Nine state governments raised Rs. 246 billion through state government securities (SGS) on July 14, 2026, a mild ~2% below the indicated amount in the Q2 FY2027 auction calendar. The actual issuance by states that had adopted the Benchmark Issuance Strategy (BIS) was in line with their indicated amounts for this auction, except for Telangana (under-borrowed by Rs. 10 billion) and Maharashtra (borrowed an additional Rs. 50 billion). In addition, Haryana, a non-BIS state, did not participate in today’s auction even though it had indicated it would raise Rs. 33 billion. In contrast, Tamil Nadu under-borrowed by Rs. 10 billion and Punjab by Rs. 2 billion on account of partial acceptance.

EXHIBIT: Indicated and actual SGS issuances in Q2 FY2027 so far