The latest figures for large-sclae manufacturing present two contrasting signals

Dawn reported that large-scale manufacturing grew by about 6.5 per cent in FY26, reversing a contraction in the previous year. Growth showed up in 16 of the 22 major industrial groups, while six groups shrank. Automobiles and transport led the rebound, with truck sales climbing 87.8 per cent and passenger-car output rising by over 51 per cent.

Rubber products, electrical equipment, tobacco, petroleum products, food and cement also posted gains, while furniture rose 20.5 per cent. Dawn attributed the pickup to easier monetary conditions, better access to foreign exchange for raw-material imports and steadier inflation. Pharmaceuticals contracted most sharply, and iron and steel output and fertiliser production also fell, with fertiliser down about 1.99 per cent.

Dawn's analysis suggests the growth rests largely on domestic demand, with export-linked industries still weak. It argues that the recovery may be narrower than the headline figure implies and that durable expansion will need stronger export performance.