Pakistan’s Large Scale Manufacturing (LSM) Index recorded a 10.4 percent year-over-year increase and a 0.2 percent month-over-month rise in November 2025, reflecting steady industrial activity. During the first five months of FY26, the LSM grew by 6 percent compared to the same period last year.
Growth in November was driven by significant gains in key sectors, including automobiles with 61 percent YoY growth, petroleum products at 44 percent, beverages at 33 percent, and wearing apparel at 18 percent. Pharmaceutical products recorded a modest increase of 0.3 percent. On the other hand, machinery and equipment production declined by 16 percent YoY, while leather products fell by 2.3 percent.
Topline Securities revised its LSM growth target for FY26, increasing it from the previous estimate of 2.5 percent to 4 percent, signaling optimism about continued industrial expansion in Pakistan.
