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Over the last 7 days, the Indian market has risen 1.0%, driven by gains in the Financials and Information Technology sectors of 1.4% and 3.2%, respectively. As for the past 12 months, the market is up 45%, with earnings expected to grow by 17% per annum over the next few years. In this thriving environment, dividend stocks can offer a reliable income stream while also benefiting from potential capital appreciation in a growing market.
Top 10 Dividend Stocks In India
| Name | Dividend Yield | Dividend Rating |
| Castrol India (BSE:500870) | 3.02% | ★★★★★★ |
| Balmer Lawrie Investments (BSE:532485) | 3.89% | ★★★★★★ |
| D. B (NSEI:DBCORP) | 5.07% | ★★★★★☆ |
| VST Industries (BSE:509966) | 3.28% | ★★★★★☆ |
| Indian Oil (NSEI:IOC) | 7.91% | ★★★★★☆ |
| NMDC (BSE:526371) | 3.25% | ★★★★★☆ |
| Redington (NSEI:REDINGTON) | 3.07% | ★★★★★☆ |
| Balmer Lawrie (BSE:523319) | 3.04% | ★★★★★☆ |
| Bank of Baroda (NSEI:BANKBARODA) | 3.04% | ★★★★★☆ |
| PTC India (NSEI:PTC) | 3.66% | ★★★★★☆ |
Click here to see the full list of 17 stocks from our Top Indian Dividend Stocks screener.
Let's uncover some gems from our specialized screener.
Indian Oil
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Indian Oil Corporation Limited, along with its subsidiaries, engages in refining, pipeline transportation, and marketing of petroleum products both in India and internationally, with a market cap of ₹2.44 trillion.
Operations: Indian Oil Corporation Limited generates revenue primarily from petroleum products (₹8.25 billion) and petrochemicals (₹262.95 million).
Dividend Yield: 7.9%
Indian Oil Corporation recently declared a final dividend of INR 7 per share for FY 2023-24. Despite past volatility, the current payout ratio of 39.6% and cash payout ratio of 56.8% indicate dividends are well-covered by earnings and cash flows. However, earnings have declined significantly year-over-year, with net income dropping to INR 35.28 billion from INR 144.37 billion last year, raising concerns about future dividend sustainability amidst high debt levels and forecasted earnings decline.
Oil and Natural Gas
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Oil and Natural Gas Corporation Limited, along with its subsidiaries, focuses on the exploration, development, and production of crude oil and natural gas both in India and internationally, with a market cap of ₹4.16 trillion.
Operations: Oil and Natural Gas Corporation Limited generates revenue from various segments, including ₹96.69 billion from operations outside India, ₹5.72 billion from refining and marketing within India, ₹441.92 million from onshore exploration and production in India, and ₹953.81 million from offshore exploration and production in India.