This document presents the results of the 97th round of the Industrial Outlook Survey (IOS) for the manufacturing sector in Q4 2021-22. It covers the assessment of the business climate and expectations for Q1 2022-23, based on responses from 1,283 companies. Key highlights include improvements in demand conditions, capacity utilisation, and finance availability, alongside persistent price pressures and moderating profit margins. This report is useful for industry stakeholders, policymakers, and researchers interested in the Indian manufacturing sector's performance and outlook.