India's core sector output grew 7.9% year on year in September 2026, according to a Whalesbook report of 21 October citing the Ministry of Commerce and Industry. August growth was revised to 5.9%. The eight core industries make up about 40% of the Index of Industrial Production. Spectate Media has not seen the ministry release.
Half-year picture
Cumulative growth for April to September 2026 was 5.1%, against 2.5% in the same period of 2025. September's pace is above both that half-year average and August's revised figure.
Which industries grew
Electricity output rose 11.4% and coal 10.7%. Crude oil output fell 1.4%, natural gas fell 4.6% and fertilisers fell 11.7%. The report does not give figures for refinery products, steel or cement, or for September 2025, so it is silent on those.
How it fits the power picture
The strong electricity and coal numbers sit alongside a July–September review by the Centre for Research on Energy and Clean Air, covered by Spectate Media on 21 October, which found peak power demand of 270 GW and coal supplying about 66% of generation.
Key numbers
- Core sector growth, September 2026: 7.9% (Year on year)
- August 2026 (revised): 5.9% (Previous month)
- April to September 2026: 5.1% (From 2.5% a year earlier)
- Electricity output: Up 11.4% (Coal up 10.7%)
What boards and CFOs should note
Three points stand out. First, growth is led by power and coal, which suggests energy demand is driving the index. Second, falls in gas and fertiliser output are worth watching for chemical and agriculture supply chains. Third, the report omits steel, cement and refinery products, so the full picture needs the ministry release.
Source: Whalesbook, 21 October 2026. This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
