**Executive Summary**
This report details the performance of the Index of Eight Core Industries (ICI) for March 2026, which recorded a provisional year-on-year decline of 0.4%. While specific sectors like Natural Gas and Cement showed growth, the overall decline was driven by negative production in Fertilizers, Crude Oil, Coal, and Electricity. The cumulative growth rate for the 2025-26 financial year stands at 2.6%, with the next index release scheduled for May 20, 2026.
**Key Points / Main Content**
**Overall Index Performance**
* The combined ICI declined by 0.4% (provisional) in March 2026 compared to March 2025.
* The cumulative growth rate from April to March 2025-26 is estimated at 2.6%.
* The eight core industries—Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity—comprise 40.27% of the Index of Industrial Production (IIP) weight.
**Sector-Specific Increases (March 2026)**
* **Natural Gas:** Production increased by 6.4%; however, the cumulative annual index declined by 2.8%.
* **Cement:** Production rose by 4.0%, with a cumulative annual increase of 8.6%.
* **Steel:** Production grew by 2.2%, contributing to a cumulative annual growth of 9.1%.
* **Petroleum Refinery Products:** Production saw a marginal increase of 0.1%, though the cumulative index declined by 0.1% for the year.
**Sector-Specific Declines (March 2026)**
* **Fertilizers:** Recorded the sharpest decline of 24.6% in March; the cumulative annual index fell by 0.1%.
* **Crude Oil:** Production declined by 5.7%, with a cumulative annual decline of 2.8%.
* **Coal:** Production decreased by 4.0%, and the cumulative index fell by 0.5% for the fiscal year.
* **Electricity:** Generation declined by 0.5%, although it maintained a cumulative annual growth of 0.9%.
**Statistical and Methodological Notes**
* Data for March 2026 is provisional, while February 2026 data has been finalized at a growth rate of 2.8%.
* Electricity generation figures have included renewable sources since April 2014.
* Steel production data has included Hot Rolled Pickled and Oiled (HRPO) products since March 2019.
**Impact Analysis**
**Ministry of Commerce & Industry / Government Policy Makers**
**Impact**
The data provides a critical indicator of industrial health, showing a slight contraction in core sector activity at the end of the fiscal year.
**Action Required**
Analyze the significant production drop in the Fertilizer and Crude Oil sectors to determine if policy interventions or investigations into supply chain bottlenecks are necessary.
**Industry Analysts and Economists**
**Impact**
The report offers the provisional year-end performance for 2025-26, affecting projections for the broader Index of Industrial Production (IIP).
**Action Required**
Update economic models and forecasts using the 2.6% cumulative growth figure and prepare for the release of April 2026 data on May 20, 2026.
**Core Industry Stakeholders (Steel, Cement, and Natural Gas)**
**Impact**
These sectors outperformed the general index trend, showing resilience and growth during the month of March.
**Action Required**
Maintain current production momentum to capitalize on the positive cumulative growth trends observed throughout the 2025-26 financial year.
Key Entities Referenced
Index of Eight Core Industries (ICI): A performance index that measures the production of eight critical sectors: Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity.
Ministry of Commerce & Industry: The primary government authority responsible for tracking and reporting the performance of India's core industrial sectors.
Index of Industrial Production (IIP): A broader economic indicator representing industrial output, for which the Eight Core Industries constitute 40.27 percent of the total weight.
Ministry of Commerce & Industry
INDEX OF EIGHT CORE INDUSTRIES (BASE
YEAR: 2011-12=100) FOR MARCH, 2026
Posted On: 20 APR 2026 5:00PM by PIB Delhi
The combined Index of Eight Core Industries (ICI) declined by 0.4 per cent (provisional) in March, 2026
as compared to the Index in March, 2025. The production of Fertilizers, Crude Oil, Coal and Electricity
recorded negative growth in March, 2026. The details of annual indices, monthly indices and growth rates
are provided at Annex I and Annex II.
2. 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).
3. The final growth rate of Index of Eight Core Industries for February 2026 was observed at 2.8 per
cent. The cumulative growth rate of ICI during April to March, 2025-26 is 2.6 per cent (provisional) as
compared to the corresponding period of last year.
4. The summary of the Index of Eight Core Industries is given below:
Coal - Coal production (weight: 10.33 per cent) decreased by 4.0 per cent in March, 2026 over March,
2025. Its cumulative index declined by 0.5 per cent during April to March, 2025-26 over corresponding
period of the previous year.
Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 5.7 per cent in March, 2026 over
March, 2025. Its cumulative index declined by 2.8 per cent during April to March, 2025-26 over
corresponding period of the previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 6.4 per cent in March, 2026
over March, 2025. Its cumulative index declined by 2.8 per cent during April to March, 2025-26 over
corresponding period of the previous year.
Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased by 0.1
per cent in March, 2026 over March, 2025. Its cumulative index declined by 0.1 per cent during April to
March, 2025-26 over corresponding period of the previous year.
Fertilizers - Fertilizer production (weight: 2.63 per cent) declined by 24.6 per cent in March, 2026 over
March, 2025. Its cumulative index declined by 0.1 per cent during April to March, 2025-26 over
corresponding period of the previous year.
Steel - Steel production (weight: 17.92 per cent) increased by 2.2 per cent in March, 2026 over March,
2025. Its cumulative index increased by 9.1 per cent during April to March, 2025-26 over corresponding
period of the previous year.Cement - Cement production (weight: 5.37 per cent) increased by 4.0 per cent in March, 2026 over March,
2025. Its cumulative index increased by 8.6 per cent during April to March, 2025-26 over corresponding
period of the previous year.
Electricity - Electricity generation (weight: 19.85 per cent) declined by 0.5 per cent in March, 2026 over
March, 2025. Its cumulative index increased by 0.9 per cent during April to March, 2025-26 over
corresponding period of the previous year.
Note 1: Data for February, 2026 is Final. Data for March, 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 April, 2026 will be on Wednesday, 20th May, 2026.
***
Abhishek Dayal
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
2025- 191.1 73.3 73.8 139.6 133.4 233.5 214.4 210.5 169.2
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
13
2013- 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
152015- 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
2025- -0.5 -2.8 -2.8 -0.1 -0.1 9.1 8.6 0.9 2.6
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 IndexWeight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
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 74.2 147.2 144.2 254.3 244.6 212.1 182.0
Feb-26 220.5 66.1 66.5 132.2 129.2 233.2 234.3 198.4 167.5
Mar- 249.7 73.0 73.6 147.4 95.7 244.1 256.0 218.5 182.1
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
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 1.0May- 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-26 2.3 -5.2 -5.0 -1.0 3.4 7.6 8.9 2.3 2.8
Mar- -4.0 -5.7 6.4 0.1 -24.6 2.2 4.0 -0.5 -0.4
26*
*Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
*****
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