• Thirteen state governments borrowed Rs. 341 billion through SGS on September 30, 2025, 2.3x the Rs. 151 billion indicated for this week in the Q2 FY2026 auction calendar. The SGS issuance exceeded the indicated amount in three of the 5-weekly auctions held in September 2025. Accordingly, the actual issuance exceeded the indicated amounts by a sizable 27% in that month. Notably, the market borrowings in July and August 2025 had trailed indicated levels by 6-8%. Overall, with only six lower-than-indicated issuances in the 14 weekly auctions of Q2 FY2026, the actual SGS issuance in Q2 FY2026 stood at Rs. 3.0 trillion, ~5% above the planned amount of Rs. 2.9 trillion indicated for this quarter, in contrast to the 26% shortfall in Q1 FY2026.
• Cumulatively, 26 states and two UTs have raised Rs. 5.0 trillion SGS in FY2026 so far, ~30% higher than Rs. 3.9 trillion in the same period last year. Nevertheless, the SGS issuances in H1 FY2026 were 11% below the Rs. 5.6 trillion indicated for the period.

EXHIBIT: Spread between weighted average cut-off of 10-year state and GoI G-sec yield