Mazagon Dock Bags ₹118 Crore AI Security Order – Shares in Focus

  Mazagon Dock Shipbuilders Limited (MDL) is once again drawing attention on Dalal Street. The Navratna defence PSU has secured a fresh order that highlights both its core strengths and its quiet push into new areas. On 4 September 2026, the company informed the stock exchanges that it has received a purchase order worth ₹117.99 crore from Maharashtra State Electricity Transmission Company Limited (MSETCL). The contract is for the supply, installation and commissioning of an AI-based Comprehensive Infrasecure Project across five substations. The project carries a 24-month execution timeline and includes GST at 18%. While the order size is modest compared with the multi-thousand-crore warship and submarine contracts MDL usually handles, it is significant for another reason. It shows the shipyard expanding beyond traditional defence shipbuilding into technology-driven infrastructure security solutions. What Exactly Is This Order About? The project involves deploying AI-based sys...
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IPOs to Open for Subscription Next Week: Rentomojo, Manipal Payment Among Key Upcoming Issues

 


September 2026 is shaping up as another packed month for India’s primary market. As many as 11 mainboard IPOs from sectors ranging from consumer rental and specialty chemicals to transformers, payments, real estate and infrastructure are scheduled to open for subscription between 7 and 15 September. Together these issues aim to raise over ₹7,000 crore, giving investors a wide menu of opportunities in a single week.

The biggest draws are Rentomojo’s roughly ₹1,256 crore offering and Manipal Payment & Identity Solutions’ ₹805 crore issue, both opening on 9 September. Here’s a quick look at each company coming to market.

Pranav Constructions kicks things off from 7 to 9 September with a ₹351 crore issue (mostly fresh capital). The Mumbai-focused real-estate developer specialises in redevelopment projects. Proceeds will largely fund ongoing and upcoming projects, including statutory approvals, additional FSI and compensation costs, along with some debt repayment.

Glass Wall Systems (India) opens 8–10 September for about ₹428 crore. The company designs and supplies façade and fenestration solutions and has a presence in India as well as the US and Australia. Fresh proceeds are earmarked mainly for a glass-processing unit as part of backward integration.Prasol Chemicals, also opening 8–10 September, is a ₹500 crore specialty-chemicals play. The Maharashtra-based maker of acetone- and phosphorus-based chemicals plus other performance products plans to use the fresh portion largely for debt reduction and working capital.

Kanohar Electricals follows the same 8–10 September window with a sizeable ₹1,056 crore issue. The long-established transformer manufacturer (returning to the listed space after earlier delisting) will deploy fresh funds toward capacity expansion, automation and working capital. Transformers form the bulk of its revenue, with some EPC work as well.

Manipal Payment & Identity Solutions is offering shares worth around ₹805 crore (mix of fresh issue and OFS). The Karnataka company provides payment, identification, security, smart-tagging and IoT solutions to banks, fintechs, NBFCs and government clients in India and overseas. At the upper end of its price band the issue implies a healthy valuation.

Asset Reconstruction Company (India), or Arcil, is a pure offer-for-sale of roughly ₹733 crore. India’s first asset-reconstruction company acquires stressed assets from banks and financial institutions and works on resolution and recovery. No fresh capital is being raised; the entire proceeds go to selling shareholders.

Rentomojo, the Bengaluru-based furniture, appliance and electronics rental platform, is one of the week’s marquee issues at about ₹1,256 crore. The offer combines a modest fresh issue with a large OFS by early investors and the promoter. The company has reported strong recent profitability growth and serves subscribers across multiple Indian cities. Funds from the fresh portion will mainly repay borrowings and cover lease/licence costs for warehouses and experience stores.

LCC Projects, an EPC player focused on irrigation and water-supply infrastructure, is raising around ₹427 crore (fresh issue plus OFS). The Gujarat-based company has a healthy order book dominated by water-related projects and intends to use fresh proceeds for equipment purchases and debt reduction.

Karamtara Engineering comes with an ₹875 crore issue (largely fresh capital). The manufacturer of engineering steel products for renewable energy and power transmission—especially solar mounting structures and tracker components—also exports to markets such as North America. Fresh funds will primarily repay debt and support general corporate needs.

Steamhouse India is targeting roughly ₹414 crore. The Surat-based firm pioneered centralised industrial steam (and related gas) distribution for manufacturing clusters, helping customers avoid the capital and compliance burden of individual boilers. Proceeds are earmarked for debt repayment, capacity expansion at existing facilities and a new steam-generation unit.

Finally, Veegaland Developers opens a bit later (10–15 September) with a pure fresh issue of ₹210 crore. The Kerala-focused real-estate developer specialises in multi-storey residential projects across the mid-premium to ultra-luxury segments and has a track record of completed projects in cities such as Kochi, Thiruvananthapuram and others. Funds will support ongoing project construction and land-related needs.

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