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In the last week, the Indian market has stayed flat, with a notable 4.0% gain in the Information Technology sector. Over the past year, the market is up 44%, and earnings are expected to grow by 17% per annum in the coming years. In this context, dividend stocks can provide a reliable income stream and potential for capital appreciation, making them an attractive option for investors seeking stability and growth.
Top 10 Dividend Stocks In India
| Name | Dividend Yield | Dividend Rating |
| Castrol India (BSE:500870) | 3.16% | ★★★★★★ |
| Balmer Lawrie Investments (BSE:532485) | 4.04% | ★★★★★★ |
| D. B (NSEI:DBCORP) | 4.92% | ★★★★★☆ |
| HCL Technologies (NSEI:HCLTECH) | 3.09% | ★★★★★☆ |
| VST Industries (BSE:509966) | 3.56% | ★★★★★☆ |
| Indian Oil (NSEI:IOC) | 8.23% | ★★★★★☆ |
| NMDC (BSE:526371) | 3.30% | ★★★★★☆ |
| Redington (NSEI:REDINGTON) | 3.04% | ★★★★★☆ |
| Bank of Baroda (NSEI:BANKBARODA) | 3.07% | ★★★★★☆ |
| PTC India (NSEI:PTC) | 3.73% | ★★★★★☆ |
Click here to see the full list of 20 stocks from our Top Indian Dividend Stocks screener.
Here's a peek at a few of the choices from the screener.
Bharat Petroleum
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Bharat Petroleum Corporation Limited primarily engages in refining crude oil and marketing petroleum products in India and internationally, with a market cap of ₹1.49 trillion.
Operations: Bharat Petroleum Corporation Limited generates revenue from two main segments: Downstream Petroleum, contributing ₹5.07 billion, and Exploration & Production of Hydrocarbons, adding ₹1.92 billion.
Dividend Yield: 6.1%
Bharat Petroleum recently declared a cash dividend of ₹10.5 per share, with an ex-dividend date of July 22, 2024. Despite a significant drop in net income to ₹28.42 billion for Q1 2024 from ₹106.44 billion the previous year, BPCL maintains a low payout ratio (33.3%), indicating dividends are well-covered by earnings and cash flows. However, its dividend history has been volatile and unreliable over the past decade, despite being among the top dividend payers in India.
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Navigate through the intricacies of Bharat Petroleum with our comprehensive dividend report here.
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Upon reviewing our latest valuation report, Bharat Petroleum's share price might be too pessimistic.
Gulf Oil Lubricants India
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Gulf Oil Lubricants India Limited manufactures, markets, and trades lubricants for the automobile and industrial sectors in India, with a market cap of ₹65.60 billion.
Operations: Gulf Oil Lubricants India Limited generates ₹33.83 billion in revenue from its lubricant products for the automobile and industrial sectors.
Dividend Yield: 3%
Gulf Oil Lubricants India recently appointed Sandeep Bangia as Head of Strategy, Transformation, and E-Mobility, signaling a strategic shift. Q1 2024 earnings showed robust growth with net income at ₹860.38 million from ₹680.22 million a year ago. Despite a volatile dividend history, the company has increased dividends over the past decade with current payments well-covered by earnings (57.4% payout ratio) and cash flows (62.7% cash payout ratio). The stock trades at a favorable P/E ratio of 20.1x compared to the market's 32.5x.