Ten state governments and two Union Territories (UTs) raised Rs. 215 billion through state government securities (SGS) on July 21, 2026, a mild ~5% 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 Delhi (under-borrowed by Rs. 4 billion). In addition, Assam (partial acceptance) and Tamil Nadu under-borrowed by Rs. 10 billion and Goa did not participate even though it had previously indicated to raise Rs. 1 billion. In contrast, Jammu & Kashmir issued SGS worth Rs. 5 billion even though it had not indicated to participate in today’s auction.

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