Having stuttered for so long, the Large-Scale Manufacturing (LSM) has gained the kind of momentum which can now be termed a broad-based recovery. The year-on-year 8.35 percent growth for October 2025 is the second 8 percent plus reading in four months. October 2025 marks the seventh consecutive month of year-on-year LSM growth – the longest streak since June 2022. The cumulative 5 percent year-on-year growth for 4MFY26 is the best since 4MFY22. Both October and cumulative four-month LSM readings are now the highest ever recorded. The cumulative LSM index has stayed clear of all previous highs for all four months of FY26. The breadth of the recovery is also evident as the diffusion index has stayed clear of 50 for eight straight months – and October saw 16 of the 22 sectors recording year-on-year growth, which is the first since instance in over three years. The highs of FY22 have been breached thus far – but a 5 percent year-on-year growth would not take FY26 LSM clear of FY22. It will require monthly LSM growth to average 14 percent for the remaining eight months to match FY22, which seems a tall order. That said, the goal for FY26 is relatively modest at 4.5 percent, and that, at the moment seems well within the grasp. Unlike previous spurts of monthly growth, the cumulative 4MFY26 growth is not single-handedly carried by just one sector. In the not-so-distant past, bulk of the heavy lifting was done by readymade garment exports, and later, by the automobile sector. Although both these sectors still remain key most contributors to growth, petroleum now holds the second spot. Cement recovery has also been swift, which now shares the third spot with readymade garment exports. Food sector growth, though modest so far, is also contributing more than it has in a long time. Grain milling, beverages and juices, oil and ghee have all churned good numbers, but the real deal will be sugar come November numbers. All early reports suggest a better crop season from last year, and with the second highest share in the food basket, sugar production between November and March could well take food LSM growth, close to double digits. Readymade garment exports have held ground – and November numbers, though lower month-on-month, are way clear from same period last year, and the cumulative growth for 5MFY26 is expected close to 9 percent year-on-year, owing to low base from last year. Readymade garment could once again be the leading contributor to LSM for November, or just behind automobiles. The automobile growth story is well-documented and there is still time before the base comes into play. Cars, jeeps, LCVs, buses, two-wheelers, and three-wheelers– all have reported significant growth in November as well – and the same should be translated into LSM. Cars, motorcycles, and bicycles hit 3, 4 and 5-year highs, respectively. Petrol production hit a 43-month high, whereas diesel is beating long-term average by a fair distance. The SBP’s Business Confidence Survey shows steady capacity utilization for manufacturing sector at 66 percent – one percentage point clear from last year. With industrial electricity tariffs on incremental production priced at a steep discount and expected rebasing of electricity tariffs to offer further relief – it could be safely said the ghosts of 2023 and 224 are well past us. All said, remember, even the most stellar eight remaining months would not possibly take us back to even FY22. This is how far back industrial production was set back.