही के दौरान वेतन व्यय और वित्त की लागत से दबाव कम हुआ।

  • 2025-26 की दूसरी तिमाही में बिक्री मूल्य और लाभ मार्जिन पर फर्मों की भावनाएं मजबूत हुईं।

2025-26 की तीसरी तिमाही के लिए अपेक्षाएं

  • उत्तरदाता समग्र व्यावसायिक स्थिति, टर्नओवर, साथ ही 2025-26 की तीसरी तिमाही के दौरान पूर्णकालिक और अंशकालिक रोजगार दोनों के बारे में अधिक उत्साहित थे (चार्ट 1 और तालिका ए)।

  • 2025-26 की तीसरी तिमाही में वेतन बिल, वित्त लागत और इनपुट लागत का दबाव बढ़ने की उम्मीद है; हालांकि, बिक्री मूल्यों में अपेक्षित वृद्धि से सेवा कंपनियों को अपने लाभ मार्जिन को बनाए रखने में मदद मिल सकती है।

2025-26 की चौथी और 2026-27 की पहली तिमाही के लिए अपेक्षाएं

  • उत्तरदाता 2026-27 की पहली तिमाही तक समग्र व्यावसायिक स्थितियों के बारे में आशावादी बने हुए हैं (तालिका सी)।

  • आगामी तिमाहियों में रोजगार की संभावनाएं भी मजबूत होने की उम्मीद है।

  • इनपुट लागत का दबाव जारी रहने की संभावना है, साथ ही बिक्री मूल्यों में और वृद्धि होने की भी संभावना है।

Chart 1: Turnover of Services Companies -Net Response

  • प्रतिक्रिया देने वाली सेवा फर्मों ने बताया कि अपने मौजूदा संसाधनों के साथ वे 2024-25 की चौथी तिमाही के दौरान 10.7 प्रतिशत अतिरिक्त सेवाएं प्रदान कर सकते हैं (तालिका S14)।

B. आधारभूत संरचना क्षेत्र

2025-26 की दूसरी तिमाही के लिए मूल्यांकन

  • बुनियादी ढांचा फर्मों ने 2025-26 की दूसरी तिमाही के दौरान मांग की स्थिति में सुधार की सूचना दी (चार्ट 2 और तालिका बी)।

  • उद्यमों को 2025-26 की दूसरी तिमाही के दौरान इनपुट लागत, वित्त की लागत और वेतन व्यय से उत्पन्न उच्च लागत दबाव का अनुभव हुआ।

  • बुनियादी ढांचा कंपनियों ने बिक्री मूल्यों और लाभ मार्जिन में उच्च वृद्धि का आकलन किया।

2025-26 की तीसरी तिमाही के लिए अपेक्षाएं

  • उत्तरदाता 2025-26 की तीसरी तिमाही में समग्र व्यावसायिक स्थिति, कारोबार और रोजगार के बारे में आशावादी बने रहे, हालांकि पिछले सर्वेक्षण दौर की तुलना में उम्मीदें कुछ हद तक कम थीं (तालिका बी)।

  • 2025-26 की तीसरी तिमाही के दौरान इनपुट लागत दबाव कम होने की उम्मीद है।

  • विक्रय मूल्यों और लाभ मार्जिन में वृद्धि के संबंध में आशावाद पिछली तिमाही की तुलना में कम हुआ।

2025-26 की चौथी और 2026-27 की पहली तिमाही के लिए अपेक्षाएं

  • उत्तरदाताओं का 2026-27 की पहली तिमाही तक मांग और रोजगार की स्थिति पर सकारात्मक रुख बना हुआ है (तालिका डी)।

  • इनपुट लागत का दबाव निकट भविष्य में जारी रहने की संभावना है, जबकि बिक्री मूल्यों में वृद्धि उच्च स्तर पर बनी 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
Q1:2025-26* Q2:2025-26 Q2:2025-26* Q3:2025-26
Overall Business Situation 35.5 37.2 58.7 73.2
Turnover 35.4 37.7 60.3 74.0
Full-time Employees 21.5 20.0 40.4 49.5
Part-time Employees 16.1 18.3 39.8 48.4
Availability of Finance 23.1 27.2 44.4 57.8
Cost of Finance -23.9 -23.3 -39.7 -47.6
Salary & Wages -38.8 -29.1 -42.7 -50.8
Cost of Inputs -35.9 -39.1 -53.2 -53.5
Selling Price 15.4 16.0 37.2 45.8
Profit Margin 8.1 14.4 34.6 49.9
Inventories 14.3 17.6 39.0 52.7
Technical/Service Capacity 19.7 22.4 45.7 54.9
Physical Investment 17.5 19.5 42.3 55.9
*: Based on the previous round’s response.

