**Executive Summary**
This report outlines the performance of the Index of Eight Core Industries (ICI) for February 2026, which recorded a provisional growth of 2.3% compared to February 2025. While industries such as Cement and Steel showed significant production increases, the energy sector—specifically Crude Oil and Natural Gas—experienced notable declines. The final index for March 2026 is scheduled for release on Monday, 20 April 2026.
**Key Points / Main Content**
**Overall Index Performance**
* The combined ICI increased by 2.3% (provisional) in February 2026 compared to the previous year.
* The cumulative growth rate for the period of April to February 2025-26 is 2.9%.
* The Eight Core Industries comprise 40.27% of the total weight of items included in the Index of Industrial Production (IIP).
* The growth rate for January 2026 has been finalized at 4.7%.
**Sector-Specific Growth (Positive)**
* **Cement (Weight: 5.37%):** Highest growth in February 2026 at 9.3%; cumulative growth stands at 9.2%.
* **Steel (Weight: 17.92%):** Increased by 7.2% in February 2026; cumulative growth is 9.7%.
* **Fertilizers (Weight: 2.63%):** Production increased by 3.4% during the month.
* **Coal (Weight: 10.33%):** Recorded a growth of 2.3% in February 2026.
* **Electricity (Weight: 19.85%):** Marginal growth of 0.5% in February 2026.
**Sector-Specific Declines**
* **Crude Oil (Weight: 8.98%):** Declined by 5.2% in February 2026; cumulative index declined by 2.5%.
* **Natural Gas (Weight: 6.88%):** Production fell by 5.0%; cumulative index declined by 3.5%.
* **Petroleum Refinery Products (Weight: 28.04%):** Declined by 1.0% in February 2026.
**Technical and Administrative Notes**
* Electricity generation data has included renewable sources since April 2014.
* Steel production data has included Hot Rolled Pickled and Oiled (HRPO) products since March 2019.
* Industry-wise weights are derived from the IIP and adjusted to a combined ICI weight of 100.
**Impact Analysis**
**Ministry of Commerce & Industry / Government Bodies**
**Impact**
Responsible for monitoring the 40.27% of the IIP represented by these industries to assess national industrial health.
**Action Required**
Analyze the causes behind the production declines in the Crude Oil and Natural Gas sectors and prepare for the release of the March 2026 index on 20 April 2026.
**Construction and Infrastructure Stakeholders (Steel and Cement)**
**Impact**
These sectors are showing the strongest growth (9.3% for Cement and 7.2% for Steel), suggesting high activity levels.
**Action Required**
Continue production and supply chain optimizations to maintain the high cumulative growth rates (over 9%) recorded for the April–February period.
**Energy and Extractives Sector (Coal, Crude Oil, Natural Gas)**
**Impact**
Crude Oil and Natural Gas are facing a contraction in production, with cumulative indices declining by 2.5% and 3.5% respectively.
**Action Required**
Industry operators in Crude Oil and Natural Gas must evaluate production inefficiencies or resource constraints to mitigate the ongoing year-on-year decline in output.
Key Entities Referenced
Index of Eight Core Industries (ICI): A monthly indicator that measures the production performance of eight key sectors: Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity.
Index of Industrial Production (IIP): A composite economic indicator from which the weights for the Eight Core Industries are derived, representing approximately 40.27 percent of its total items.
Ministry of Commerce & Industry: The primary central ministry responsible for monitoring and reporting the growth and production indices of the nation's core industrial sectors.
Ministry of Commerce & Industry
INDEX OF EIGHT CORE INDUSTRIES (BASE
YEAR: 2011-12=100) FOR FEBRUARY, 2026
Posted On: 20 MAR 2026 5:00PM by PIB Delhi
The combined Index of Eight Core Industries (ICI) increased by 2.3 per cent (provisional) in
February, 2026 as compared to the Index in February, 2025. The production of Cement, Steel,
Fertilizers, Coal and Electricity recorded positive growth in February, 2026. The details of annual
indices, monthly indices and growth rates are provided at Annex I and Annex II.
The ICI measures the combined and individual performance of production of eight core industries
viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The
Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of
Industrial Production (IIP).
The final growth rate of Index of Eight Core Industries for January 2026 was observed at 4.7 per cent.
The cumulative growth rate of ICI during April to February, 2025-26 is 2.9 per cent (provisional) as
compared to the corresponding period of last year.
