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In the past year, the Indian market has shown robust growth, climbing by 43%, despite a recent 1.3% dip over the last week. In this dynamic environment, dividend stocks that offer yields up to 3.8% can be particularly appealing for investors looking for steady income combined with potential market earnings growth forecasted at 16% annually.
Top 10 Dividend Stocks In India
| Name | Dividend Yield | Dividend Rating |
| Balmer Lawrie Investments (BSE:532485) | 3.92% | ★★★★★★ |
| D. B (NSEI:DBCORP) | 3.71% | ★★★★★☆ |
| HCL Technologies (NSEI:HCLTECH) | 3.26% | ★★★★★☆ |
| Indian Oil (NSEI:IOC) | 8.46% | ★★★★★☆ |
| Castrol India (BSE:500870) | 3.04% | ★★★★★☆ |
| VST Industries (BSE:509966) | 3.28% | ★★★★★☆ |
| Bharat Petroleum (NSEI:BPCL) | 6.91% | ★★★★★☆ |
| Redington (NSEI:REDINGTON) | 3.12% | ★★★★★☆ |
| Bank of Baroda (NSEI:BANKBARODA) | 3.03% | ★★★★★☆ |
| PTC India (NSEI:PTC) | 3.60% | ★★★★★☆ |
Click here to see the full list of 19 stocks from our Top Indian Dividend Stocks screener.
Here's a peek at a few of the choices from the screener.
Gulf Oil Lubricants India
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Gulf Oil Lubricants India Limited specializes in manufacturing, marketing, and trading lubricants for the automobile and industrial sectors within India, with a market capitalization of approximately ₹56.78 billion.
Operations: Gulf Oil Lubricants India Limited generates revenue primarily through the sale of lubricants, amounting to ₹33.01 billion.
Dividend Yield: 3.5%
Gulf Oil Lubricants India boasts a P/E ratio of 18.4x, notably lower than the Indian market average of 33.4x, suggesting relative undervaluation. Despite a volatile dividend history over the past decade, recent earnings growth of 32.6% and forecasts for an 11.9% annual increase could bolster future dividends. Dividends are well-supported by both earnings and cash flows with payout ratios at 57.4% and 62.7%, respectively, although share price volatility remains a concern.
Monte Carlo Fashions
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Monte Carlo Fashions Limited is a company that manufactures and trades wool, cotton, and blended knitted and woven apparels both in India and internationally, with a market cap of ₹13.16 billion.
Operations: Monte Carlo Fashions Limited generates revenue primarily from the manufacturing and trading of textile garments, totaling ₹10.62 billion.
Dividend Yield: 3.1%
Monte Carlo Fashions offers a dividend yield of 3.15%, ranking in the top quartile among Indian stocks, supported by earnings with a payout ratio of 69.2% and cash flows at 88.8%. However, its dividend history is less stable, reflecting volatility over its nine-year payment period. Recent financials show a downturn with a net loss reported in Q4 2024, contrasting sharply with last year's profit, potentially challenging future dividend sustainability despite recent affirmations of INR 20 per share for FY2023-24.