Table B: Infrastructure Sector
(per cent)
Parameters Assessment period Expectations period
Q1:2025-26* Q2:2025-26 Q2:2025-26* Q3:2025-26
Overall Business Situation 32.2 35.2 66.7 67.8
Turnover 34.5 34.8 65.0 70.0
Full-time Employees 16.0 18.2 54.8 44.8
Part-time Employees 13.8 17.1 64.1 45.3
Availability of Finance 13.4 33.7 61.7 62.6
Cost of Finance -15.8 -25.0 -56.1 -47.4
Salary & Wages -25.0 -26.1 -61.7 -46.2
Cost of Inputs -32.7 -48.4 -71.6 -57.8
Selling Price 13.3 25.0 60.4 43.6
Profit Margin 6.9 23.3 51.3 47.2
Inventories 16.8 30.8 58.2 54.5
Technical/Service Capacity 14.6 25.0 70.9 57.6
Physical Investment 20.2 30.9 77.8 66.7
*: 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 45 Round 46
Q2:2025-26 Q3:2025-26 Q4:2025-26 Q1:2026-27
Overall Business Situation 58.7 73.2 74.2 74.5
Turnover 60.3 74.0 74.5 73.9
Full-time Employees 40.4 49.5 51.5 53.3
Part-time Employees 39.8 48.4 52.6 53.5
Cost of Inputs -53.2 -53.5 -55.4 -53.7
Selling Price 37.2 45.8 52.2 52.7

Table D: Infrastructure Sector
Parameter Round 45 Round 46
Q2:2025-26 Q3:2025-26 Q4:2025-26 Q1:2026-27
Overall Business Situation 66.7 67.8 76.1 74.7
Turnover 65.0 70.0 75.6 71.9
Full-time Employees 54.8 44.8 51.9 47.4
Part-time Employees 64.1 45.3 52.5 62.7
Cost of Inputs -71.6 -57.8 -52.9 -57.6
Selling Price 60.4 43.6 52.8 51.4

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
Q2:24-25 41.9 46.4 11.7 30.2 71.5 26.5 2.0 69.4
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         74.5 24.1 1.3 73.2
‘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
Q2:24-25 43.6 43.5 12.9 30.7 71.9 24.8 3.3 68.7
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         76.2 21.7 2.1 74.0
‘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
Q2:24-25 29.0 62.0 9.0 20.1 52.2 46.0 1.7 50.5
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         51.2 47.1 1.7 49.5
‘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
Q2:24-25 22.2 69.6 8.3 13.9 55.4 42.1 2.5 52.9
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         51.1 46.1 2.7 48.4
‘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
Q2:24-25 28.5 62.8 8.7 19.8 58.8 40.0 1.2 57.6
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         59.5 38.9 1.7 57.8
‘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
Q2:24-25 36.6 59.0 4.3 -32.3 59.4 38.0 2.6 -56.9
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         51.6 44.4 4.0 -47.6
‘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
Q2:24-25 29.9 66.0 4.1 -25.8 54.5 44.9 0.7 -53.8
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         51.9 46.9 1.2 -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
Q2:24-25 44.4 51.8 3.8 -40.6 66.5 32.9 0.6 -65.9
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         55.3 42.9 1.8 -53.5
‘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
Q2:24-25 20.5 71.1 8.4 12.1 55.5 43.2 1.4 54.1
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         48.6 48.6 2.8 45.8
‘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
Q2:24-25 21.0 62.1 16.8 4.2 49.6 46.3 4.2 45.4
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         54.8 40.3 4.9 49.9
‘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
Q2:24-25 24.5 69.4 6.1 18.4 54.3 43.4 2.3 52.0
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         55.4 42.0 2.6 52.7
‘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
Q2:24-25 23.0 72.5 4.5 18.5 57.2 42.5 0.2 57.0
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         56.6 41.8 1.6 54.9
‘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
Q2:24-25 21.6 72.9 5.5 16.1 55.7 44.1 0.3 55.4
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         57.3 41.2 1.5 55.9
‘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)
Q1:2023-24 Q4:2022-23 79.8 13.6
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 66.2 11.2
Q2:2025-26 Q1:2025-26 80.0 10.7

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
Q2:24-25 38.4 44.9 16.7 21.7 76.5 21.6 2.0 74.5
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         71.1 25.6 3.3 67.8
‘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 I2: Assessment and Expectation for Turnover
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:24-25 41.3 42.8 15.9 25.4 73.2 23.5 3.3 69.9
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         75.6 18.9 5.6 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
Q2:24-25 28.3 61.6 10.1 18.1 64.7 33.3 2.0 62.7
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 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         49.4 46.0 4.6 44.8
‘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
Q2:24-25 21.5 66.7 11.8 9.7 63.7 33.3 3.0 60.7
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         50.7 44.0 5.3 45.3
‘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
Q2:24-25 31.4 55.5 13.1 18.2 68.0 32.0 0.0 68.0
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         65.9 30.8 3.3 62.6
‘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
Q2:24-25 38.3 50.0 11.7 -26.6 65.1 32.2 2.7 -62.4
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         57.7 32.1 10.3 -47.4
‘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
Q2:24-25 31.9 63.0 5.1 -26.8 70.6 29.4 0.0 -70.6
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         48.4 49.5 2.2 -46.2
‘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
Q2:24-25 49.2 42.3 8.5 -40.8 75.9 23.4 0.7 -75.2
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         60.0 37.8 2.2 -57.8
‘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
Q2:24-25 24.5 61.8 13.6 10.9 69.8 27.1 3.1 66.7
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         50.0 43.6 6.4 43.6
‘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
Q2:24-25 26.8 52.2 21.0 5.8 65.1 31.6 3.3 61.8
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         53.9 39.3 6.7 47.2
‘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
Q2:24-25 30.4 59.8 9.8 20.5 71.5 27.0 1.5 70.1
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         59.7 35.1 5.2 54.5
‘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
Q2:24-25 30.9 57.4 11.8 19.1 79.1 20.9 0.0 79.1
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         59.1 39.4 1.5 57.6
‘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
Q2:24-25 36.5 52.7 10.8 25.7 75.8 24.2 0.0 75.8
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         68.2 30.3 1.5 66.7
‘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 06 अगस्त 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.

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