The summary of the Index of Eight Core Industries is given below:
Coal - Coal production (weight: 10.33 per cent) increased by 2.3 per cent in February, 2026 over
February, 2025. Its cumulative index has remained unchanged at 185.8 during April to February,
2025-26 over corresponding period of the previous year.
Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 5.2 per cent in February, 2026
over February, 2025. Its cumulative index declined by 2.5 per cent during April to February, 2025-26
over corresponding period of the previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) declined by 5.0 per cent in February,
2026 over February, 2025. Its cumulative index declined by 3.5 per cent during April to February,
2025-26 over corresponding period of the previous year.
Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) declined by
1.0 per cent in February, 2026 over February, 2025. Its cumulative index declined by 0.1 per cent
during April to February, 2025-26 over corresponding period of the previous year.
Fertilizers - Fertilizer production (weight: 2.63 per cent) increased by 3.4 per cent in February, 2026
over February, 2025. Its cumulative index increased by 2.0 per cent during April to February, 2025-26
over corresponding period of the previous year.
Steel - Steel production (weight: 17.92 per cent) increased by 7.2 per cent in February, 2026 over
February, 2025. Its cumulative index increased by 9.7 per cent during April to February, 2025-26 over
corresponding period of the previous year.Cement - Cement production (weight: 5.37 per cent) increased by 9.3 per cent in February, 2026 over
February, 2025. Its cumulative index increased by 9.2 per cent during April to February, 2025-26 over
corresponding period of the previous year.
Electricity - Electricity generation (weight: 19.85 per cent) increased by 0.5 per cent in February,
2026 over February, 2025. Its cumulative index increased by 0.9 per cent during April to February,
2025-26 over corresponding period of the previous year.
Note 1: Data for January, 2026 is Final. Data for February, 2026 is Provisional. Index numbers of
Core Industries are revised/finalized as per updated data from source agencies.
Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.
Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP
and blown up on pro rata basis to a combined weight of ICI equal to 100.
Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under
the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.
Note 5: Release of the index for March, 2026 will be on Monday, 20th April, 2026.
Annex I
Performance of Eight Core Industries
Yearly Index & Growth Rate
Base Year: 2011-12=100
Index
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Overall
Oil Gas Products Index
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
2012- 103.2 99.4 85.6 107.2 96.7 107.9 107.5 104.0 103.8
13
2013- 104.2 99.2 74.5 108.6 98.1 115.8 111.5 110.3 106.5
14
2014- 112.6 98.4 70.5 108.8 99.4 121.7 118.1 126.6 111.7
15
2015- 118.0 97.0 67.2 114.1 106.4 120.2 123.5 133.8 115.1
16
2016- 121.8 94.5 66.5 119.7 106.6 133.1 122.0 141.6 120.5
172017- 124.9 93.7 68.4 125.2 106.6 140.5 129.7 149.2 125.7
18
2018- 134.1 89.8 69.0 129.1 107.0 147.7 147.0 156.9 131.2
19
2019- 133.6 84.5 65.1 129.4 109.8 152.6 145.7 158.4 131.6
20
2020- 131.1 80.1 59.8 114.9 111.6 139.4 130.0 157.6 123.2
