Eleven state governments raised Rs. 142 billion through state government securities (SGS) on May 12, 2026, ~8% below the indicated amount in the Q1 FY2027 auction calendar. The actual issuance by states that had adopted the Benchmark Issuance Strategy (BIS) continued to be in line with their indicated amounts for this auction. In contrast, three non-BIS states – Karnataka, Nagaland and Odisha – had indicated a borrowing of Rs. 23 billion on May 12, 2026, but did not participate in the auction. Additionally, Assam raised Rs. 3 billion less than indicated on account of partial acceptance (Rs. 7 billion vs. Rs. 10 billion). Himachal Pradesh, Meghalaya and Mizoram had not indicated their participation but borrowed Rs. 11 billion and Manipur raised an additional Rs. 2 billion (despite partial acceptance).

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