Ten state governments and two Union Territories (UTs) raised Rs. 202 billion through state government securities (SGS) on August 18, 2026, ~15% below the amount indicated 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 Chhattisgarh (indicated Rs. 10 billion but did not participate), Telangana (which raised Rs. 20 billion but had not indicated participation) and Uttar Pradesh (under borrowed by Rs. 16 billion). In addition, Goa, Puducherry and Tamil Nadu did not participate even though they had previously indicated they would raise Rs. 34 billion. In contrast, Jammu & Kashmir issued SGS worth Rs. 5 billion despite not indicating its participation in today’s auction.

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