Five state governments raised Rs. 127 billion through state government securities (SGS) on April 13, 2026, ~9% below the indicated amount as per the Q1 FY2027 auction calendar. However, on a YoY basis, this was 3.2x the amount raised in the same period last year. The actual issuance by states that had adopted the Benchmark Issuance Strategy (BIS) was in line with their indicated amounts for this auction. In contrast, Karnataka and Meghalaya (both non-BIS states) had indicated borrowing of Rs. 13 billion on April 13, 2026, but did not participate.

EXHIBIT: Indicated and actual SGS issuances in Q1 FY2027 so far