21
2021- 142.3 77.9 71.3 125.1 112.4 163.0 156.9 170.1 136.1
22
2022- 163.5 76.6 72.4 131.2 125.1 178.1 170.6 185.2 146.7
23
2023- 182.7 77.1 76.8 135.9 129.8 200.4 185.7 198.3 157.8
24
2024- 192.0 75.4 75.9 139.7 133.5 214.1 197.4 208.6 164.9
25
Apr- 185.8 75.2 76.5 139.0 134.1 211.8 193.0 207.6 163.2
Feb
2024-
25
Apr- 185.8 73.3 73.8 138.9 136.8 232.4 210.7 209.4 167.9
Feb
2025-
26*
*Provisional
Growth Rates (on Y-o-Y basis in per cent)
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Overall
Oil Gas Products Growth
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
2012- 3.2 -0.6 -14.4 7.2 -3.3 7.9 7.5 4.0 3.8
132013- 1.0 -0.2 -12.9 1.4 1.5 7.3 3.7 6.1 2.6
14
2014- 8.0 -0.9 -5.3 0.2 1.3 5.1 5.9 14.8 4.9
15
2015- 4.8 -1.4 -4.7 4.9 7.0 -1.3 4.6 5.7 3.0
16
2016- 3.2 -2.5 -1.0 4.9 0.2 10.7 -1.2 5.8 4.8
17
2017- 2.6 -0.9 2.9 4.6 0.03 5.6 6.3 5.3 4.3
18
2018- 7.4 -4.1 0.8 3.1 0.3 5.1 13.3 5.2 4.4
19
2019- -0.4 -5.9 -5.6 0.2 2.7 3.4 -0.9 0.9 0.4
20
2020- -1.9 -5.2 -8.2 -11.2 1.7 -8.7 -10.8 -0.5 -6.4
21
2021- 8.5 -2.6 19.2 8.9 0.7 16.9 20.8 8.0 10.4
22
2022- 14.8 -1.7 1.6 4.8 11.3 9.3 8.7 8.9 7.8
23
2023- 11.8 0.6 6.1 3.6 3.7 12.5 8.9 7.1 7.6
24
2024- 5.1 -2.2 -1.2 2.8 2.9 6.8 6.3 5.2 4.5
25
Apr- 5.6 -2.2 -0.1 3.1 2.4 6.6 5.6 5.0 4.4
Feb
2024-
25
Apr- 0.0 -2.5 -3.5 -0.1 2.0 9.7 9.2 0.9 2.9
Feb
2025-
26**Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
Annex II
Performance of Eight Core Industries
Monthly Index & Growth Rate
Base Year: 2011-12=100
Index
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Overall
Oil Gas Products Index
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
Feb-25 215.6 69.7 70.0 133.5 124.9 216.8 215.1 194.0 163.0
Mar- 260.2 77.4 69.2 147.3 126.9 238.9 246.2 219.5 182.9
25
Apr-25 179.3 74.2 74.1 131.7 112.9 219.2 204.5 215.7 163.3
May- 189.8 76.5 75.9 143.3 127.9 225.3 209.0 218.5 170.2
25
Jun-25 173.7 73.5 73.7 138.6 132.4 223.8 214.7 220.1 167.3
Jul-25 143.0 75.6 75.5 141.7 141.6 239.1 194.8 228.4 168.9
Aug- 153.9 77.5 75.7 138.0 143.8 234.6 186.9 221.1 166.5
25
Sep-25 150.0 71.1 72.9 129.2 137.0 231.0 187.7 213.3 160.5
Oct-25 170.1 73.7 75.3 141.7 147.0 225.5 196.9 193.4 162.3
Nov-25 203.8 71.5 73.8 137.1 143.8 227.2 202.8 181.3 162.4
Dec-25 222.8 73.5 74.7 147.6 145.5 244.1 240.8 204.9 177.3
Jan-26 236.9 73.4 74.2 147.2 144.2 254.3 244.6 212.1 182.0Feb- 220.5 66.1 66.5 132.2 129.2 232.5 235.2 194.9 166.7
26*
*Provisional
Growth Rates (on Y-o-Y basis in per cent)
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Overall
Oil Gas Products Growth
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
Feb-25 1.7 -5.2 -6.0 0.8 10.2 6.9 10.7 3.6 3.4
Mar- 1.6 -1.9 -12.7 0.2 8.8 8.7 12.2 7.5 4.5
25
Apr-25 3.5 -2.8 -0.9 -4.5 -4.2 4.4 6.3 1.7 1.0
May- 2.8 -1.8 -3.6 1.1 -5.9 7.4 9.7 -4.7 1.2
25
Jun-25 -6.8 -1.2 -2.8 3.4 -1.2 9.7 8.2 -1.2 2.2
Jul-25 -12.3 -1.3 -3.2 -1.1 2.0 16.6 11.6 3.7 3.7
Aug- 11.4 2.4 -2.2 3.0 4.6 13.6 5.4 4.1 6.5
25
Sep-25 -1.2 -1.3 -3.8 -3.7 1.6 14.4 5.0 3.1 3.3
Oct-25 -8.5 -1.2 -5.0 4.6 7.4 5.9 5.2 -6.9 -0.1
Nov-25 2.1 -3.2 -2.5 -0.9 5.6 6.7 14.6 -1.5 2.1
Dec-25 3.6 -5.6 -4.4 -1.0 4.1 10.1 13.7 6.3 4.7
Jan-26 3.1 -5.8 -5.0 0.0 3.7 11.5 11.3 5.2 4.7
Feb- 2.3 -5.2 -5.0 -1.0 3.4 7.2 9.3 0.5 2.3
26*
*Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
***Abhishek Dayal
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