Twelve state governments raised Rs. 192 billion through state government securities (SGS) on September 29, 2026, ~7% below the amount indicated in the Q2 FY2027 auction calendar. In today’s SGS auction, a fourth of the total issuance amount was raised by West Bengal (Rs. 47 billion). 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 Jharkhand, Madhya Pradesh and Uttar Pradesh (these states together under borrowed by Rs. 28 billion). Assam and Haryana borrowed Rs. 33 billion despite not indicating participation. In contrast, Tamil Nadu under borrowed by Rs. 10 billion, as it did not accept bids for its 10-year (Rs. 10 billion) and 15-year (Rs. 20 billion) papers. In contrast, Goa, Jammu & Kashmir and Puducherry did not participate even though they had indicated to raise Rs. 10 billion.

EXHIBIT: Indicated and actual SGS issuances in Q2 FY2027