At present, ICRA forecasts the gross SGS issuance in FY2027 in a range of Rs. 13.4-14.0 trillion (5-9% YoY growth), up from Rs. 12.8 trillion in FY2026. Factoring in redemptions of Rs. 4.2 trillion in FY2027, the net SGS issuance is expected to be in a range of Rs. 9.2-9.7 trillion in FY2027 (1-8% YoY growth), up from Rs. 9.0 trillion in FY2026.