Research Report

Six state governments and one Union Territory raised Rs. 168 billion through state government securities (SGS) on September 22, 2026, ~29% below the amount indicated in the Q2 FY2027 auction calendar. In today’s SGS auction, more than half of the total issuance amount was raised by Maharashtra (Rs. 50 billion) and Rajasthan (Rs 44 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 Rajasthan (borrowed an additional Rs. 9 billion) and Telangana (had indicated to raise Rs. 25 billion but did not participate). Haryana and Tamil Nadu did not participate even as they had indicated to borrow Rs. 60 billion. In contrast, Jammu & Kashmir raised Rs. 6 billion even though it had not indicated to participate and Assam borrowed an additional amount of Rs. 1 billion.

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